Hi,
I am planning to buy a property from a NRI couple and have already entered the sale agreement. The apartment is in Bangalore and is registered in the name of both husband-wife. They will not be present during registration. Because of this, they have executed two separate GPA, one from the wife to her sister (based in Bangalore) and one from the husband to the same person (ie. his sister-in-law).
The GPA from the wife to her sister was registered in the sub-registrar office while she visited India for a short time. But since the husband is not going to be in India at all, his GPA was notarized abroad on plain paper, along with signature on each page and photo etc. Now I understand that this GPA has to be registered/embossed in Bangalore.
My questions are as follows:
(1) Is plain paper acceptable or does it have to be Indian stamp paper?
(2) Is there any stamp duty to be paid ? I heard, that the new regulations stipulate that the seller has to pay 6% of the market price on sale agreement. Is this true or can it be the nominal Rs. 200 stamp paper ?
(3) If 6% duty is applicable, then does the buyer (me) also have to pay stamp duty + registration charges (around 7.7%) separately or can this be set-off/adjusted ?
(4) The sale agreement is already executed on a stamp paper and it is registered at a value of 20,000/- Here, the sellers were represented by the wife (in person, since she was in India) and the sister-in-law of the husband. The Notarization date on the GPA between husband and sister-in-law is before the date of sale agreement. However, the GPA is not yet registered and the date of this registration will obviously be after the sale agreement date. In such a scenario, is the GPA and Sale agreement valid for bank loan and property registration 3 months from now ?
Thanks. Await responses from someone here.
