You can enter into unregistered agreement for sale
2) registered agreement can be executed at time of sale deed
3) you have to pay stamp duty as per circle rate or sale consideration at time of execution of registered sale deed
Payment of partial stamp duty for under construction flat
I have recently booked a flat with a well known builder in Rajarhat, North 24 Parganas, West Bengal and is due to sign the agreement by 10th Jan. Their sales team has asked me whether I want to opt for a registered or un-registered FSA. They have also informed that in case of a registered FSA 2% stamp duty along with 5000/- miscellaneous charges would be applicable. I was confused because as per my knowledge applicable stamp duty is 6% in the area. Upon probing the sales team further, they said that I have the option to pay 2% at the time of agreement and remaining 4% during handover or I can go for an unregistered agreement now and pay full 6% stamp duty during handover. But I cannot pay full stamp at the time of agreement. According to them this is as per HIRA rules. They could not share the relevant circular or section on HIRA website on this. Is it true that I only have the option to pay partial stamp duty or none at the time of agreement? If so, will the remaining stamp duty that is to be paid at the time of handover (2 years later) be calculated on the basis of the market value at that time?
Asked 4 years ago in Property Law
Religion: Hindu
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6 Answers
please pay the full stamp duty and register the agreement
there is no option under any law to pay partial stamp duty
the builder is probably misleading you or there is something being concealed
a document has to be stamped fully at the current market value
how can partial duty be paid now and balance few years down the line ----makes no sense
also the balance duty to be paid later would be computed as per the then prevailing market value
it is always better to stamp and register the agreement
even RERA mandates the builder to register the agreement on accepting 10% of the sale consideration
As per law, any stamp duty already paid towards the agreement of sale shall apply mutatis mutandis to such agreement which is deemed to be a conveyance as aforesaid, as they apply to a conveyance, it means that where subsequently a conveyance is executed in pursuance of such agreement of sale, the stamp duty, if any already paid and recovered on the agreement of sale is deemed to be a conveyance, shall be adjusted towards the total duty leviable on the conveyance:
Therefore you can proceed with the registration of the agreement of sale which should not be a problem as you apprehend.
The question of stamp duty can be effectively answered by only a local lawyer as stamp duty varies in every state.
Yes you are correct as aforesaid
Yes. At this time you can register sale agreement on payment of partial stamp duty while rest can be paid at the time of registration of sale deed.
