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Stampt Duty Purchased a flat
10 months ago
Purchased a flat for 825000 in Mum in May 1998. Had pd 28250 stamp duty against the same. Missed registration. Visited their off nr Old custom house & got the verification done. I was then told to submit documents at Bandra off which is done. They r now asking me to pay 5.25L towards stamp duty & penalty. Is this fair ? The valuation as per them of my property in 98 was 23L. No one sells a 23L property at 8.25L. I tried convincing them but no headway. What is the way out to get my documents ?
A.Dear Client,
From the query, it appears your property was undervalued when you bought it in the year 1998 by default and moreover, you did not register the deed of conveyance within the prescribed time limit. As a result, you are now facing the consequences. The usual time limit for registration is four months from the date of execution of the document on payment of Stamp duty and Registration fees. In case the time limit has expired, you can make an application to the sub-registrar for condonation of the delay, within the next four months and the registrar may agree to register such documents, on payment of a fine that may be up to ten times the original registration fee. The market value of land or the guidance value of a property is the estimated value of the land as per the records maintained by the respective state Government. It is also called as circle rate in some states and is the minimum value at which the sale of a property can be registered with the state Government. So you are duty-bound to pay the actual stamp duty and registration charges demanded by the authority to get your property registered now at this belated stage.
From the query, it appears your property was undervalued when you bought it in the year 1998 by default and moreover, you did not register the deed of conveyance within the prescribed time limit. As a result, you are now facing the consequences. The usual time limit for registration is four months from the date of execution of the document on payment of Stamp duty and Registration fees. In case the time limit has expired, you can make an application to the sub-registrar for condonation of the delay, within the next four months and the registrar may agree to register such documents, on payment of a fine that may be up to ten times the original registration fee. The market value of land or the guidance value of a property is the estimated value of the land as per the records maintained by the respective state Government. It is also called as circle rate in some states and is the minimum value at which the sale of a property can be registered with the state Government. So you are duty-bound to pay the actual stamp duty and registration charges demanded by the authority to get your property registered now at this belated stage.
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A.Dear client,
Stamp duty is payable before the execution of transactions. One can also pay the stamp duty on the next working day of the date of execution of the transaction. Any further delay in the payment of stamp duty will attract a penalty at 2% per month upto a maximum of 200% of the remaining amount
Stamp duty is payable before the execution of transactions. One can also pay the stamp duty on the next working day of the date of execution of the transaction. Any further delay in the payment of stamp duty will attract a penalty at 2% per month upto a maximum of 200% of the remaining amount
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A.Dear Sir,
Take their demand notice and approach High Court through any reputed advocate so that you may get appropriate remedy.
Take their demand notice and approach High Court through any reputed advocate so that you may get appropriate remedy.
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