property Undervaluation notice
ganesh
(Querist) 27 August 2009
This query is : Resolved
I am residing in Bangalore. Few flat owners in my apartment got undervaluation notice. The flats are registered on 2007 and 2008.
http://www.hindu.com/2006/06/29/stories/2006062920250300.htm
This article describes that this undervaluation is done to collect bribe.
Could anyone give more information on this.
Regards
Ganesh
A. A. JOSE
(Expert) 27 August 2009
Your question is not clear please. Kindly furnish all details alongwith specific queries, if any.
Y V Vishweshwar Rao
(Expert) 27 August 2009
is it Under Valuation of property at the time of Registration of Sale deed & connected with Stamp Duty & Registration Fee !!!
Bhumik Dave
(Expert) 28 August 2009
Under valuation is due to unsufficeant stamp duty in other words in registration of sale deed u are nt paying stamp duty as prescribe by JANTRI of ur area ,.
Now u first meet a revenue special advocate he will settled the matter.
dinesh
(Expert) 01 September 2009
The query is not vivid. However, in such type of cases, the undervaluatuion notice is all due to the sale deed registered on the valustion below the circle rate. It will not declare the sale deed viod by it is only a default as per stamp duty act and needs advolarum duty.
Raj Kumar Makkad
(Expert) 05 September 2009
I think you have not put your question specific with specific facts hence each of us is answering as per his understanding. I am unable to find out whether the owner had sold the flat to you and whether you had got it registered showing undervalued????? If this is true then owner/seller is the offending party and in that case how he can give you notice. However, undervaluation before registering authority do not give cause of action to any individual to give legal notice rather it is a state subject and registering authorities under Indian Stamps Act are competent authorities to issue notice to buyer.
Vijyant Nigam (09807349001)
(Expert) 05 September 2009
Dear ganesh
You have actually not here for any remedy. You just gave us information on the subject which already been settled between the parties as I understood from the article as published in The Hindu.
What more you want, Please specify?
Shashikant V. Patil
(Expert) 10 September 2009
They do the audit of all registered documents, and if it is paid less by the party then get it confirmed the then paid your stamp duty for your flats for that particular year from concern department or a known person. If it is found less paid , then you will have to pay and if it is correct, reply accordingly.riven
Sachin Bhatia
(Expert) 11 October 2009
Under valuation is due to unsufficient stamp duty in other words you have'nt pay precribed stamp duty. Better to contact some local revenue authorities.
ganesh
(Querist) 12 November 2009
Thanks for all your replies.
In my apartment all are first buyers from the builder. All are registered during 2006,2007 and 2008.
Now most people got undervaluation notice claming that they registered their property for less value. This notice also came to near by apartments.
Builder lawyer is settling the case. He is asking to pay 15000/- as fine and 1500/- towards lawyer fees.
People who paid 15000/- got letter from the registrar that they are cleared from this issue.
Is this true? Is Government has any policy of paying fine of 15000/- to settle the case.
If the apartment is resgitered on 2006 (2 years back) Why the notice coming now?
