Stamp duty
Pavan
(Querist) 21 September 2015
This query is : Resolved
Dear Sir
We have query regarding STAMP DUTY on property in Mumbai.
a)
Allotment letter in Sept 2010 @ Rs. 9000 psf (purchase agreement with developer)
b)
Possession expected Sept 2015 (market rate about Rs 15000 PSF at present)
c)
Developer advised that Stamp Duty payable on price fixed by Land Dept. @ Rs. 13000 psf.
Our question: why we can not pay Stamp Duty @ Rs 9000 psf at purchase price; as we bought directly from developer @9000.
regards
Abhinav
Hemant Agarwal
(Expert) 22 September 2015
1. Stamp Duty, is payable on "rateble value" of the property, prelevant on the location and amenities. These are calculated & fixed by the "Revenue Dept." (which can be referred to in a common book called as "Stamp Duty Ready Reckoner ", published every year)
2. The Govt. is not concerned with the "Sale or Purchase" price that may have been negotiated by the Seller - Purchaser, since the Sale-Purchase can be fixed even at 100/-, causing a revenue-loss to the Govt.
Keep Smiling .... Hemant Agarwal
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