I entered into an Unregistered Sale Agreement with the Purchaser of my house for 90,00,000 in a Rs. 20 stamp paper. Duration of contract: 180 days.
The status, as of today is:
1. 20 days have passed since the completion of 180 days mentioned in the contract.
2. Only 50,00,000 has been paid to me by the purchaser till now.
3. The Purchaser has accepted that he is unable to pay the remaining amount due to paucity of funds and has requested a mutual cancellation of the Agreement. I too have agreed to the same.
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My questions are:
1. Should cancellation be done on a seperate Stamp Paper or on the back side of the last page of the original Agreement for Sale?
2. When I pay back the amount, should I prepare the "Paid Receipt" on a Stamp Paper or on a Legal Paper with a Revenue Stamp on it? What amount of revenue stamp should I use?
3. If I am missing something, kindly make me aware.
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Thanking in advance. Regards.