market value versus government value

Querist : Anonymous (Querist) 25 December 2010 This query is : Resolved
I want to buy a plot whose government value is 20 lakhs whereas the market rate is 40lakhs. Will the Sub Registrar accept full 40 lakhs from me while the government value is only 20lakhs? I am ready to pay the required stamp duty for the full market value of that plot.

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bhagwat patil (Expert) 25 December 2010
Sub Registrar will accept stamp on Govt. value or actual price of the property whichever is more. He will accept stamp on 40 lakhs.

Y V Vishweshwar Rao (Expert) 25 December 2010
Yes , The SRO will accept the market Value of property - even it is more that the Govt Value !

Parthasarathi Loganathan (Expert) 25 December 2010
By payment of stamp charges for the higher value in fact, Government's guideline value gets enhanced to Rs.40.00 lakhs which forms the base value for future registration which is general will never be entertained.

s.subramanian (Expert) 25 December 2010
Usually the Registrar will follow the guideline value only. If you insist he will have no other option but to register it for the sum stated by you to avoid any loss of revenue to the Government.

R.Ramachandran (Expert) 25 December 2010
The value of the property for the purposes of registration is either the rate as fixed by the Government or the Market value whichever is higher.
Since your consideration for the transfer of the property is higher than the Govt. rate, the same will be accepted. Registrar will not accept your value only if it is less than the Government value.

Advocate. Arunagiri (Expert) 25 December 2010
Market value or Govt value, Which ever shows the higher value, the stamps has to be paid for that.

Kirti Kar Tripathi (Expert) 25 December 2010
it is settled position that stamp duty is payable on the basis of circle rate prescribed by the government for a particular area or value of the property in the deed. in case, the deed contains description of amount paid by purchaser, which higher than the circle rate, the stamp duty shall be paid on the basis of amount paid.

B K Raghavendra Rao (Expert) 25 December 2010
You need to pay stamp duty based on the sale consideration amount mentioned in the sale deed subject to a minimum of government value.

It is always better to pay the stamp duty for whatever the actual sale value you pay to the seller. You will be buying peace of mind as well.

Arun Kumar Bhagat (Expert) 25 December 2010
I agree with experts.

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