Mihir (Wealth Manager) (5293 Points)
06 April 2012A property was purchased and it was registered and stamp duty paid.
Within a period of one year, the owner wants to sell the property. Someone said that if the property is sold within the a period of one time of registration and stamp duty, the seller will have to pay half of the stamp duty paid by the buyer.
Is this true?
Where can I find the circular or notification to this effect?
Thanks
Anand Reddy
(BUSINESS CONSULTING)
(50 Points)
Replied 06 April 2012
It depends where the property is located.
There is a provision for Investors in Maharashtra. If the property is bought and sold within 1 year and is not yet complete, then if the first buyer intends to sell the property within 1 year of its registration, then the new buyer can get the setoff of the amount of Stamp Duty paid earlier subject to certain charges being paid or deducted.
Anand
Mihir
(Wealth Manager)
(5293 Points)
Replied 07 April 2012
Thanks Mr. Reddy,
It is a commercial premises at Mumbai. The owner wants to sell it off within a period of one year of paying stamp duty and registration fees. That means he will have to pay 50% of the stamp duty payable by the buyer, right?
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