There is good news for real estate buyers/renters in Nerul.The Registrar has opened a new branch of the Registration office in Nerul,Navi Mumbai.This office is located on the 2nd floor of the MTNL exchange building located opposite the Nerul Railway Station (East).This office is open from 8 am in the morning to 2 pm in the afternoon.All sale/purchase/rent agreements can be registered here.Finally,the biggest node of Navi Mumbai has its own registration office !
Most people try their best to reduce the stamp duty payable on the purchase of property by any means.Some resort to giving wrong cts,area,gat or survey number while others falsely state the age of the building or the condition and amenities of the same.
But most of them are not aware that stamp duty evasion is a serious offence which can sometimes cause a fine many times that of the evaded amount and imprisonment too.Adjudicated documents can be reopened even 6 years from the date of adjudication.
Stamp duty cases can be reopened even 10 years after the document is executed and registered.
Stamp duty is calculated on the basis of the Ready Reckoner rates released by the govt every year.These rates vary from area to area.Generally,these rates are lower than the market rates.
Concession is allowed on the basis of :
The age of the building: Depreciation is allowed on a building 2 years old or more.Between 5% to 70% depreciation can be claimed on the total value of the structure (land plus building).
Whether a lift is present or not:If a lift is present in the building,its value will increase by 5% to 20%,depending on the floor that the flat is situated on.
Reduction can also be claimed if the building is 4 stories high without lift.Between 5% to 20% reduction can be claimed,depending on the floor.1st floor will get 5% reduction while 4th floor can claim 20% deduction.
If a govt body like SBI,Income tax,LIC etc sells a property,the price it sells at is considered the correct market price for the basis of valuation.
Here is a copy of the 2013 Ready reckoner for Navi Mumbai only https://app.box.com/s/k3rbs0r0chbhg4etq59n
Ref:DNA property.12 may 2012
- Stamp duty refund rules (navimumbairealestate.org)
Stamp duty refund rules (this only covers stamp duty not registration charges)
Courtesy:DNA newspaper 12.May.1012
Refund of stamp duty is granted on
(i) spoiled paper
(ii) blank document
(iii) document executed but afterwards found to be unfit due to some reason and
(iv) in some cases of documents executed and registered
In case of spoiled paper or blank document whether franked or on stamp paper, refund should be claimed within six months from the date of purchase of stamp paper or franked Document.
Executed Document (printed and signed document):
In case of document executed but afterwards found to be unfit due to some valid reason, refund should be claimed within six months from the date of purchase of stamp paper or franked Document.
Executed and Registered Documents:
In case of documents which are executed and registered but for some reason physical possession of property mentioned in the Document has not been handed over to the purchaser then in that case refund should be claimed within two years from the date of document.
Procedure to claim refund:
An application for refund on a standard format should be submitted at the concerned Collector of Stamps office, along with the original document and an acknowledgement should be obtained. Subsequently one must follow up with the officer concerned for early disposal of the case. Standard format of refund application along with checklist/formats of other papers/affidavits/power of attorney required with application is available at concerned collector of stamps office.
Refund is granted strictly as per the provisions of section 47 to 52A of The Bombay Stamp Act, 1958 and relevant rules and notification. Hence one is requested to thoroughly check about provisions, rules and notifications and treat above information only as a general guideline.
Collector of Stamps are very strict in regards to refund and a mistake in any of the refund application paper will lead to rejection of refund hence proper legal help should be availed if one is not very clear about the provisions of law.
These guidelines are for claiming stamp duty only.Registration charges are not covered here.Registration charges can also refunded.Please check the rules regarding the same.
For any further clarification,please contact…