Regarding Payment

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Sandeep (Querist)
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14 June 2009 hiiiiiiii

One of my frnd wants to sell his house,& the Registry of the flat is for 80,000/-,but the market value is aprox 15,00,000/-.So can he take the balance amount thru DD,if yes how he can show this money that whrere this money cames from .

Sandeep Seth

M Prabhakar Menon

M Prabhakar Menon (Expert)
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14 June 2009 The registry price is the minimum price fixed for stamp duty purpose. who will object if u register for higher amount? If the balance amount is taken by a financial instrument you are creating a record of the proof of payment,the next question that will pop up will be from where did it come? be ready for that.

Sandeep

Sandeep (Querist)
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14 June 2009 Thanks for replying ,but let me clear onething,u men to say that he has to do a registry of 15,00,000/-,otherwise he is in trouble.

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Parveen Bansal

Parveen Bansal (Expert)
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17 June 2009 Consideration/ Registry amount is the basis for levy of stamp duty. Government declares circle rate/ minimum amount for registry. In case consideration is lower than circle rate, stamp duty will be based on circle rate.

If 15 lacs is the consideration, then stamp duty is chargeable on 15 lacs. If say Rs. 80,000 is received as consideration and balance is on account of some other transaction, then stamp duty will be levied based on Rs. 80,000.

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