You must mention cheque details in sale deed
Cheque details need to be mentioned in sale deed
I am purchasing land owner unit. Out of the sale consideration I need to pay some amount to the developer. So amount paid to the landowner will be less than the sale consideration and will be paid to developer. In sale deed sale consideration is enough or I need to mandatorily need to mentioned all cheque details? Landowner and developer both are giving the receipt for all the payments made.
Asked 6 years ago in Property Law
Religion: Hindu
First answer received in 10 minutes.
Lawyers are available now to answer your questions.
12 Answers
In the sale deed you may have to mention the sale consideration amount to which you are paying the stamp duty and the registration charges.
If the amount paid is more than the sale consideration amount then you may have to pay additional stamp duty.
Because whatever you may reflect in the sale deed may be considered as sale consideration amount, hence to avoid additional stamp duty charges, you may mention only the details of payment of sale consideration amount alone in the registered sale deed.
However it is pertinent to have a proper account towards all the payments made in this regard.
Dear sir/madam
It depends upon managing the sub-registrar
1. Sale Deed "MUST" mandatory mention the Lumpsum Total Consideration amount of Rs. 100/- is paid in Following format"
a) 75/- is paid to Land Owner
b) 25/- is paid to Developer
Individual payment Cheque no. to individual above parties must be mentioned in the Agreement itself.
2. The above is necessary to avoid any future legal disputes and you will require this for your Income Tax Returns and to claim LTCG for any subsequent sale of this property.
3. Sometimes people pay separately to avoid paying full Stamp Duty, BUT this is highly risky, IF any dispute takes place and IF the enforcement directorate /income tax conducts any scrutiny in future.
What ever amount you are paying under Sale Deed, the details of payment should be captured in it, i.e., cheque details.
Make sure that, the sale consideration reflected in the Sale Deed is same as that of Market Value or more than that, but it shall not be less than the Market Value.
See if the land owner accepts that he has received complete sale consideration and also directed to pay part of sale consideration to developer details of which are also mentioned in sale deed it is perfect.
Receipts of payment can be annexed to sale deed.
You will need to mention all the cheque details as both land owner and developer are giving you the receipt for all the payments made to them.
You will need to include both the land owner and developer as Sellers/Vendors in your sale deed and then give the break up of the total sale consideration for the unit.
Stamp duty will pay on sale consideration. For development charges separate agreement will execute with developer. No stamp duty payable on that amount except tax payment by developer.
mention all the amount and cheque details in the sale deed.
It's better to mention cheque details
Cheque details ought to be mentioned in the sale deed as a matter of abundant caution.
1. In sales deed you only have to mention the consideration you paying to purchase the property.
2. You can add details of the cheque given to owner and developer but it is not mandatory to record these details on sales deed.
