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IREF® - Indian Real Estate Forum > Real Estate in India > Real Estate Mumbai > Double stamp duty?
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Old March 21 2013, 12:03 PM   #1
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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
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Ask an advocate since your saving is in lacs it is worth spending a few thousand rupees on a good advocate.
 
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