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Shiv Chal (Proprietor)     04 August 2012

Stamp duty for uds for land owned by developer

Dear Sir,

- A developer solely owns a piece of land and proposes to build 50-60 residential residential apartments in Tamilnadu, say Madurai.

- A Purchaser who plans to buy an apartment from the developer

- Both enter into agreement for undivided share of land (UDS)  and construction.

- The developer executes sale deed in favour of Purchaser for proportionate share of UDS (Undivided share of Land) and constructs the apartment according to agreement.

Now the question is whether,  the value of stamp in the sale deed should be only for the proportionate UDS or for the cost of construction too?

If the land is owned by a third party (in which case a tri party agreement will be made), will the applicability of stamp duty in sale deed of UDS be same as compared to the scenario where the land is owned by the developer?

 

Thank you

regards

Shiva



Learning

 1 Replies

Naveen Kumar (service)     08 August 2012

Hi Shiv, The stamp duty you need to pay only for Super built up area + UDS. [this amount will be calculated only on the basis of construction + land cost.]  Assume that you have agreed to purchase the property for 20 or 30 lakhs.  So  you need to calucate the stamp duty only for 20 or 30 lakhs including registration charges.  for Ex. if it's 20 lakhs property the stamp duty payable is Rs.1,12,000 + 20,000. [ i am givng Karnataka stamp value, you check the same according to your state]  apart fromt this seperate car parking charges, service tax etc., will Add.  As per supreme court direction owner/builders cannot charging for car parking, but however all builders will charge.  it's better you check with your builder.


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