Dear All,
I am trying to effect a sale of N.A. land situate in the boudary of a village in the State of Gujarat. My client and the vendor of the property want to execute an MoU and would subsequently execute a Sale Deed for conveyance. My queries in regard to the stamp duty implications are as follows:
- What would be the applicable Stamp Duty on an MoU when the parties do not contemplate a transfer by the MoU?
- The Bombay Stamp Act, 1958 as applicable in Gujarat states in Section 3A that there would be an addittional 40% increase in stamp duty for a conveyance of a property. Also Section 3B(1)(ii) states that N.A. land situate in a village would be chargeable with 25% addittional duty over and above the duty normally charged under Section 3 of the Bombay Stamp Act, for a conveyance. Would somone please clarify and validate these two provisions.
Would be very greatful if anyone could help me out with some insight and thoughts in this matter.
Best Regards,
AlloAllo7.
