I understand from another thread of discussion that two properties can be exchanged and an exchange deed needs to be registered by paying the stamp duty considering the property which is of higher value.
I have following questions now considering the following case -
Person "A" has a flat with market value Rs. 25 Lakhs and Person "B" has a plot with market value Rs. 30 Lakhs, and they both are exchanging their properties with A giving Rs. 5 Lakhs in cash. Let us assume that the stamp duty to be paid is 5% of the value of the property.
1. Does the stamp duty in this case will totally be Rs. 1.5 Lakhs i.e. 5% of Rs. 30 Lakhs to be paid in total?
2. I am also assuming that this stamp duty can be contributed by both A and B i.e. Rs. 75k by A, and 75k by B. Is that correct?
3. What documents do A and B get finally after this registration? The exchange deed and the old exchanged registries of both properties? That means A gets the exchange deed and original registry of the plot, and B gets the exchange deed and original registry of flat? Please confirm.
4. I am also assuming that A and B will be able to sell plot and flat respectively based on exchange deed and there is no issue for that. Can you please confirm?