Abhimanyu Athalye 24 February 2022
A is lessee with co operative society. A and B execute PoA and Development Agreement to develop a plot. B constructs a Apartment and gives a flat to A. A sells his flat. B executes conveyance after the death of A. Now as per the deemed conveyance the names of members of the condominium need to be put in the records of society. Do we have to pay any fees or stamp duty for lease deed on our name
Palak batra 26 February 2022
Dear Querist,
Yes, Stamp duty is the duty paid to the Government whenever an agreement or transaction is created. It is a payable pursuant to Section 3 of the Indian Stamp Act, 1899.. Stamp Duty is calculated on the basis of the value of the transaction. It is paid to the Government by purchasing Stamp paper of due value. For example, For a lease up to 4 years, the Stamp paper cost is 2% of the total average annual rent plus Rs. 100 for the security deposit paid.
Regards,
Palak
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