1% lbt on conveyance
Shweta
(Querist) 21 May 2013
This query is : Resolved
We are in the process of applying for conveyance deed for our housing society. A lawyer has advised us not to go for deemed conveyance, because of 1% LBT. He says it is only applicable on Deemed Conveyance and not on builder NOC based conveyance.
As per my knowledge, the LBT is chargeable on any conveyance deed registered after 1 April 2013 irrespective of whether it is done through deemed conveyance or the older law which requires builder NOC. Kindly clarify.
Many many thanks for replies.
vswaminathan
(Expert) 22 May 2013
The query itself is prima facie mind teasing even to a layman,should one be guided exclusively by what the EXPERT says in opening paras @
http://www.amazingmaharashtra.com/2011/07/local-body-tax-registration-form.html
Refer what accordiing to him is the difinition of 'LBT' and by whom it is payable.
Hope to be excused in case any law expert @Lci has a different and clear understanding,so as to be able to throw light!
Raj Kumar Makkad
(Expert) 22 May 2013
As per my knowledge, LBT is chargeable on all conveyance deeds registered after 1st april 2013 but let the other experts throw light as required.
vswaminathan
(Expert) 22 May 2013
Rider:
Invited to look at the latest report @
Accommodation Times, titled-
Pune city’s real estate market is adversely affected due to LBT strike
To one's understanding, LBT is not a levy on property conveyance per se. But the real controversy is against the indirect levy on 'goods', hence having an impact on the property price charged by seller-Is that so?
vswaminathan
(Expert) 22 May 2013
Add on:
One's guess is that, perhaps, the query has reference to the News, - "The office of the IGR has been collecting 1% additional cess by way of stamp duty on the documents registered from April 1, 2013 as per the notification issued by the state government."
For full picture as portrayed by AT, see the News> Maharashtra to examine 1% cess on demand conveyance.
Comments thereon may be found in the personal Blog @http://vswaminathan-swamilook.blogspot.in/2013/05/at-news-on-maha-1-cess-on-demand-deemed.html
Oh my,my!To be frank- certainly not-so-pleasant a joy ride or a merry-go-round, for anyone wishing to begin the day with !!
Shashikant V. Patil
(Expert) 22 May 2013
It is applicable in Maharashtra, where ever , there are Municipal Corporations existed such as big cities like Pune, Mumbai, Nasik, Nagpur ,Aurangabad, Sangli and many more. It is applicable where a apartments and flats are sold by builders in such cities, in addition to stamp duty, 1% registration fees will be charged more for such registration of such documents.
Raj Kumar Makkad
(Expert) 26 May 2013
Your case pertains to Maharashtra wherein such LBT is now applicable in Nigams.
