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Rajesh Shreegadi (Trainee)     25 January 2014

Resale of property

Dear all,

Please answer my query

Suppose Mr A has purchase flat from builder and the flat is registered in name of Mr A. Now Mr. A sales the flat to Mr. B. Does Mr. B have to again pay the stamp duty on the flat.

Mr A dint got the possession of the flat yet. It is situated in mumbai.

Thank you in advance

 



Learning

 4 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     25 January 2014

Without obtaining possession certificate or NOC from builder and occupation certificate from the concerned municipality, the flat cannot sell it. I mean buyer ask all these documents before buying such flats.

BAALASUBRAMANNYAMM (Advocate)     25 January 2014

Once a Sale Deed was executed and registered in the name of "A" there ends the matter. In case if again "A" wants to register the said property in the name of "B" by way of  a registered sale deed, "B" should have to pay the requisite registration fees.

T.Sreenivas (Manager-Accounts)     26 January 2014

Hello Sir/s Please advice on how to make agreement between myself and my brother. We have jointly invested (50:50) some amount equally on a land. while purchasing the land we both brothers are on understanding that it will held for limited period i.e. 1 or 2 yrs then dispose off for a better price. Based on this we both have invested amount on the land of 300 sq.yds. Since we want to held the same for a limited period, the land document (registered ) was made on my brothers name (mutually agreed) on the pretext that it will held for a limited period. This money what we have invested, we had taken from a external person (say X) on the condition to return the same after 2 yrs (without Interest). The time has come to return the money to X. Now that I don't have money to return and my brother had money to repay (his share). I arranged the same by selling a property on my own and paid back to X on due date. During this period, when we wanted to dispose the land, the price has come down drastically due to local situation and we are not getting the price what we have invested. It was getting much below the price what we have invested. Then my brother told that we shall keep some more time till the situation becomes normal, then I said ok. This has happened some 6(six) yrs back. As of now the papers are with my brother on his name. We wanted to have a mutual agreement between we both the brothers mentioning that - In future or any time we both consent required either to dispose or sell or build house, also include the legal heirs of both the brothers. I am 47 yrs age and my brother is 54 yrs, any time any thing can happen to me or my brother and the legal heirs might not agree to share the property when one the brother dies. To foresee future litigation we wanted to go for an legal agreement between us. My brother agreed for the same. So, my humble request to please suggest us how to go about it. Request to give advise as early as possible. Thankyou Sreenivas 9705563344 Hyderabad

Rajesh Shreegadi (Trainee)     28 January 2014

 Is there any way to save stamp duty by showing it as a gift.


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