Stamp duty on mortgage

Abhijit (Querist) 19 July 2014 This query is : Resolved
Last year i take 3 cr loan on one property. That time i pay stamp duty for cr.

Now i have get sanctioned for 4cr for this i issue another one property for mortgage to bank.

In this matter bank say us to pay stamp duty on 4 cr on new issued property. In this matter i get 1 cr loan increased on behalf of new property.

Please guide us if there is any law changes please provide details.

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Devajyoti Barman (Expert) 19 July 2014
You have to pay stamp duty on market value of new property irrespective of loan amount.

Rajendra K Goyal (Expert) 19 July 2014
Bank has sanctioned loan for 4 cr to you presently and would get the documents executed for 4 lacs and you have to pay stamp duty accordingly.

ajay sethi (Expert) 20 July 2014
agree with experts

T. Kalaiselvan, Advocate (Expert) 20 July 2014
In my opinion, the stamp duty will be applicable only to the aspect of the additional loan amount, you may consult and clarify the same from a local consultant about it.

Anirudh (Expert) 20 July 2014
You have not indicated whether the Mortgage of the property was by way of Equitable mortgage (i.e. by way of depositing the title deed of the property)or not.

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