Dear Experts,
First of all thanks for all the Lawyers, you are very promt and quick to help people.
I have question with resepct to Stamp Duty for the Govt in Karnataka. I have booked an apartment in Bangalore, I want to sell that to other person. So If I register the apartment in my name by paying Stamp Duty/Registration cost, then immediately If I sell the apartment to other party, Do I need to pay the stamp duty once again? I understand in Maharastra if the person sells within one year then they do not need to pay stampy duty again.
https://housing.com/news/stamp-duty-bombay-hc-rules-stamp-duty-cannot-charged-past-transactions/
Reference - Maharashtra Stamp Act
States like Maharashtra follow a unique process in such circumstances. Mumbai based property and corporate lawyer, Mukesh Jain explains, “As per Article 5 (ga) of the First Schedule of Maharashtra Stamp Act, 1958, the stamp duty paid on the agreement with the developer shall be set off against the stamp duty payable on the sale agreement between the current and new buyer thus avoiding any incidence of double stamp duty. The above facility of set off is available for any sale agreement made within a period of one year from the date of the original agreement with the developer.”
Regards,
Jagadish
