Partition deed
siri
(Querist) 19 October 2011
This query is : Resolved
once Title is declared through decree to each family member as per partition declaratory suit that is been filed by both family members,then PLZ clarify..1)whether it is required for each party again to pay stamp duty & registeration fee(3% & .5%) in subregister office in AP state in order to enter their names as owners for their partition shared property because each party decided to enter their names compulsary for their shared property in subregister office inorder to get mortgage loan through banks in future ..2)Is there any exemtion for stamp duty & registeration fee in subregister office as both parties already paid stampduty fee for their shared partitionproperty.3)whether both the parties will get seperate partition decree document by court for their partition shared property indicating 1st party partition property share in 1st decre & 2nd party partition property share in 2nd decree & to maintain court document individual just like partition registration deed
Devajyoti Barman
(Expert) 19 October 2011
1. In Bengal answer is yes.
2. No
3.Only one decree is granted but the parties may apply for certified copy of as many numbers as they wish.
Sankaranarayanan
(Expert) 19 October 2011
yes absolutely agreed with mr barman's opinion. no way to avoid stamp duty
siri
(Querist) 19 October 2011
if same questions arise in case of PROBATE of WILL by paying stampduty fee as per market value in court by 2 beneficiaries & court has passed probate decree in favour,then clarify 1)whether Again it is required for 2 beneficiaries again to pay stamp duty & registeration fee(3% & .5%) in subregister office in AP state in order to enter their names as owners for their shared property because each party decided to enter their names compulsary for their shared property in subregister office inorder to get mortgage loan through banks in future ..2)Is there any exemtion for stamp duty & registeration fee in subregister office as both parties already paid stampduty fee for their shared property in court.3)whether both the parties will gets will get seperate Probate deree document by court for their shared property indicating 1st party property share in 1st decre & 2nd party partition property share in 2nd decree & to maintain court document individual just like registration deed
R.Ramachandran
(Expert) 19 October 2011
Dear Mr. Siri,
The Stamp Duty on an instrument of partition is very nominal and certainly it is not 3% or 5%. See Article 45 in Schedule-I of Indian Stamp Act.
The Stamp Duty paid at the first instance shall be adjustable at the second instance when actual severance of the property takes place and to be registered.
Bequeath of an immovable property through 'WILL' is not a 'transfer' under the Transfer of Property Act. As such, it does not involve stamp duty as required in the normal case of conveyance/sale deed involving 3% or 5% of the value of the property. Thus, once the probate of the WILL is granted by the Court, on the said basis one can get the property mutated in the records.
As rightly pointed out by Mr. Barman, the Court will pass a common decree (and not separate decree for each of the parties) and Common order of Probate of WILL.
