The Sub Registrar will not take excess court fee. It is illegal. Your statement is not believable, kindly send me the scanned copy of the tripartate agreement dt. 2012 and agreement dt. 2011 to my email address (you can contact kaanoon.com).
Under forgery and fraud
Sir i have a question in 2011 my wife has get into an agreement with a builder for purchase of a property whose value was 100.00 lac. in 2012 my wife under tripatite agreemnt sold me the property for 300.00 lac out of which i paid 100.0p lqc to the owner and 200.00 lac to my wife and have paid the stamp duty of 300.00 lac and got it registered in my name. The question is -is this deal will be a fraud -is the property overvalued by this means -what can be thw negative impact of it
Asked 8 years ago in Criminal Law
Religion: Hindu
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5 Answers
I have no way to understand the meaning , reason behind this tripartite agreement.
Without seeing contents of the same it is very difficult advise further.
Prima facie the agreement looks like sham agreement.
What is the nexus between two properties?
1) property prices have not risen threefold in span of one year in Kanpur
2) it appears to be a fraudulent transaction
3) what was the circle rate of property in said locality in 2012 ?
4) was the appreciation reflected in surrounding properties in the locality ?
Valuation acts as a tool for lenders, vendors, and purchasers alike to ensure that the value of a property is as represented. For the vendor and purchaser, a valuation provides confirmation that they are buying or selling a property at an appropriate price.An independent valuation is aimed at preventing the misrepresentation of the value of the property by any interested party. Owing to the important role which valuation plays in the property industry, valuation fraud provides all parties with the greatest potential for loss. From tax point of view, a new requirement now from June 1, 2013 that in case you are purchasing a property which is more than Rs 50 lakh, you need to deduct tax at the rate of 1 percent, this is a new requirement which you need to careful about.
Under the current market conditions, project delays are a common thing. This can cause financial trouble to the borrower. A person can't claim deduction for the interest if his or her house is still under construction. A buyer can, however, get benefit for the principal amount. On possession, the borrower can claim deduction for the interest paid during the pre-construction period. This needs to be done in five equal instalments, starting the financial year you are handed the property.
f it's the borrower's only house and self-occupied, there's no taxation. For those who have two or more houses and these are neither let out nor occupied, the taxation can get tricky.
All the above answers are regarding implication of tax and other legal issues.
However if the buying and selling at whatever rates fixed and agreed is through, there is no legal infirmity in it. Therefore in my opinion there can be no negative impact until the money transacted is accounted properly.
