Penalty on stamp duty for not registering EXCHANGE OF LAND AGREEMENT

964 votes

Yes, every instruments which would transfer the rights of Immovable property for more than rs.100 should be compulsorily get registered. To admit such document as evidence, you should pay requisite stamp fee.

Advocate Sadanand Naik LawRato

745 votes

Registration of exchange deed is mandatory so it has to be paid mean time other side party is answerable for not executing. Let case to proceed before court and wait for the justice or consult your advocate who is handling your case

Advocate Rajesh K.S LawRato

761 votes

EXCHANGE-DEED

(A Brief Introduction)

Definition of Exchange When two persons mutually transfer the ownership of one thing for the ownership of another, neither thing nor both things being money only, the transaction is called an Exchange.

A transfer of property in completion of an exchange can be made only in the manner provided for the transfer of such property by sale.

Difference between Exchange and sale. The difference between a sale and an exchange is that in a sale the price is paid in money while in an exchange it is paid in another property by way of barter. Sale is always for a price, which means money or the current coin of the realm while no price is paid in an exchange, there being only a transfer of one specific property for another. And although payment of price may be made in addition to the transfer of property, by way of equality of exchange, such payment does not make the exchange lose its character as such.

Registration. An exchange of land worth one hundred rupees or upwards will require registration.

an Abstract of the Transfer of Property Act, 1882 Section 118

Ascertain Payment of Stamp duty and Registration fee.
Ascertain the list of documents (enclosures) required to be produced at the time of presentation of the document before the jurisdictional Sub-Registrar.
Format of Exchange-deed
Ascertain Payment of Stamp duty and Registration fee.

A. (i) Stamp duty is payable on the instrument but not on the transaction. To ascertain the correct Stamp duty payable one has to see the intention of the document and words used in it.

(ii) The stamp duty chargeable in exchange of property is on the market value of the property of greatest value which the subject matter of exchange i.e., value of all the property which is the subject matter of exchange have to be made and duty is chargeable only on the highest value of the property as indicated below:-

Advocate Kishan Dutt Kalaskar LawRato