Anuj Kumar Sinha (Sr. Manager) 10 July 2013

Rate of stamp duty and responsibility

Dear Sir,

I have purchased a flat from developer company at lower rate per square foot (being same as fixed by West Bengal Govt) but due to delay in registration, now I am suppossed to pay 1.5 times of actual value as stamp duty. Delay is entirely on the part of the developer but they do not agree for paying the differntial amount.

Apart from the above I have following queries;

1. What will be the rate of stamp duty if value of flat is more than 25Lakhs.

2. How can I ensure that the builder/developer company pays the differential amount of stamp duty since the delay is in their account.

3. What are the chances of further increase in pricing of property in near future.

Kindly advise

Regards

AK Sinha

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2 Replies

kavksatyanarayana (subregistrar/supdt.(retired)) 10 July 2013

ans to query 1.

a)[six per centum of the market value, in case the market value of the property does not exceed rupeestwenty-five lakh, and sevenper centum of the Market value, in case the market value of the property exceeds rupees twenty-five lakh,] when the property is situated in the areas to which the Kolkata Improvement Act, 1911 or the Howrah Improvement Act 1956, extends 3 [(b) 69[six per centum of the market value, in case the market value of the property does not exceed rupees twenty-five lakh, and seven per centum of the market value, in case the market value of the property exceeds rupees twenty-five lakh,] when the property is situated in the areas of any Municipal Corporation or Municipality or a notified area other than those included in clause (a)] 4 [(c) 70[five per centum of the market value, in case the market value of the property does not exceed rupees twenty-five lakh, and six per centum of the market value, in case the market value of the property exceeds rupees twenty-five lakh,] when the property is situated in the areas other than those included in clause (a) or clause (b)] *

2. do as per terms and conditions of the agreement. if there is no agreement, go on mutual understanding.

3. it will be based on development of that area, increase of cost etc....

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Anuj Kumar Sinha (Sr. Manager) 15 July 2013

Thank You Satyanarayana Sir

In addition to the above delay, our developer has been charging documentation charge @ 1% and NJ Stamp paper costing Rs. 5000/-. Do you think that it is justified?

Further we are being asked stamp duty @ 8.5%. Does it include service tax also ?

Please clearify my doubts sir.

Regards