149,485+ Members
   Get Started   Latest Posts Search Today's Posts Mark Forums Read
IREF® Real Estate in India - Property Discussion
IREF® - Indian Real Estate Forum > Real Estate in India > Real Estate Mumbai > Double stamp duty?
Reply
 
LinkBack Thread Tools Search this Thread
Old March 21 2013, 12:03 PM   #1
New Member
 
Join Date: Mar 2013
Posts: 1
Likes Received: 0
Likes Given: 0
Default Double stamp duty?

Dear Friends,

I have a query reg. valuation for resale flat in mumbai.
I'm buying a flat at say, Rs 65 lakh in March'13 which the current owner had bought in December'12 at 60 lakh and had paid SD on full value thereon i.e. on 60 lakh.
Actually my purchase would be the third sale of this house: builder to first buyer in 2004, first to second buyer in dec'2012 and second buyer to me.
I'm aware of the rule that if a resale is within one year, the base for stamp duty is the incremental value i.e. 5 lakh in my case. This period was earlier 3 years, recently reduced to one.
however, the broker says that this 'concession' is only for flats bought from the builder and being resold in an year-that too upon giving some bribe to the officials.
As far I've done research there is no such limitation in the rule that it's only for resale of the flat bought from the builder.
Otherwise, it's counter-logical as I'm effectively paying the SD twice-seller had already factored his expense of SD-registration in his quote and hence he is asking for 5 lakh appreciation in 2 months-now I'll have to again shell out about 3.5 lakhs
I'd really appreciate if you can throw some light on this.

I need to resolve this matter ASAP as the registration is due in a few days.

thanks
Siddhar
 
Old April 2 2013, 12:57 AM   #2
Member
 
Join Date: Mar 2013
Posts: 50
Likes Received: 4
Likes Given: 19
My Mood: Cool
Default

Ask an advocate since your saving is in lacs it is worth spending a few thousand rupees on a good advocate.
 
Reply
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

-->
Join IREF Now!    
Related Threads
Additional 1% stamp duty need to be paid by those, who have already done Reg. and Stamp Dupty in July 2012, and getting flat possession on Aug 2013?
Regarding Stamp Duty, Vat and Service tax
JDA/GPA stamp duty?
Stamp Duty in 2012
stamp duty exemption for investors in bombay stamp act


Tags
double , duty , stamp
LinkBack
LinkBack URL LinkBack URL
About LinkBacks About LinkBacks