Property registration + stamp duty

Mohammad Ali (Querist) 14 January 2021 This query is : Resolved
Dear Sir,

Recently I had bought a residential properpty in South Mumbai in under construction project, when government has reduced the stamp duty from 5% to 2% my developer has asked me to pay Stamp Duty + Registration Charges @ concessional rate, which I paid in the month of Dec2020. Now developer is saying he will execute & register the agreement by Mar/April 2021, I would like to know the consequences of the same. Also if he fails to execute & register the agreement by Mar/Apr 2021 what will happen to amount I already paid as Stamp Duty & Registration?

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Quick Summary

This discussion addresses concerns about property registration and stamp duty, particularly when a developer delays executing the agreement after the buyer has paid the stamp duty and registration charges under a concessional rate. The key issue is what happens to the paid amount if the registration is not completed by the deadline, and whether the buyer might have to pay differential stamp duty later. It's clarified that stamp duty rates are applicable as of the date of documentation and that the paid amount, if transferred correctly via e-challan or RTGS, should be safe and adjustable, though the exact consequences of a delay are subjective and depend on future government decisions.

Guest (Expert) 14 January 2021
Present Rates of Registrations would be valid till March 2021 Only and what the Govt would decide after that can not be predicted now. Better Convince your Developer in an Polite manner to complete the Registration at the earliest.

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kavksatyanarayana (Expert) 14 January 2021
Without going to registration why did you pay the charges to the Developer? You have to pay stamp duty via e-challan/e-payment but not to the developer. And the present reduction of stamp duty is up to 31st march,2021 as advised by the learned-expert Mr.Rajkumar alias narasimha sir. so amicable settlement is the best option.

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Mohammad Ali (Querist) 15 January 2021
Sir Stamp Duty & registration amount I had paid directly in "E Seva Collection A/c" thru RTGS and not to the developer. I want to know what happens if the developer fails to execute the agreement by Mar/Apr...will my paid amount go in vain or differential stamp duty I have to pay?

Guest (Expert) 15 January 2021
With out Completing the Registration Process the amount deposited would be only an deposit in your account and name and it will be in no way connected to the Rates and Purpose.

Dr J C Vashista (Expert) 16 January 2021
Since you have paid the amount through RTGS (on whatever account) the money is safe which shall be adjusted / claimed

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Dr J C Vashista (Expert) 16 January 2021
Stamp duty and registration charges differ from a State to another.
Just wait and watch for execution of agreement to sell by Builder.

Dr J C Vashista (Expert) 16 January 2021
"Consequency" is a subjective issue, which can not be presumed and taught at this platform.

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Rajendra K Goyal (Expert) 19 January 2021
Stamp duty and taxes are applicable as on the date of documentation.

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