Stamp Duty On Agreement Value

In this case, on August 4, 2012, the taxpayer entered into an agreement to sell land against which the taxpayer had been subject to preliminary control through a banking channel. However, a registered sales statement was executed on May 2, 2013, with the value of the stamp duty of the property greater than the consideration agreed by the taxpayer in the sale agreement, i.e. August 4, 2012. With respect to the calculation of capital gains for TY 2013-2014, the tax authority replaced the issue of sale with the value of the stamp tax prevailing at the time of the execution of the registered deed of sale. The tax authority rejected the subject`s assertion that the replacement of value is not justified, since the amended provision is retroactive. Suppose Ram Kumar buys a property in Delhi for Rs 50 Lakhs. As the stamp duty in effect in the city is 6%, Kumar must pay 6% of the 50 aff. lakhs as stamp duty of 3 lakhs aff. An additional RS 50,000 must be paid for the registration fee for this property in Delhi. Depending on the type of property, the buyer must submit a large number of documents to pay stamp duty at the time of real estate registration. The buyer is required to present some or all of the documents mentioned below at the time of registration: yes, stamp duty may be invoked in the form of a tax deduction under Section 80C of the Income Tax Act, up to a maximum of 1.50,000 applications. Homebuyers must organize stamp duty and registration fees on their own resources, as banks do not take these expenses into account when assessing the cost of the property. Thus, banks lend only 80% of the value of real estate.

In addition, banks use their own methods to assess real estate. This means that if a property is sold for Rs 1 Kern, the bank cannot lend 80 Lakhs or 80% of the money if it finds in its valuation that the property is valued at only 90 Lakhs. In this case, it will issue 80% of the 90-Rus, i.e. 72-Rs.- as real estate credit. In this case, it is the buyer`s responsibility to arrange the balance at the same time as stamp duty and registration fees. This means that even if the buyer in Delhi has to spend almost Rs 1.06 Crores as a total price to buy and save a house worth Rs 1 crore, the bank will only grant him Rs 72 Lakhs as a loan. If you buy a new property, you must pay a tax that will be stamped by the state government. This tax is used to validate the registration of your property on your behalf and to legalize your ownership document. In the absence of stamp duty on the registration form, you are not considered the rightful owner of the property in question. The same obligation as a bottomry bond (No. 16) for the entire amount paid, payable or to be provided under such a lease.