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Manoj Gupta   17 August 2023

Buying a plot from a broker

Hello All,

This is my situation. 

Mr X  made an agreement for plot sale to  Mr Y(Broker) for 50 lakhs.

I am now buying the plot from Mr Y for rs 55 Lakhs. Out of this 55 lakhs , 50 will be paid to original seller. On the day of registry, original seller will also come to ensure property transfer in my name. So as of now there are 2 agreement to sale. One between X and Y. Another between Y and me.

For registry purposes, I will be showing my sale amount as 50 lakh and not 55 lakhs.

Can I run into legal issues later on? Should I ideally pay stamp duty on 50 or 55 lakhs? Any other issue to be worried because as per Y this is a standrad practice.



Learning

 4 Replies

kavksatyanarayana (subregistrar/supdt.(retired))     17 August 2023

Is the sale agreement between Mr X and Mr Y registered?  If it is registered in SRO then Mr Y can sell the plot to you for the agreed-upon amount.  

Manoj Gupta   17 August 2023

Sales agreement between Mr X and Mr Y has not been shared with me.

Do I now need to pay stamp duty on 50 lakhs or 55 lakhs? 

P. Venu (Advocate)     17 August 2023

Why so many queriies? Post the real problem, if any?

T. Kalaiselvan, Advocate (Advocate)     17 August 2023

You had agreed to purhase the property on the said terms, then why are you raising this issue after buying it?

How did yo pay Rs. 5 lakhs to Y and why did you pay it?

If the payment made to the Y is not legal then you are liable for legal consequences?

It is an unaccounted income for the Y, hence he is also liable if caught for not paying the taxes for this illegal money


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