Valuation of machinery not owned by me
Querist :
Anonymous
(Querist) 07 May 2024
This query is : Resolved
Dear Sir, recently i bought a land and building. There was a company running previously under rent in the land and building and was paying rent to previous owner. I bought that place now and that company is paying rent to me under agreement. But SRO has sent notice that machines owned by that company in my building will also be valued under my name. How should i defend myself that it is not mine. Kindly help me.
T. Kalaiselvan, Advocate
(Expert) 07 May 2024
You may visit the rental agreement between you and the company, if the company is running the business in the premises using the machines and that has been clearly mentioned in the rental agreement, then you can inform the SRO that it is company which is running the business in the premises on rental agreement and not that you have purchased the machines already installed by the tenant company and that you have purchase the vacant place, you can enter into a fresh rental agreement and produce the copy of the same which should be dated post purchase.
kavksatyanarayana
(Expert) 07 May 2024
Did you purchase the land and building with the machinery? If so you have to pay the stamp duty on machinery also and no exemption for it.
P. Venu
(Expert) 09 May 2024
Yes, any suggestion depends upon the citations, as to the machinery, in the deed executed.
T. Kalaiselvan, Advocate
(Expert) 11 May 2024
Whether the acquisition of the company and the property as is where is basis?
If so the demand for stamp duty towards the registration of the proeprty to your name by the registrar is within the law.
The installed machinery becomes part of the proeprty hence you cannot blame them for any harassment
Querist :
Anonymous
(Querist) 16 May 2024
The property was bought in my own money. There was a company running at the time before buying the property using their own machines. They came to me and asked me to continue to keep them in rental so i agreed and rental agreement worked on. The machines are owned by them. I bought the land and the building only.
kavksatyanarayana
(Expert) 16 May 2024
At the time of purchase, there is machinery in the building and it becomes part of the property and you have to pay the stamp duty. You can ask the company for the amount of stamp duty in an amicable way. but you have to pay the stamp duty for the machinery.
T. Kalaiselvan, Advocate
(Expert) 16 May 2024
The machinery existed in the building before you purchased and it remained there even after purchasing it.
It becomes the part of the appurtenances of the building hence its value also would be considered towards the stamp duty for registration purposes.
An appurtenance is a real property defined as immovable or fixed to the ground.
You may collect the charges paid towards stamp duty from the vendor since it is his fault for not /dismantling removing them at the time of transferring this property by a sale deed.
Querist :
Anonymous
(Querist) 17 May 2024
Thank you for your responses, respected experts.
