Suplementary agreement or deed of exchange has to be stamped and registered
it would not attract additional income tax liability
Change to Development Agreement
I was a land owner and entered into a development agreement with a builder for construction of apartments. The agreement contained details of specific apartments allocated to both of us. The builder completed the construction, and obtained occupancy certification from competent authority. Now the builder is asking me for exchange of his one apartment with one of mine. He told me that it could be done through supplemental agreement in the sub-registrar office, and there would be no new registration charges since the exchange is for same size & equal value apartments. I would like to know if there will be any additional tax liability for me from IT department if I agree to the above exchange of apartments especially after the occupancy certificate was issued. Thanks,
Asked 3 years ago in Property Law
Religion: Hindu
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6 Answers
If there is no difference in price of two properties then in registering the deed of exchange only the registration fees is required to be paid and not the stamp duty.
You can get an exchange deed registered along with the supplementary agreement.
No tax implications are liable in this.
having entered into a Development Agreement will not attract any more liabilities on you considering that you must have paid the registration charges back then.
execute deed of exchange before the sub register offic, it should be duly stamped and registered.
If the value has difference then it may cause issue
