I have purchased one flat in resale in Noida. I have paid Rs 42 lakhs in white to the seller who filed transfer papers in my favour to the builder. The flat was not registered in the name of seller in Registrar's record. He had made full payment to the builder.
Now the builder is the counter party (seller) for the purpose of Registration. But as per the builder, the sale consideration that can be shown in the registration document will be Rs 32 lakhs - the original amount paid by the seller to the builder.
Query: If the sale consideration shown in the sale deed going to be registered is Rs 32 lakhs instead o fRs 42 lakhs; is it legal?
What are the implications of Section 28(3) of Indian Stamp Act on the said transaction.
