stamp duty
jmp
(Querist) 07 January 2011
This query is : Resolved
When bank sell mortgaged property of borrower on account of default makes sale deed and purchaser pays stamp duty on registration deed but whether any deemed sale can be treated between borrower and bank for levy of stamp duty? if yes who is liable to pay stamp duty? Borrower or bank or purchaser?
Question is for Gujarat State
jmp
(Querist) 07 January 2011
In addition to his own registration?
On deemed registration?
nishad
(Expert) 07 January 2011
At the time of auction sale the bank does not execute any Sale Deed;it only gives a Sale Certificate in favour of the Highest bidder and in turn,the said purchaser has to get the same registered under respectibe SRO.
There is no concept of deemed sale between the banker and borrower at the time when the bank takes over the possession of the borrower in case of default and as such no stamp duty to paid by any one at that stage.[I guess we are on the same page]
bhagwat patil
(Expert) 07 January 2011
Off-course the purchaser he has to get register the sale deed by producing sale certificate before sub registrar of respective area,
jmp
(Querist) 07 January 2011
Please make it clear that bank has made sale deed to purchaser and is registered with sub registrar and stamp duty is already paid by purchaser on this deed. I am asking that whether any deemed sale deed presuming borrower as seller and bank as purchaser can be presumed by sub registrar for levy of stamp duty on deed which is not in existence ?
malipeddi jaggarao
(Expert) 08 January 2011
Question is not relevant. Either deemed or actual sale deed, that previous deed (as you presume) will not be taken into consideration while registering the property on the basis of bank's sale certificate under SARFAESI ACT.
