Stamp duty on property purchase in public auction?
Querist :
Anonymous
(Querist) 17 January 2012
This query is : Resolved
Sir, I have purchased a property in public auction held by co. op. bank at rs. 6,80,000/- but the government value is rs. 29,10,000/-. Which value should be considered for stamp duty?
A V Vishal
(Expert) 17 January 2012
Guideline value of Rs.29,10,000
Advocate. Arunagiri
(Expert) 17 January 2012
The SRO will demand for a stamp duty as per the guideline value only. You may go for appeal, to the IG of Registration, for the reduction of the stamp duty.
In your case the market value of the property is very much lesser than the guideline value.
Shailesh Kumar Shah
(Expert) 17 January 2012
It is clear law on said transaction that stamp duty is chargeable on market value or consideration, whichever is more.So, stamp duty will be on 29,10,000/-.
mahendrakumar
(Expert) 18 January 2012
I support the actions suggested by Mr.Arun agiri.
V R SHROFF
(Expert) 18 January 2012
You are bound to pay as per Market value
[Whichever is more: mkt value or consideration]
Ur mkt value seems to be without depreciation granted to reduce sd & ren chg
If building is 40 yers old[ tax by mbc] you have to pay sd only on 14.55 L
If 20 yrs old 20.37L
ajay sethi
(Expert) 18 January 2012
agree with experts shaiesh shah/mr shroff
malipeddi jaggarao
(Expert) 18 January 2012
If you have cross checked the government value with the concerned Sub-Registrar, you have to pay the stamp duty at the government guideline rate though you acquired the property at a lesser price.
Deepak Nair
(Expert) 18 January 2012
I endorse the advised from Mr.Shailesh & Mr.Shroff.
You have to pay the stamp duty on market value as the consideration is much lesser than the market value.
