Sale of vacant site in bangalore

B.S.NARAHARI (Querist) 02 March 2021 This query is : Resolved
Namaste Sirs

My sale price of site = 10 lakhs

Government Guidance value of site = 6 lakhs

So can i take Cheque or DD for Rs 6 lakhs and balance amount of Rs 4 lakhs credited to my Bank account. This is to save the registration charges for the buyer.

Please Advice wheather it is legal to do

Regards
Narahari

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Quick Summary

This discussion clarifies the legal requirements for selling a vacant site in Bangalore. It advises against splitting payments to reduce registration charges, stressing that the full sale price must be declared in the sale deed. Stamp duty is calculated on the higher of the market value or the sale price, and failing to declare the true amount can lead to penalties.

K Rajasekharan (Expert) 02 March 2021
It is not legal to do so.

You have to show the exact sale price, but not the minimal circle rate, you get as per the sale deed and should use appropriate stamp paper to make it legally perfect.

Advocate Bhartesh goyal (Expert) 02 March 2021
Sub Registrar will register sale deed as per circle rate and accordingly you have to show sale price in sale deed and have to receive by cheque/D.D or RTGS.

kavksatyanarayana (Expert) 02 March 2021
The Stamp duty shall be payable on the Market Value/Circle rate or consideration whichever is higher. This is the Rule. If you do not mention the true sale price in the sale deed, written the document as the sale price is Rs.6 lakhs you have to pay the stamp duty on it. But if it comes to the notice of the District Registrar/Sub Registrar for any reason, the difference amount with penalty will be levied for suppressing of fact.

krishna mohan (Expert) 11 March 2021
Stamp duty normally paid by buyer. You can show full value and register the sale deed.

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