dkjpushkar (no) 20 December 2011

Stamp duty

I purchased a property from a state financial corporation under open bid in the year 2000. As my bid amount was highest, I got the property"s sales confirmned in my favour. After that we entered in to Agreement to Sale which is on plain paper. As per terms of the corporation I had to make payment in 3 years which I did accordingly. But I could not get the property registered in my name due to shortage of funds at that time. Now I want property registered in my name for which state financial corpration is asking stamp duty as per current circle rates which is more than five times higher than old rates. I have already made payment of property 9 years back. I am unable to understand why I am required to pay stamp duty as per current circle rates.I therefore request the learned panelists to inform whether I have to pay stamp duty as per old rates or current circle rates ? I shall be highly grateful for all of you.

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3 Replies

adv. rajeev ( rajoo ) (practicing advocate) 20 December 2011

You will have to pay the stamp duty on the present market value, because you are registering it now.

Alka (xyz) 20 December 2011

Hi,

I have a property taken in Kharaghar , Navi Mumbai . Agreement for sale has my name and my husbands name (in the format , Myname , Husbands name ). I have shown agreement copy to couple of advocates and they told me that he is 50% owner of the flat

I am paying all the installments for this flat and it is still under loan.

At the moment marriage is on the verge of a divorce and would like to make sure that I am the complete owner of the flat. What will I need to make sure in order to get this done.

I have got 2 advises from the advocate and both are contradictory

1. Make one release deed and my husband and I will have to sign it. This needs to get registered by registrar. No need to pay stamp duty
2. Make release deed and get it signed by my husband and also pay 2% of stamp duty on the 50% evaluation of the flat

In case of option 1 I do not have to pay stamp duty. Will this give me complete ownership of the flat and he will not be able to claim it in future ?
What is the benefit of going by option 2.

nilesh chawda (tax consultants) 26 December 2011

The ratio of Co -Ownership is to be derived on the basis of ratio of contribution of the ' Purchase Consideration ' as per the Section 37 [ Illustration 1 ] of the Transfer of Property Act, 1882. This therefore depend upon yuor ability to marshall out evidences. The presumption of equal ownership is to prevail only and only in case of ansence of evidences and is always rebuttable based on evidences.

U produce all proof of payment in the court. also use the cross examination techniques in the court. the court is bound to take cognisance of the evidences and grant u relief.

u can also file declaratory suit