Property registration query
Chandrika Subramaniyan
(Querist) 16 November 2013
This query is : Resolved
Dear Sirs….am in the process of selling a property and I have a question regarding registration.
The property being sold is of Rs 1Cr in price and being settled with a DD in full . The guideline value is of 12000 per sq Ft. The Built up is 825 Sq Ft and Uds is 600 Sq Ft with 6 flats to the building which is 38 Yrs old . Location of the property is one of prime areas in Chennai. As such will the registration office have any objections to register the price in full value received ? Thanks
CS
Thanks to all for reply on above.Grateful for clarification on stamp duty, registration fee on above . The stamp duty I understand would be 7% of the published guideline value of the UDS of the property and 1% registration fee on the sale value of the property. Would my staterment be correct in current practice in Chennai.These are being bourne by the buyer. Is there any other charges that seller have to bear ? Anymore relevant information is welcome…Thank you
Advocate M.Bhadra
(Expert) 16 November 2013
Prior to registration you and purchaser should obtained property value and pay stamp duty and registration charges as per Govt. rate then they cannot raise objection. Mode of payment for consideration of the property is not matter of Sub-Registrar, but vendor should acknowledge and affirm in the Deed.
BAALASUBRAMANNYAMM
(Expert) 16 November 2013
If you shows the sale consideration amount is more than the Government value, you need to pay the stamp duty and registration charges accordingly.It means that your entire amount is "white" transaction. And hence you also, need to give accountability to Income Tax department, while filing IT Returns.
Chandrika Subramaniyan
(Querist) 16 November 2013
Thanks to all for reply...need clarification on stamp duty and registration charges as per amendment on my query....Thank yo...CS
Devajyoti Barman
(Expert) 16 November 2013
stamp duties varies from state to state. Contact local registration office.
Raj Kumar Makkad
(Expert) 16 November 2013
No objection can be raised by registration authorities in the given case.
