If highest bidding amount in the auction conducted is less than the jantri valuation (A.S.R. valuation), on what basis the stamp duty is calculated in Gujarat?
For example, someone purchases a property through a bank auction under SARFAESI act with highest bid of 40,00,000 INR. However, when he goes to sub registrar's office, valuation as per jantri rate (A.S.R.) is 90,00,000.
Shall the 40,00,000 INR be considered as market value for calculation of stamp duty or 90,00,000 be considered as market value for calculation of stamp duty?
There are 2 anomalies:
1) as per https://stampsregistration.gujarat.gov.in/validation-jantri-stamp-duty-charges, there is a clause "Property sold by auction and tender procedure
In such case the A.S.R. determined value and the value shown in the document, whichever of the two is higher the said market value will have to be concerned."
2) There is also an High Court of Gujarat judgement, https://indiankanoon.org/doc/39560327/ , putting judgement as per my understanding that market value shall be the highest bid amount irrespective of jantri (A.S.R)
What is the answer in this case? as per https://stampsregistration.gujarat.gov.in/validation-jantri-stamp-duty-charges, there is a clause "Property sold by auction and tender procedure
In such case the A.S.R. determined value and the value shown in the document, whichever of the two is higher the said market value will have to be concerned." and High court of Gujarat judgement are correlating or not?
Disclaimer: I am not a law person. So, unintentionally, I might have made some mistakes in using words or language. My intention is not to challenge any person or government authority or Honorable High Court. This is a genuine query raised for a confusing challange encountered to a non-law person.
Under SARFAESI Act, the SR shall collect the stamp duty as mentioned in the auction sale deed. The auction sale price shall be taken to levy stamp duty under the SARFAESI act in more States.
