The stamped received may not be necessary once you have the evidence of electronic transactions namely RTGS, besides the same has been duly acknowledged by the developer/recipient.
You can keep the evidence of the transaction properly secured.
Is revenue stamped receipt required if apartment purchase payment made through RTGS bank transfers?
I have paid money (1 Crore, 44 Lakh) for an apartment purchase in Hyderabad (Telangana) through multiple RTGS bank transactions. Seller is providing system generated payment receipts for each RTGS transaction, with signature from seller's finance team. Question: Is it required to get 1/- rupee revenue stamp affixed receipts from seller for each of these RTGS transactions?
Asked 3 years ago in Property Law
Religion: Hindu
7 Answers
Its advisable to take the receipt. But as the payment is with banking channel nothing to worry
Revenue Stamp is necessary only where cash payment exceeding Rs. 5000/- is made. It is not applicable where the payment is made by any other mode like NEFT /RTGS
1. You have paid the consideration through Bank and the system generated receipt also has been sent to you.
2. You have enough irrefutable evidence to establish that you have made payment to the seller.
3. No revenue stamp is now required to be affixed on the said system generated receipt.
no
- Under section 30 of Indian Stamp Acts , the recipient of above Rs.5000, shall mandatorily acknowledge the payment with a receipt affixing one Rupee revenue stamp on it as a proof of payment.
- Further, as per section 65 of the Stamp Act , refusal to give such receipt with a discharged revenue stamp, may lead to punishment of with a fine of Rs. 100/-
- Hence, if you have paid that amount to the seller , the there is a requirement for affixing this stamp.
- However as the said payment is done through online mode , then transfer the amount from your account is a proof of payment itself.
Dear Client,
It is required to get a revenue stamp affixed receipts from the seller for each transaction exceeding Rs.5,000/-, according to the amendment of Schedule I of the Indian Stamp Act, 1899.
Thank you.
