Stamp duty

Shyamsunder Agarawal (Querist) 08 May 2012 This query is : Resolved
Dear Sir,

I want your opinion & suggestion on the following issue.

We have executed few months before a Development Agreement cum Irrevocable Power of Attorney. In the said Agreement full consideration was paid by us to the respective Land-Lord, as well as possession was also handover by the said Land-Lord to us for development of the said property as agreed; so that as per law we had paid full Stamp Duty on the said Development Agreement as per Bombay Stamp Act.

After that we desire that we do not have develop the said property, but would like to purchase the said property as agreed between both the parties as per one of the term of the said Development Agreement. So, that we have made a Conveyance Deed in this regard.

In this respect you enlighten me that in this situation what amount of Stamp Duty will be payable on the said Conveyance Deed?

Best Regards,
Shyamsunder Agarawal
09225120678

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Shashikant V. Patil (Expert) 09 May 2012
For Development Agreement, you might have paid stamp duty on the basis of non-agricultural conversion of land so now you are executing conveyance deed for same land but not mentioned for which you are going to use of land , may be for non agricultural use , hence you have to pay the stamp duty as per ready reckoner of current year 2012.