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How much stamp duty is to be paid on a property
20-Jun-2023 (In Property Law)
Property purchase from bank in auction [ sold by bank to recover outstanding dues of borrower ] for Rs. 100 lac of which ready recknor value is Rs. 200 Lac. Registrar of stamps is insisting stamp duty on Rs. 200 Lac. Whether his act of demanding duty as per recknor is correct ? Whether ready reckner rate is applicable even to properties sold by banks more particularly when there is no chance of under reporting of sale consideration ?
Sir/ mam in Maharashtra ready reckner rates are applicable. Hence registration possess has to be completed. Check with registration office.. I m not sure exactly but for all the immovable properties Stamp duty is calculated on the higher value, between the ready reckoner rate (circle rate) and the agreement value of property. For example, if the agreement value of a property is Rs 50 lakhs and the value according to the ready reckoner rate is Rs 40 lakhs, then, the stamp duty would be calculated on the higher value, i.e., Rs 50 lakhs.irrespective if you buy from bank or a promoter.
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Adv. Ashwini Avinash Kor
Thane | 25+ Answers
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As per your query,
The mode of purchase of property is nowhere related to the payment of stamp duty. Payment of stamp duty shall be as per the Conveyance under clause (a), (b) 2 [(c), or] as the case may be, of Article 25 of the Bombay Stamp Act on the market value of the property. As in your case though the transaction value is lower than the market value, the stamp duty is always calculated on the market value or the Ready Recokner value which ever is Higher.
Regards
The mode of purchase of property is nowhere related to the payment of stamp duty. Payment of stamp duty shall be as per the Conveyance under clause (a), (b) 2 [(c), or] as the case may be, of Article 25 of the Bombay Stamp Act on the market value of the property. As in your case though the transaction value is lower than the market value, the stamp duty is always calculated on the market value or the Ready Recokner value which ever is Higher.
Regards
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Adv. Neelkanth Goswami
Thane | 200+ Answers
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