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Old February 25 2013, 02:31 PM   #1
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Default Flat registration process, Bangalore

Hi,
We have booked new flat in bangalore.

ll be doing agreement by giving 20% of property value.

My question builder mentioned
at the time of registration,
we have to pay gov registration amout some x rs and legal charges.
Along with that 7.5% tax on total flat value.


What is this 7.5% tax amount. Is it for builder or government only have to pay while registration.

Please any information.


Regards,
Soumya,
Bangalore.
 
Old February 25 2013, 05:48 PM   #2
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I think its 6% only and not 7.5%.
From Departments of Stamp and registration:-
KAIGR

3
Agreement relating to sale of immovable property





(i) with possession
5(e)(i)
5%
I-Note 7(a)
1%

(ii) without possession
5(e)(ii)
0.1% on market value equal to the amount of consideration Min.500, Max.20,000
I-Note 7(b)
Rs.20

So at the time of agreement you need to pay .1% while at the time of possession you need to pay 6%.
Thanks,
Sandeep
 
Old February 25 2013, 11:08 PM   #3
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Quote:
Originally Posted by soumyakumta View Post
Hi,
We have booked new flat in bangalore.

ll be doing agreement by giving 20% of property value.

My question builder mentioned
at the time of registration,
we have to pay gov registration amout some x rs and legal charges.
Along with that 7.5% tax on total flat value.


What is this 7.5% tax amount. Is it for builder or government only have to pay while registration.

Please any information.


Regards,
Soumya,
Bangalore.
Dear soumyakumta,
Ask builder, Why is he charging this 7.5% tax? He will explain you.

It is (service tax + vat).

There are lot of threads on this forum for the vat+service tax and you may refer them.


Sumitra.
 
Old June 5 2013, 04:44 PM   #4
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I also have a question -

should the co-owner be present for the registration process? is it a must?

What if the co-owner could not be available for the registration process?
 
Old June 5 2013, 04:54 PM   #5
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Co-Owner should be present for the registration process, as the co-owner also needs to sign the sale deed along with owner and builder representative.
 
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