Hi Sir,
Very Good Noon.
My self Ravi M from Tamilnadu. I am looking for an solution related to Purchasing an agricultural land.
Objective of the Discussion:-
I am going to Buy 2 Acre's 5 Cents of Agricultural land in Marayoor village, Idukki(DT), Kerala to do farming.
I have collected and verified the following documents from current land owner and Sub Reg office to make sure the ownership. Based on following documents, I could see that land is in Seller name and Power is not given to anyone else.
1. Patta / Title Deed
2. FY 2016-17, Proberty tax Receipt
3. Encumbrance Certificate for last 30 years.
Questions to be Answered:-
- Total cost of the land is 30 Lakhs. Seller requesting me to mention the whole amount in Stamp paper to showcase prober source of income for his side, suppose if Income tax noticed him. I am happy to do that (My money is fully taxed and its in Bank account) but I wnat to know what is legal procedure in KERALA to transfer total land cost to seller ( Either through bank transfer(RTGS) or DD or in front of Sub registrar officer during Registration)
- While checking in Kerala reg website, Fair value of the land is low compare to actual Price which I am going to buy. Whether Registration department will register my land for actual cost (30Lakhs) ? or any concerns they will raise.
- Is it advisable to transfer whole amount in a single transaction? (5Laksh Advance +25 Remaining)
- For Village range Agricultural land, what is the Predefined Stamp Duty and Reg cost in Kerala . In internet, I could see someone mentioning like 10%(8% Stamp Paper & 2 % Reg). is it correct?. For residential and agricultural land, stamp duty & Reg cost is same?. if not what is the exact cost?.
- I am not an agriculturalist, whether am I eligible to buy an agricultural land in Kerala? . In Internet, I could see some state (MH) having restriction like non agriculturalist is not eligible to buy agricultural land.
- Other than above mentioned legal documents, is there any other documents need to verified in Village office or Sub Reg office to make sure that land is free from all legal issues and illegal ownership.
- Once Registration done on my name, whether Seller has to pay to any tax to Income tax department considering 30 Lakhs of income from me?.
Once again thanks for your valuable support.
Regards,
Ravi M
+91-9629685970
