Stamp duty on flat in mumbai (maharastra)

Pavan (Querist) 12 September 2015 This query is : Resolved
We have query regarding STAMP DUTY and VAT on property in Mumbai (Maharastra)

We have purchased flat in Mumbai (Maharashtra). Allotment letter issued by developer in Sept 2010 @ Rs. 9000 psf and full instalment paid as & when demanded by builder. Possession expected in Sept 2015.

Developer advised that Stamp Duty & VAT payable on market price as of today (sept 2015) @ Rs. 13000 psf. whereas we bought directly from developer @ Rs. 9000 psf.

Please clarify, why we can not pay Stamp Duty and VAT on cost price (when building ready in Sept 2015 only)

regards
Pawan+Abhinav

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ADV-JEEVAN PATIL, MUMBAI (Expert) 13 September 2015
Stamp duty normally should not exceed 5%. Ask local lawyer to confirm. Bldr cannot demand more than prescribed market value