Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Avesh (BSM)     16 September 2013

Stamp duty adjudication

Dear Sir,
 
*I had bought a property in Andheri West at Rs. 8390 per sq Ft on built up area in Nov 2010, current ready reckoner rate must be 13000 psf on SBUA.
*The construction work started in the first half of 2012
*The builder has now sent a letter for registration
* He says, we will have to pay stamp duty as per ready reckon-er since our agreement value is lower that ready reckoner value. I agree with the same.
* The builder also says, we will have to apply for adjudication, if collector agrees to the same we will have to pay stamp duty as per ready reckoner
*The builder also says, if collector does not agrees to adjudication, myself will have to pay stamp duty as per ready reckoner plus 33% of the difference of market value & ready reckoner
 
My Query To You Is:
 
* What is the correct rule
*I had made booking in 2010 and had paid the developer through Cheque, I have bank statement 
*What are the chances of Adjudication being approved with non payment of any other charges other than stamp duty on ready reckoner value
*It becomes whose responsibility to pay 33% of the difference if the developers plans were not approved from before or they had a change of plan later on
*Why should a buyer suffer of behalf of a developer, or if a developer delays registration for any reason
 
Regards,
 
Avesh


Learning

 3 Replies

Kishor Mehta (CEO)     16 September 2013

Sir,

Please submit all relevant documents to the Collector for adjudication, do not execute the documents at the time of submission. The adjudication fee is Rs.100/-, the adjudication of the Collector's office is final. However, if your feel that the stamp duty is adjudicated to a higher value, you can always file an appeal for reassessment of the adjudication.

Good Luck.

Kishor Mehta

1 Like

Avesh (BSM)     17 September 2013

Dear Kishor Bhai, Thanks!!!

 

I want to know, if agreement value is less than ready reckoner value, do we need to pay:

1. Stamp duty as per ready reckoner value, in addition to

2. 33% of the difference in agreement value & ready reckoner value

Please clarify if possible,  if yes, by which article of stamp duty act or income tax act & year???

Thanks & Regards,

Avesh

Adv Akhtar Ali Sheikh (Property Law Consultant)     22 September 2013

The builder is not giving you the real picture.

It will be as per the ready reckoner value ONLY, and the Collector WILL accept the value at the ready reckoner rate  - and not the Agreement value if lower than the market value - but if it is greater  than the Market Value - in such case it will be on Agreement value.

2ndly there is nothing like 33% or so you have mentioned. and no charges are collected by Collector of Stamps except the penalties which are imposed @ 2% per month subject to 200%..

If your agreement is unsigned and it is to be registered now there is no need to go even for adjudication you can very well register it by paying stamp duty at current rates BUT if it is already signed then from that day to now for those number of calendar months you have to pay penalty @ 2% per month on the stamp duty then payable, see it might come cheaper because in 2010 the rates were much less than now.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register