diamond 13 January 2022

Conversion of tenant flat into ownership but circle value too high.

I am Arpan Goenka from Kolkata. We are 12 tenants in building under padgi system from last 30 years. Now landlord wants to sell officially to tenants by convenance of deeds. Both party agrred @ Rs. 1000 sq feet approx while circle value by state govt showing Rs. 4500 per sq feet. Hence if tenant pay stamp duty on Rs. 4500 and pay chque of Rs. 1000 then will get IT notice from central govt as per all charted accountant. What is the solution ? Building is more than 60 years old and landlord doesnt want to maintain now.

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Aryan Raj 14 January 2022

In response to your query,

As per the facts mentioned by you in the given case, I would suggest you not buy the property if the amount on the stamp duty and cheque is different because the onus of the stamp duty will be on you and not the seller later you might land in trouble. You should also consider the building is sixty years old so is it really worth buying. Even the owner is not ready for the maintenance anymore, therefore you must consider moving to a different place instead of taking so much trouble for this place which might eventually force you into legal problems.

Regards,

Aryan Raj