m.kameswaran (student) 25 July 2016
sir, one person sold his property to my friend for Rs.5 lakhs but the property was registered for 1.5 lakh. when he asked about it, he told it is registered for guideline value, but you purchse for market value. is it legally acceptable? please answer.
P. Venu (Advocate) 26 July 2016
No is the answer; however, such practices are quite common.
Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 26 July 2016
Where the date of agreement fixing the value of consideration for the transfer of property and the date of registration of such transfer of property are not same, and stamp duty value changes, the stamp duty value in respect of such transfer on the date of agreement shall be taken as sale consideration. This shall apply only in a case where the amount of consideration or part thereof has been received by any mode other than cash on or before the date of agreement for the transfer of property.
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