Documents and registration of Flat-Time limit if any?
ABCDEFGHIJKLMN
(Querist) 10 November 2009
This query is : Resolved
To the Expert panelists,
A friend of mine has purchased a flat through the developer of the project about 3 years back. At the time of taking over the possession of the flat, he has affixed necessary Stamp duty on the agreement, at applicable rate.
When he inquired about registration of flat, the builder told him that if my friend wanted to register the flat, it can be done, but registration charges/fees will have to be paid by the owner. However it can be done at a later stage if so desired, and Stamp duty paid will be adjusted during registration.(He did not say anything about the time limit in which registration should be done).Since my friend was having finance difficulties, he opted to have the flat registered at a later stage.
After about one and half year of purchase of the flat, my friend wanted to have the flat registered, so he approached other buyers to find out the procedure. He came to know that to have rebate of stamp duty paid initially, one must get the flat registered within six months of paying stamp duty.
More over he came to know that if he continues to stay in the flat and does not want to sell the flat, registration of the flat is not a must. Registration is required (or is must) when he wants to sell the same.At presant registration of Flat is pending.
He keeps getting corporation Tax bills in his name, since purchase of the flat.
Can he avail the exemption of the stamp duty already paid initially? if he desires to have it registered now.
Will any one of you guide if above contention is correct. Bhasker Parikh@gmail.com
Raj Kumar Makkad
(Expert) 10 November 2009
No. The period of the already affixed stamps is only 6 months so the benefit of those stamps cannot be taken after the pase of such period.
ABCDEFGHIJKLMN
(Querist) 10 November 2009
Mr.Rajkumar Makkad,
Thanks for your reply that now no benifit can be availed of previously paid Stamp Duty. However what he wants to know is "Is registration Must?" or it is must if he wants to sell? At that time he may have to pay stamp duty & registration Charges prevailing at that time.
Is it against the rule "Not to register the property? if yes,Is he liable for any penalty?
Bhasker Parikh
niranjan
(Expert) 10 November 2009
You must know that transfer of immoveable property worth more than Rs.100 is compulsorily registrable and without getting document registrered you cannot get title.If you go for registration, you will have to pay the stamp duty.
