We have purchased bank auction property. Received sale certificate after payment of 100% auction amount.Bank is ready to register the property . But the property owner/debtor approached the DRT requesting cancellation of the auction . My question 1. Is there any time limit for registration of the sale certificate? 2.If DRT cancels auction after registration can I claim stamp duty(in our case it is above 1 crore) back.If there is provision what are the relevant GOs . Please guide me as the bank people are pressuring me for early registration.
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The Certificate of Sale does not require registration. But, if it is presented for registration It has to presented within period of 4 months from date of execution
The buyer is entitled to a reimbursement of up to 98 percent of the stamp duty paid. The refund application must be submitted with the original registered cancellation deed and original registered agreement
The buyer of the property can get a refund of 98% of the stamp duty, if an application is made for a refund of the stamp duty. With the refund application, you are required to attach the original agreement, as well as the original cancellation deed, with both the documents being registered. However, you will not get a refund of the registration charges.
After the issue of sale certificate on payment of bid amount in the bank auction, there is no such law to cancel the certificate,”
1. In such circumstances, no limitation. Sale deed shall be executed only on out come of litigation. However, buyer shall be burdened to pay stamp duty on the exceeded value of the property on the date when sale deed shall be executed.
2. You can try but as per stamp Act refund can be claimed within six months only. However, if court order otherwise then in the light of order court fee shall be refunded.
Donot scumb to the pressure of bank as after registration you shall stand indulged in unnecessary litigation.
Unless there is a stay order from the DRT, the bank can very well proceed with registration of the sale certificate within the time-frame; there is no legal impediment absolutely. If the DRT sets aside the sale later, you are entitled to claim refund of stamp duty on that ground as a genuine buyer.
- Under Registration Act , 1908 , the registration of a sale certificate is not necessary , however it can be registered.
- The limitation period of refund of the stamp duty is 6 month from the date of purchasing the stamp ,however the limitation to register sale certificate is only 4 months.
- The Stamp Duty is refunded by the concerned Department after deducting 10% of the total amount of the Duty Paid.
Yes you can seek refund of the same within limitation
4 months.
No refund of stamp duty. In such cases, bank always commit fraud with the purchaser.
You have to be impleaded in the DRT case.
On what ground stay granted ?
Time limit for registration of the sale certificate: The time limit for registration of the sale certificate can vary depending on the laws and regulations of your jurisdiction. It's advisable to review the terms and conditions mentioned in the sale certificate or consult with a lawyer to determine any specific time limits applicable in your case.
Claiming stamp duty back if DRT cancels the auction: If the Debt Recovery Tribunal (DRT) cancels the auction after registration, you may be eligible to claim a refund of the stamp duty. However, the provisions regarding refunds and the process for claiming it can differ from one state to another. You would need to refer to the relevant state laws, rules, and government orders (GOs) applicable in your jurisdiction for specific information on the refund process and any conditions or limitations that may apply.
