Legal Question in Real Estate Law in India

Good Afternoon sir,

My father purchased flat in 1982 in Mumbai. At that time the registration and stamp duty was not there. In 2006 he did the registration of the same flat but stamp duty was not paid.

In 2008 he transferred the flat in my name by "Gift Deed". I paid the due stamp duty of two percent (being in blood relation) as per the stamp duty law and registered the document.

Now the building is going for redevelopment and the builder said that we have to pay

the stamp duty to get the conveyance. Now, I would like to know what will be the rate of the flat to calculate the stamp duty. It will be todays Market value Or the Agreement Value of the flat in 1982.

Yours,

Mrs. Chavan.


Asked on 3/19/14, 1:58 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

19.03.2014

Dear Mrs. Chavan,

Today is Chatrapati Shivaji Maharaj Jayanti !!

Stamp duty has been prevalent right since the Indian Stamp Act came into existence i.e since 1899. In redevelopment proposals, since it remains the Builder / Developer's responsibility to get the property conveyed, the Stamp Duty thereto is also borne and incurred by the Builder / Developer himself. The prevailing Stamp Duty rate is as per the ready reckoner rate of the locality if the property is situated in Borivli West in Mumbai.

Regards,

Read more
Answered on 3/19/14, 3:46 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in India