Bank has taken possession of immovable mortgaged property on failer of Borrower to repay loan and then after Bank has carried out procedure under SARFAESI, Act and sell the property in Auction.
Whether Bank was required to pay Stamp duty in pursuance of Possession taken by the Bank?
Mere taking possession by virtue of mortgage deed and as per Act involves no stamp duty. The purchaser through auction has to pay such stamp and registration charges himself on the consideration paid to bank irrespective of market value and the bank is not concerned.
