raju mahajan (manager) 02 November 2013

Registration of flat pending due to sudden changes in circle

Hi Everyone....

I am facing a problem in registering my flat due to sudden changes in circle rate of the area and the circle multiplied by now.

let me first tell you my situation.

I had booked two flats in kolkata on the same floor in the year 2008-2009 when the circle rate of the area was around Rs. 2200 per sqft. I have paid the total agreed price of the flats to the promoter by cheques and demand drafts only part by part starting from the year 2008-2009 and completed the total payment in the year 2010. When i tried to get registration of the property the year 2010, i found the circle rate had risen to almost double and by now it has become 4 times i.e around Rs 8000 per sqft and day by day it is increasing. The entire payment have been showed in my Income Tax file as advance to the construction company for puchase of flats.

The problem i am facing are:

1) I want to know how i can get registration at the same amount at which i had purchased the flats i.e at Rs. 2200 per sqft ?

2) How much stamp duty will i have to pay? On present circle rate or previous agreed price?

3) How will it be treated by income tax dept. if i register my flat at Rs. 2200 per sqft. whose market value is now around Rs. 8000 per sqft?

4) Is there any way i can request the registry office to get me valuation of the flats at the rate which existed at the time of my bookings?

Looking forward to your advice

Thanking You,

Yours Faithfully,

Raju Mahajan

Reply Follow

2 Replies

Advocate Ravinder (Advocate/Attorney) 03 November 2013

1) I want to know how i can get registration at the same amount at which i had purchased the flats i.e at Rs. 2200 per sqft ?

A) Not possible, you have to get it registered at the present market value i.e.Rs.8000

2) How much stamp duty will i have to pay? On present circle rate or previous agreed price?

A) Approx 10% on Present circle rate (for exact rt enquire in concerned sub register office, in AP it is 10%)

3) How will it be treated by income tax dept. if i register my flat at Rs. 2200 per sqft. whose market value is now around Rs. 8000 per sqft?

A)At. 2200 only. But you have to explain the Income Tax Department and you have to give an affidavit to that extent saying that though the original rate is 2200, but due to compulsion circumstnaces I had to pay at Rs.8000.

4) Is there any way i can request the registry office to get me valuation of the flats at the rate which existed at the time of my bookings?

A) no