Stamp Duty On Collector land from first buyer
4 months ago
Dear team, Our society registered in 2008 and got possession of land from collector in 2008/9. I got flat from society with allocation letter on society letter head, I have a approval from collector as approved members of this society. Flat was not registered and stamp duty was not paid. I would like to sell my flat now, SBI branch manager said that new buyer will pay stamp duty and register the agreement, however I also need to pay old stamp duty then only new buyer loan will be approved. I yet to meet other bank managers. What options do I have, there is 400% penalty on back dated stamp duty. Property is situated in Kandivali west. My home loan from SBI was approved and finished also.
Firstly try negotiating with the buyer and SBI. Remember, legal and financial matters can be complex and vary based on local regulations. Seeking professional advice from a real estate lawyer and possibly a financial advisor can provide you with the best guidance for your specific circumstances. You can surely go to High Court to seek justice.
Firstly try negotiating with the buyer and SBI. Remember, legal and financial matters can be complex and vary based on local regulations. Seeking professional advice from a real estate lawyer and possibly a financial advisor can provide you with the best guidance for your specific circumstances. You can surely go to High Court to seek justice.
Until and unless a property is registered in your name paying the admissible stamp duty, you cannot be considered as owner of the said property. Based on the approval of the Collector and the membership of the Society you being a confirming party to the sale transaction cannot escape from your liability of paying stamp duty chargeable on the property kept by you unregistered for the intervening period and for your default, a new buyer shall not bear the said penalty. you may approach the stamps and revenue department of the concerned State Govt. praying for some relief in the penalty payable on Stamp duty. A Cournt may not interfere in the matter, because once your prayer is allowed even on humanitarian grounds, it may be a precedence for other defaulters affecting the revenue of the Govt.
You have to comply the existing stamp duty rules and penalty clause unless you go to High Court and get some relaxations.
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