I gave loan to my uncle and received promissory note. As he denied to pay back the loan,
I filed money recovery suite against my uncle. To avoid court attachment of his properties, he gave his 3 properties to his daughter as "gift settlement to family members" in Dec2016
In the gift deed, he has declared the guideline value of properties, not the market value to save the stamp duty.
1) He declared value of his agricultural land as Rs. 3.70 Lacs and paid 1% stamp duty 3700rs
Actual market value is 35 Lacs, so stamp duty would be 25k (maximum limit) and registration fees 4000rs
2) He has a good house - Ground and first floor, built of Brick and cement, RCC roof, Pillar construction, entrance door made of teak wood, Flooring – Marbles and Tiles, 3 Toilets with Marble floor and wall tiles, Bore, septic tank - 2no, water tank – 2no, etc Ground floor built 8yrs ago and first floor built in Nov2016 with my loan money.
In the gift deed, he mentioned:
built of brick and soil (not cement)
built 80yrs ago
roof - iron sheet
flooring - ordinary cement
first floor - none
toilets - none
septic tank - none
He declared value of his house as 2.60 Lacs, paid 1% stamp duty 2600rs
Actual market value is 25 Lacs, so stamp duty would be 25k and registration fees 4000rs
Thus he has saved around 50,000rs in stamp duty and registration fees. Now the father and daughter is trying to sell the land. I want to delay the selling process till the money suite is decreed. If the actual market value is declared, the new buyer should pay 7% stamp duty of around 2.5 Lacs, this will make the buyers reluctant.
Now Can I send a complaint to the sub-registrar office for declaring low market value and paid low stamp duty? or file a case in court?
who will identify the correct market value? any penalty for him?
I think SRO will not allow new registration until they find the correct market value.
Please give your valuable inputs
