Dear Experts,
Our Company has availed a loan of Rs.75 lakhs against mortgage of company land, mechinery etc from a private finance co... The private finance company while executing MODT insisted for Properties in the names of Directors to be given as Collateral Security (total 3).
Now while registering / executing the MODT the Deputy Registrar ( Tamilnadu State) insists that we have to pay stamp duty + regn fees of Rs.1,25,000/-. i.e
25000 X 4 properties = 1,00,000 (Stamp Duty)
Regn Fees = 25000
Total = 1,25,000/-
But in our opinion, since the registration is for only one deposit of title, i.e, one instrument, therefore only Rs.25,000/- is to be paid. We do not want to go for appeal also, as that will be more time consuming. If any of the experts can guide us in this connection, it will be really helpful.. Thanks in Advance.
