1. Stamp Duty is payable on Market Value OR circle Rateable value of the property on basis of "whichever is higher". This is irrespective of the bid value in a public auction or whatever.
Stamp duty on auction distressed property is taken on bid amt? or on ready reckoner rate in mumbai?
Is there any provision to pay stamp duty as per "highest bid value" in public auction for a flat bought under SARFAESI Act under as is where is basis..? Or will the buyer have to forcefully pay stamp duty on circle rate only?
Asked 5 years ago in Property Law
Religion: Hindu
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7 Answers
A court judgement(found online) of 2017 has the following line.. " as per a CIRCULAR dated 30.06.2005 by govt of maharashtra; stamp duty on auction property be levied on highest bid value and not on ready reckoner rate" From where can such circulars be obtained from? (I did not find it online on govt of maharashtra website.) Is there any such/similar law in place? How much time does abjudication take and what is the process?
Asked 5 years ago
It will be chargeable as per ready reckoner
Stamp duty has to be paid on highest bid value or market value as per reckoner, whichever is higher
There is a recent 2018 order of Bombay High Court where this issue had come up
Let me have my hands on that judgment
The stamp duty would be charged on the auction value mentioned in sale certificate
it has not to to be paid on circle rate
What ever will be auction price, stamp duty will levy on it. In normal case, parties mention less sale price to safe stamp duty but bank may not agree as it will be crime on part of bank and you for evasion of stamp duty.
The stamp duty for registering the property shall be paid in accordance to the circle rate or the government guidance value or as per the bid value of the property if the bid value is higher than the circle rate.
This is a vague idea
Without mentioning the judgment nothing can be inferred on it hence it may be brushed aside
The stamp duty payable for the sale certificate is different to that of the registered sale deed.