Stamp duty on mortgage deed
Abdul Latif
(Querist) 19 May 2014
This query is : Resolved
My company is going to take a loan of Rs. 25.00 Crores from the bank against which we have to mortgage two immovable properties of two directors in favour of bank. This transaction going to happened in Maharashtra.
Now only one director is present and other director is out of India for three months or more.
So we are going to mortgage one property in favour of bank for the loan and other property will be mortgaged when other director will be present. The bank agree on the same.
As per my understanding, in Maharashtra a maximum stamp duty on mortgage deed is Rs. 10 lakhs so If we execute one mortgage deed by which both properties are mortgaged then we have to pay stamp duty of Rs. 10 lakhs but
as we are executing two mortgage deed against the same loan. Do we need to pay the stamp duty of Rs. 10 lakhs on both mortgage deed though the loan amount remain same?
Can we claim exemption for other mortgage deed?
What will be the best option available to us in this case.
Thanks & Regards,
Abdul Latif
Abdul Latif
(Querist) 19 May 2014
thanks sir for your reply. But my query is that :-
1. do we need to pay stamp duty on both mortgage deed though the loan amount remain same.
2- Can we claim exemption for second mortgage deed?or
Rajendra K Goyal
(Expert) 19 May 2014
You have not cleared whether you are mortgaging through registered mortgage or equitable mortgage.
In some states equitable mortgage charges are taken on each property.
Abdul Latif
(Querist) 19 May 2014
It is not equitable mortgage. It is mortgage through registered mortgage deed. The reason to make two deed is because we have to give two property on mortgage to the Bank against the loan. where owner of one property is present but other one is not there.
