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 .
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.
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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