Stamp Duty on Registrartion
I intend to buy a Land in KERALA 10Cents @5L /cent Market Value = 50L
Government Fair Value is 2L/cent = 20L
I am ready to Pay 10% Stamp duty on 20L ie @2L and have No objection paying Rest 30L through Bank to the seller , a Genuine white deal , as the seller (NRI)insists to get full white money .However , I am reluctant to pay Rs3L stamp duty on the 30L , as it is not part of fair value and is the Market value part .In this scenario I would Llike to know the Following
1) Can I make an Valid agreement to Purchase the Property for a Total Consideration of 50L but Register the Land at its fair value of 20L?What type of agreement/contract it shall be , to be a Valid one acceptable to both Buyer and seller .
2) If I make a Transfer to his NRE account through my NRE account for the Rest 30L , will it draw any Questions from Land Registration department in Kerala , or am I supposed to pay Stamp duty on entire 50L ?
3) For the seller , what will be the difference on Tax payment Criteria , if I make payment of 20L as Land fair value for which he will have to pay under a Capital Gain Tax scheme and the 30L under IT act .
4) what will be the impact of the same, if I decide to resell the Property after now showing Fair value of 20L and Market value of 30L seperatly ?
Asked 6 years ago in Property Law
Religion: Christian