Hi
One of my acquaintances bought an immovable property (land & machinery) from a Financial instituion through auction process about 30 years ago but did not care to get it registered. He then paid around Rs.1,50,000/- .
He recently realized that the property was not registered at all and approached the financial institution for execution of the sale deed. The financial institution agreed to register the sale deed in favour of the person. Now, what should be the guideline value for which stamp duty need to be paid? should it be calculated on Rs.1,50,000/- as that was the actual amount paid or should it be the current guideline value of the property as it is being registered now?
Your help is much appreciated. Also, request references to specific sections on this subject or previous judgements.
Thanks in advance.
