Stamp duty for lease (premium & rent)
Querist :
Anonymous
(Querist) 28 September 2011
This query is : Resolved
PLEASE TREAT THIS AS WITHDRAWN
prabhakar singh
(Expert) 29 September 2011
I am sorry!Mr. j.k. shastri replied you even before reading the query and asked you "For which state ?"
" in west bengal."Already mentioned by you.
To my knowledge any lease for 99 years with an option to renew it further for 99 years will attract stamp duty as is paid on a sale deed any where in India.
R.Ramachandran
(Expert) 29 September 2011
According to me (whom am I?), the premium amount of Rs. 75000/- plus annual rental value i.e. 250 x 12=3000/- total Rs. 78000/- would form the basis for levy of stamp duty and registration charges.
I am not aware of the exact rate of stamp duty and registration charges obtaining in West Bengal.
Querist :
Anonymous
(Querist) 30 September 2011
respected prabhakarji,i also knew that for any lease of 99 years stamp duty on market value, as per stamp duty authority, had to be paid- considered as good as sale.
in this matter the party has given further given rights-A)renewal for next 99years, B)rights for mutation, C)rights for further construction.
the lessee has paid duty on 78,000/-only(rent plus premium)
is this challengeable?
Guest
(Expert) 30 September 2011
Irrespective of right for renewal, the rights for mutation and rights for further construction, itself, denotes sale of property and the amount of premium or rental value seems to be just to deceiptfully save stamp duty on huge market value of Rs.25,00,000. It can be challenged any time by the Government of any one else.
prabhakar singh
(Expert) 01 October 2011
Yes! it is a clear cut evasion of stamp duty.
The duty was to be paid treating the transaction as a sale.
The matter can be complained to District Magistrate or ADM in charge of stamps with full particulars,i mean particulars of registration date,book no,serial no.etc.,to hit the target.The deed shall be impounded
and valuation a fresh shall be arrived at,and the deficiency to gather with penalty up to 10%[maximum]can be imposed and in case of non payment realization shall proceed as land of revenue,attachment,warrant,arrest etc.
BUT IT IN ITSELF DOES NOT GIVE ANY COUNTER BUYING RIGHT IF SO IS THE MOTIVE OF COMPLAINING PARTY.
Querist :
Anonymous
(Querist) 16 September 2012
sir,
in a situation, if the government asks for payment of deficit duty and penalty on account of evasion, can that lease deed be challenged in court becoz it is not properly stamped and hence subsequently be cancelled.
