STAMP ACT

Querist : Anonymous (Querist) 25 December 2009 This query is : Resolved
i would like to know what is the difference between circle rate and actual rate.

I have allolted a industrial plot in my name in installment after I paid have all the instalment I have contacted to the financial institution to registered this plot in my name as per terms and condition of the allotment letter.

now i would like mentioned here that i have purchased this plot @ 40 lacs but when i contacted to the registrar office to registered this plot in my name they told me you have to pay stamp duty on circle rate which is 1.5 crore ,

please tell me what should I do in that case I will have to pay stamp duly around 15 lac lac which is very high amount and costing me around 40% the cost of the plot.

Thanks me in advance.

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Raj Kumar Makkad (Expert) 25 December 2009
Circle rate is the rate prescribed by District Collector keeping in view the entire circumstances in consideration. If a party makes a contract lower than this rate even then it has to get the registration at the prescribed rate.

Ashok Yadav (Expert) 26 December 2009
Circle rate is a rate which is fixed by the collector/revenue authority after inspection of rates of a particular area. A person who is getting a sale deed regd. in Sub Registrar office, will have to pay the stamp duty according to that circle rate of that area, he can not pay less than it, you will have to pay this amount of stamp duty there is no way to skip out.

niranjan (Expert) 26 December 2009
We call it Jantri.Market value of the property is fixed by the govt. and when the value of the property is shown less in the document,the registrar will forward it to the collectorfor recovering the deficit stamp duty,who will give you notice and will give hearing. You can appeal against his decision and finally can go to the high court.

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