Legal Question in Real Estate Law in India
stamp duty
Our Client one Private Limited Company dealing with Real Estate Business like purchase of land and developing land into plot,Flat etc.
Let me clarify the following
1.Can a company buy a land on its name or in the name of director
2.What is the stamp duty should they pay?
3.Is there any special stamp payable by the company if it is buying a land on its own name
2 Answers from Attorneys
Re: stamp duty
As far as purchasing agricultural land is concern, each State have their different laws in that behalf. Similary, each State have their different laws with regards to the Stamp Duty. Please check the same. A Company can purchase in its own name Non-Agricultural Land.
Re: stamp duty
The land should be buyed in the name of company though the agreement etc. may be done/executed by the director or any other authorised person to whom the board of directors authorised by passing resolution.The stamp duty and charges are same.There is no special law that company shall pay higher stamp duty or else.The stamp duty differ from state to state.so consult local stamp duty of state in which land is going to be purchased.
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