stamp duty
Rajiv Ranjan Singh
(Querist) 23 September 2010
This query is : Resolved
kindly guide me on the following issue:
A bank sell the property after failure of loanee to pay the loan amount.Wheter stamp duty is payable on such sale to highest bidder,particularly in gujarat.Guide with legal supporting, if any.
R.Ranganathan
(Expert) 23 September 2010
yes. To have a proper sale, stamp duty is to be paid as per the Stamp Act. You can contact the Sub Registrar's office where the property is situated and get the stamp duty payable on the property.
R.Ramachandran
(Expert) 23 September 2010
Since it involves the transfer of immovable property in your name, it will involve stamp duty and compulsory registration.
Devajyoti Barman
(Expert) 23 September 2010
Yes , payable as per the relevant Act of your state.
Sri Vijayan.A
(Expert) 25 September 2010
1.It requires compulsory registration
2. As the transfer is not within the family menbers, it shall not attract any concession on stamp duty
3. So full stamp duty has to be paid.
4. Stamp duty is worked out as a percentage of value of property.
5. The percentage varies with the States.
6. For Value of property (Land), one can get assistance from Registering authority (guideline value).
7. If the value setout in the sale deed is more than the guideline value, stamp duty the higher value to be paid.
I hope I left no point un-answered or un-covered
