Laws that govern the ownership and tenancy of property
Stamp Duty refers to charges in the form of taxes levied by the State Government, similar to sales tax and income tax collected by government and must be paid in full and on time.
It is payable before execution of the document or on the day of execution of document or on the next working day of executing such a document. Execution of the document means putting signature on the instrument by the person’s party to the document.
In the absence of any agreement to the contrary, the purchaser/transferee has to pay stamp duty or in case of exchange of properties, both parties have to bear stamp duty equally.
Except transfer by will all transfer documents including agreements to sell, conveyance deed, gift deed, mortgage deed, exchange deed, deed of partition, power of attorneys, leave and license agreement, agreement of tenancy and lease deeds have to be properly stamped before registration.
For any flat purchased in a co operative housing society on or after 10-12-1985, it is required to pay stamp duty on market value at the time of signing the agreement itself. However, prior to 10-12-1985, such transactions of agreement for sale required a stamp paper of Rs.5 only at the time of signing the agreement. However stamp duty on market value will have to pay on all such transactions at the time of conveyance of the property in favour of the society.
From 01/05/1994 stamp paper are to be purchased in the name of one of the parties to the document. If the stamp paper is not in the name of the parties and if it is used for preparing the agreement, it will be as if no stamp paper was used. However it will not make the agreement invalid and can be enforced in law if proper stamp duty is paid subsequently.
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