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Stamp duty on allotment of flat

Guest (Querist) 19 August 2020 This query is : Resolved 
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This discussion clarifies stamp duty on flat allotments, explaining that it's based on the prevailing guideline value at registration. It addresses scenarios where a builder has allotted a flat, and the titleholder wishes to transfer it to a third party for a higher amount. The advice suggests the builder might accept a nominal transfer fee at the original allotment value, with the difference treated as a premium, on which the seller pays tax. The buyer can get the property valued independently.

Isaac Gabriel (Expert) 19 August 2020
It depends on the guidelines value prevailing at the time of registration.
Dr J C Vashista (Expert) 20 August 2020
B is the titleholder / vendor (seller) of the flat already allotted (without possession) by A, the Builder for Rs. 40 lakh whereas, after allotment A has no right, interest or claim in the property (flat).
B is entitled and competent to get the flat transferred for any amount to C, as agreed between them, wherein there is no role or authority of A remained in consequence of allotment to B.
Shilesh Patel (Expert) 20 August 2020
Agreed with expert vashista sir.
Rajendra K Goyal (Expert) 20 August 2020
Builder may not agree to show the sale in their books for 55 lacs. It may attract extra accounting, taxation burden on them. Builder may agree to transfer the allotment after taking nominal transfer fee at 40 lacs as the property is under construction.

You can give him separate receipt of 15 lacs in the name of premium on the property. On this amount you have to pay tax as applicable. Builder would be showing the value as 40 lacs. Prepare and execute agreement to sale accordingly.

Purchaser may get the property assessed from the Bank lawyer / valuer in accordance to market value i.e 55 lacs or more.

No legal question is involved, it is associated with procedure.
Rajendra K Goyal (Expert) 20 August 2020
Builder may not agree to show the sale in their books for 55 lacs. It may attract extra accounting, taxation burden on them. Builder may agree to transfer the allotment after taking nominal transfer fee at 40 lacs as the property is under construction.

You can give him separate receipt of 15 lacs in the name of premium on the property. On this amount you have to pay tax as applicable. Builder would be showing the value as 40 lacs. Prepare and execute agreement to sale accordingly.

Purchaser may get the property assessed from the Bank lawyer / valuer in accordance to market value i.e 55 lacs or more.

No legal question is involved, it is associated with procedure.
Rajendra K Goyal (Expert) 20 August 2020
Builder may not agree to show the sale in their books for 55 lacs. It may attract extra accounting, taxation burden on them. Builder may agree to transfer the allotment after taking nominal transfer fee at 40 lacs as the property is under construction.

You can give him separate receipt of 15 lacs in the name of premium on the property. On this amount you have to pay tax as applicable. Builder would be showing the value as 40 lacs. Prepare and execute agreement to sale accordingly.

Purchaser may get the property assessed from the Bank lawyer / valuer in accordance to market value i.e 55 lacs or more.

No legal question is involved, it is associated with procedure.
Rajendra K Goyal (Expert) 21 August 2020
The author has withdrawn the query without assigning any reason. Matter closed.
Hemant Agarwal (Expert) 22 August 2020
A Imaginary Fake "Time-Pass" apathetic question, posted to fool & mislead Experts on this Forum.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com
P. Venu (Expert) 27 August 2020
May be, the author is bewildered by the multiple posting made by the same expert!
Rajendra K Goyal (Expert) 28 August 2020
Seems the reason to withdraw the query was conveyed to above expert.

Repeating of post was only due to system problem, not intentional.

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