Stamp duty

Mahesh (Querist) 26 March 2009 This query is : Resolved
Dear Ld. friends,

In the case payment of stamp duty, while registering immovable property, though the consideration value was low, the stamp duty as per guideline rate was paid. Now the Collector has issued notice claiming stmap duty at the market rate. Can the Collector issue notice claiming stamp duty at market rate when stamp duty at guideline/circle rate was paid. Can anyone help with any judgment on thsi point. Thanks in advance.

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sanjeev murthy desai (Expert) 26 March 2009
Dear Mahesh

This proceedings called as undervaluation procedings. In Karnataka section of 45A of stamap act under destrict register issue the notice where the transaction is under valued.
Please completely go through the stamp act.

sanjeev desai

sanjeev murthy desai (Expert) 26 March 2009
Not bothered about this, file a objection before collecter, stating that the stamp duty paid as per market value of that property at the time of registration. Then collecter will make an enquirey. If he found that the market value is very low at the time of registration he may be ordered you to pay the exesss stamp duty otherwise not.

sanjeev desai

Jithendra.H.J (Expert) 26 March 2009
rightly said by Sanjeev desai

Adv.Shine Thomas (Expert) 27 March 2009
Mr.Desai's view is right.

Shashikant V. Patil (Expert) 27 March 2009
Even though you paid a stampduty paid, miggt be deficient and hence they will charge the deficient stamp duty and accordingly they will issue notice to pay stamp duty as per market value of prevailing rate.

PALNITKAR V.V. (Expert) 27 March 2009
At any rate you have to satisfy the Collector that the stamp duty paid by you was proper as per the laws prevailing at the relevant time. If you do not satisfy, the collector shall levy penalty.

B.B.R.Goud. (Expert) 29 March 2009

However you shall have to satisfy the Collector, the stamp duty paid by you was proper, as per the laws prevailing at the relevant time.

If not, the collector is empowered to levy penalty.