There is no time limit for execution of same
stamp,duty would be payable as per rate at which flats are sold by developer
Stamp duty of Individual agreements with developer done 3 years after receiving the OC
Hello We received the OC on 31-3-2019 and the developer is yet to do individual agreements with the existing members. My querry is what would be the stamp duty payable if the developer does the agreements after three years of receiving the OC i.e before 31-3-2022 . The developer has given 30 % free area to existing members. In the DA it was mentioned that with respect to DA all duty , taxes will be borne by the developer with respect to the area agreed by him. so it there a time limit for the execution of the same to avail the concessional rate Regards Yogesh Khare
Asked 4 years ago in Property Law
Religion: Hindu
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6 Answers
The execution of sale deed should be made by the builder/seller before handing over possession of the flat but after obtaining OC.
The stamp duty shall be paid as per the consideration amount already mentioned in the sale agreement.
You can insist the builder to execute the sale deed in your favor if he had already handed over possession of the property.
It will be the prevailing rate at that time along with penalty applicable
no stamp duty/nominal stamp duty is payable on the PAAA
Dear Client,
As per article 5 (g-a) and article 25 (b) to Schedule–I of the Bombay Stamp(BS) Act, 1958, stamp duty on development agreement and conveyance is leviable at the rate of one and 10 per cent respectively on the market value or consideration set-forth in the instrument, whichever is higher.Rates of stamp duty in Maharashtra can be paid by way of adhesive or impressed stamps on the deed.
Thanks & Regards
- The registration of the sale deed should be after obtaining OC and possession
- Hence, the stamp duty should be from the date of handing over of the property, and there is no fixed time limit for the execution of the transfer document legally.
- However, for the delay in handing over the possession , you can claim 10% interest amount / compensation from the builder.
