niki_1079 (CA Practice ) (279 Points)
08 February 2010Hi All
I wanna know that when someone sells his/her house then what all formalities should be completed? How to decide that how much should be taken in white and black? Whether Stamp Duty shall also be paid and upon which amount? Pls clarify me if anybody have knowledge about it.
Thanx in advance.
Amir
(Learner)
(4016 Points)
Replied 08 February 2010
Dear Niki,
I got to this thing from one of my friend.... Look, there are two things -
1) "Agreement to sell" - This is made on stamp paper, but stamp duty is not paid at tthis point, On the basis of this seller accepts "earnest money" from the buyer. It's like a booking amount but this is not mandatory in every situation this is entered when there is some gap between initial booking & actual sale/purchase of property.....
2) "Sale agreement" - This is also made on stamp paper, & stamp duty is to be paid, stamp duty is paid at a percentage (say 8%)on "circle rates" which r fixed by the local authorities having regard to a particular area/colony, etc..This rate of stamp duty is generally less for women.
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