Sale deed value less than sale agreement value

whatever the amount sub registrar will calculate the stamp duty according to their rate fixed by the Govt.,

Home loan will be given on the income what you have.  Bank will look into the repaying  capacity

As per law Stamp duty and Registration fee should be paid on   sale consideration or market value of the property as the Government fixed market rate whichever is high.

Thanks for your reply Rajeev, I agree on your point however could you pls advice for the other crucial points as well?

Thanks Gangadhar, I agree & he has proposed the same way hoever what about the other crucial things? Do see any issues there?

no matter the consideration in documents, banks do opt to fund the properties at market value based on value provided by the approved valuer.

In your case bank is lending 75% of market value.

You must ensure that consideration in sale deed is if less than Index value (Value for Stamp Duty) IT department may add the difference to your income

Dear experts, Need some more clarity so asking it again....... I seek your timely advice to go about the real life situation I am at right now. We visited a property in Devanahalli, Bangalore & finalized a plot of 30x40 sizes in BIAAPA approved layout. Overall it seems that as the residential layout project has been approved by BIAAPA the docs are clear however great if you can confirm. I have given some nominal amount of 51,000/- just to reserve the plot number we liked & asked about how to go about it. Developer has advised us as below…. ·The base rate decided by government in this area is 1200/- per SFT which has been recently been revised that means we have to register the property with rate as 1200/- per SFT minimum. ·Selling value has been concluded as 1725/- per SFT & buyer has to pay me accordingly. ·He told us that the Sale DEED will be done with the rate of 700/- per SFT and he has clarified that this is to save on taxes for him. ·Bank loan is possible because developer has taken the approval from Axis Bank however it is restricted to market value of Bank’s technical evaluator which is 1600/- per SFT for the layout. That means 25% amount need to be arranged by you & also the registration cost as well. ·After the deal the developer will give a cheque to the buyer of the same amount as received from bank (75%) & then buyer will have to convert the cheque amount into cash to the developer. (Don’t understand why it is so & really worried) Now with reference to the above scenario, I am eager to understand & know the problems with this deal. I understand that there is a catch & it seems that the deal is tricky however I need your help to understand to what extent & what to do to make this deal a success safely as we like the location & the plot very much. I have few questions on the above…. 1.Is that possible that the registration value decided by govt is more than the sale deed value? What is the catch? 2.On what basis home loan guys will fund the 75% amount? On the sale agreement? 3.If Sale agreement is the basis for Banks don’t they reconfirm with reference to the sale DEED the actual price of sale? 4.I am salaried individual and my total money is white? I don't want to have any black transaction in this to save tax because the difference in savings is only about 40,000/-. Now, as I don't want to lose this piece of land and for this If I agree to his proposals what problems I may face in future? Also, pls advice on whatever issues you may feel is problematic & suggest me the solutions for the same. Dear Experts, I am also ready to get paid services of one of the exerts on this panel & who is expert with the legal docs / property transactions matter experts. Pls let me have the references so that I can get in touch....this is little urgent pls.

Some relief..........finally it has been agreed in between that the below mentioned step should not happen which is problematic for the customer

 

·          After the deal the developer will give a cheque to the buyer of the same amount as received from bank (75%) & then buyer will have to convert the cheque amount into cash to the developer. (Don’t understand why it is so & really worried)

 

Now I feel that things are not upto the mark but still okay do go ahead & finalize the deal.

Because of these too many complications I was about to cancel the deal but however finally builder has agreed to et read of the above step which is a big relief for me......

 

Pls provide inputs on any other issues you feel are important to address before finalizing........waiting...........

but now researching on it & seem a problem...refer to the news below....

https://articles.timesofindia.indiatimes.com/2009-05-19/pune/28181809_1_income-tax-tax-collection-pune-region

Sir, I brought a Flat at Dombivali in Thane, On my registration papers the building name mentioned with spelling mistake as YASHRAJ with YESHRAJ and instead of specifying 'wing-B' specified as 'Bldg-1'. What I have to do ? Is it possible to submit Architect letter for Housing Loan or gone for Correction Deed ? Please specify the permanent solution. Thanks

Ravindra, correction in sale deed sounds to be better option here to avoid any future complication in future.

Dear Sir, Under construction flat sale agreement(30/05/2017) of Rs.55 Lakh Based on sale agreement value, LICHFL granted loan of Rs.42.38 lakh. Through bank, I have paid Rs.10 Lakh & LICHFL paid Rs.36.02 Lakh on 23/06/2017. Flat registered (24/06/2017) with sale deed value of Rs.20.64 Lakh. Since, documents are in local telugu medium & I do not understood & also not cross checked. sale deed & sale agreement amount.I want to know that - 

1.  Can I file recovery case/civil/criminale case against Sree Sai Construction for collecting excess amount of Rs. 25,38,300 (Sale Deed of Rs.20,64,000 - Bank payment of Rs. 46,02,300) with interest?

2. Can I file case for against 2 yrs ofdelay possession with all the benefits?

3. Can I ask to LICHFL for doing payment to Sree Sai construction more than the sale deed value?

 4. Can I ask  to LICHFL, based on sale deed value of Rs.20,64,000, why the loan of Rs. 42.38 Lakh granted?

Please Suggesst.