Stamp duty

• Purchase of Stamp paper: The value of the property is determined. Stamp duty, transfer duty, registration fee and other fees are calculated. The citizen purchases stamp paper from the notary or treasury as the case may be (depending on the value of the stamp paper required).

Thank you sir,

However, I wanted to ask if I am paying 10 lakhs to the seller. What value stamp paper should I buy to document this which has a legal standing?

While you are making a life's income as investment, what bars you in using service of an Advocate who can guide and get documentation and advice for as less as 0.01% cost of your property ?

Oh yes, you are correct Mr. Prasad, as if taking services of an advocate guarantee there can be no fraud?

but it indeed guarantee further litigation income for such lawyer isn;t it.

 

any ways, I thought, website like these are genuine places to share knowledge but people like you aren't let it become one!

Mr.Rishi, You are mistaken, I am not an advocate but a victim of a mediator and seen several such cases.  As a member, what is best in the interest of query , advice has to be given in that manner.  Not all advocates are with those traits that you have attributed, and some advocates always maintain high ethical values and professionalism.  When you seek advice from a forum, members may express a opinion and it is not proper to misunderstand that advice as though it is against member gaining knowledge etc., as financial interests and peace is involved in such transaction. I will stop here.

Is this appropriate value? or should the value be higher?

For rest of the payment, which will be in parts, How should I document the payment? Should it be another stamp paper every time or should the original agreement be used to add the details by hand and be duly signed by each party?

What should be stamp paper value for each payment if every payment is for Rs 10 lakhs.

 

Ans - Value is calculated as per the Ready Reckoner only.

Payment receipts are made with the agreements generally, on legal paper only.

you can do so by both parties as mentioned. However, its always better to confirm all details then print final draft and then execute the agreement.

Dear Mr. Rishi,

                          What Mr. Prasad says is that the lawyers can atleast draft appropriate clauses which sometimes go missing by both the parties and atleast your lawyer will look at your interest. Its not that the lawyers are wanting to go ahead with litigation delibrately. thats all I have to say.

Good luck!

You have approached this forum for some solutions. Here you will find different opinions by different experts, there is no reason for you to get offended on somebody's opinion. In my opinion, Mr. Prasad has give a valuable advise, you cannot retort to in the way you felt like. In fact when you are not into proper procedures that are to be followed, in the name of market value and other value, you want to avoid paying stamp duty to the government. If you are all the interested to pay the stamp duty, you pay it as per the market value which you can come to know form the notice board of the concerned registrar office, kept dangling on the premises of all such offices across the country.

Exactly, it is the very point I wanted to make - I came here for solution.

And then my friend what I wrote is my opinion. Please do learn to follow what you preach!!

and thank you all my friends for valuable suggestions.

I took services of professional to get this completed.