The Stamp duty is payable at 5% of market value of commercial premises.
Stamp Duty is not required to be paid in such case.
Stamp duty is not leviable on such letters of allotment.
It is necessary to execute a deed of exchange for transfer of flats among members of CHS.
Stamp duty is leviable for such exchange under article 32 of Schedule I of the Bombay Stamp Act 1958.
Section 30 of the Bombay Stamp Act 1958 provides that transferee i.e. Purchasers in liable for the payment of stamp duty.
Market Value of FlatLeviable Stamp duty
1) Does not exceeds Rupees 10000/-Nil
2) Exceeds Rs 100000/- but does not exceed Rs 250000/-0.5 % of the Value
3) Exceeds Rs 250000/- but does not exceed Rs 500000/-Rs. 1250/- + 3% of the value above Rs 250000/-
4) Exceeds Rs 500000/- then8750/- + 5% of value above 500000.
Yes, Stamp Duty is leviable on Leave and License agreement.
Rates of Stamp Duty for every 11 months are as under:
If annual Rent + deposit is
below Rs. 2,50,000 then Rs. 750 Stamp Duty.
between Rs. 2,50,001 to Rs. 5,00,000/- Rs. 1500/- Stamp Duty.Above Rs. 5,00,000/- Rs. 3000/- Stamp Duty.
Registration fees is Rs 1000/-
Agreement for a period exceeding three years but not more than ten years with or without any renewal clause. Stamp duty is leviable on thrice the amount of average annual rent.
Agreement for a period exceeding ten years but not more than 20 years with or without any renewal clause.
Stamp duty is leviable on 5 times the amount of average annual rent.
Rates of I.T leviable to CHS.:
For income upto Rs 10,000/- 10% of income.
For income upto Rs 10,000/- to 20,000 , 20% of income.
For income upto Rs 20,000/-& over 35% of income.
As per the provisions of I. T Law Taxable income of CHS is: Transfer premium. Income gained from installation of dish antenna. Income gained from renting out premises of CHS
Interest earned from default in payment s by members. Interest earned on deposits. Income earned from sell of FSI.
Yes , CHS is required to pay income tax.
Normally the person purchasing the property has to ensure that the seller has a good and marketable title. In order to find out if the title of the seller is clear and marketable, one has to take search of the property. The search of the property has to be taken at the offices of the relevant Sub-Registrars, normally 30 years search has to be taken. The purchaser can also ask copies of the documents lodged with the office of the Sub-Registrar by the seller. The objections pertaining to the title of the property can be easily verified after taking the search, for example : if the party has mortgaged and registered the documents with the Sub Registrar of Assurances then it can be known only after taking the search of the property. After satisfying the title of the property the party should proceed with the transaction
As per Section 28 and 29 of the Registration Act the document should be presented for registration at the office of the Sub-Registrar of Assurances within whose sub district the whole or some portion of the property to which such document relates is situated.
A Power of Attorney is a document which empowers a specific person to act on behalf of the person who is executing the same. It also includes any document by which a person is authorised to appear and act on behalf of a person who is executing the power of attorney. A power of attorney may also be given by a person to another to appear before any Court, Tribunal or Authority or before a Co-operative Society or any Body or Association.
Deed of Rectification is for rectifying the mistakes that has taken place in the original agreement. This may include change in the names of the parties wrongly spelt out, the figures, the description etc. If the original agreement is registered the Deed of Rectification is also required to be registered.
The Parties followed in such an event is that the parties to the document execute a Deed of Confirmation confirming that the main deed is valid and binding upon them. By way of such a deed the transferor/s also confirm/s that he/they hold/s no right, title and interest in the property and the same is being transferred to the transferee/s. A copy of the main deed is annexed to this Deed of Confirmation. This is the only manner in which the lapse in registration can be rectified.
As per the provisions of Section 25 of the Indian Registration Act, 1908 if a document is not presented for registration within the prescribed time period of four months, and if in such a case the delay in presentation of the document does not exceed a subsequent period of four months, then the parties to the agreement can apply to the Registrar, who may direct that on payment of a fine not exceeding ten times the proper registration fees, such a document should be admitted for registration.
Under Section 23 of the Act, subject to certain exceptions, any document other than a will has to be presented for registration Within Four Months from the date of its execution.
According to Section 49(c) of the Act, if a document of which registration is compulsory under Section 17 of Registration Act, has not been registered, it cannot be produced as an evidence in a court of law.
Yes, registration is necessary under the provisions of this Act. Under Section 41(1) of the Maharashtra Ownership Flats ( Regulation of promotion of construction, sale, management and transfer) Act, 1963, it is laid down that notwithstanding the provisions of any other laws, the agreement in respect of flats to be sold by the owner/promoter/developer to the flat purchaser requires compulsorily to be registered under the Registration Act.
Section 18 of the Act lays down the instruments of which registration is optional. Some of these instruments are listed as under :-
a) Instruments ( other than instruments of gifts and wills) relating to the transfer of an immovable property, the value of which is less than one hundred rupees.
b) Instruments acknowledging the receipt or payment of any consideration.
c) Lease of an immovable property for a term not exceeding one year.
d) Instruments transferring any decree or order of a court where the subject matter of such decree or order is an immovable property, the value of which is less that one hundred rupees.
Section 21 of the Act deals with the provisions relating to the description of an immovable property alongwith maps or plans. It is always necessary, with a view to identify the property involved in a document, that the description of the property is mentioned in a separate schedule, preferable with maps or plans, so as to enable the Registering Authority to make notes in the books to be preserved. The description should mentioned the area of the property, the number of the property, the boundaries of the property, the streets on which it is situated, along with the name of the village, Taluka, district. The city Survey Number, with Hissa Number if any, should also be mentioned. It is the discretion of the registering officer to refuse to accept a document if the description of the immovable property is not sufficient to identify the property correctly.
Section 32 of the Registration Act, 1908 deals with the provisions relating to the presenting of documents for registration by a person. Subject to certain exceptions, every document which is to be registered under the provisions of the Act should be presented at the proper registration office by: (a) the concerned person himself/herself, or (b) the representative or the agent of such a person duly authorised in manner as isstated in Section 33 of the Registration Act, 1908.
For registration of any instrument, the original document which should be typed/printed on one side only along with two photocopies of the original have to be submitted to the Registering Officer. The copies are required to be photocopied only on one side of the paper and there has to be a butter paper between the two photocopies papers. This is done so as to prevent the typed matter from getting spoilt.
The registration procedure also requires the presence of two witnesses and the payment of the appropriate registration fees. On completion of the procedure, a receipt bearing a distinct serial number is issued.
Under Sections 31 of the Act, a provision has been made authorising the Registering Officer, on special cause being shown ( for instance if the person is physically handicapped ) to attend at the residence of any person desiring to present a document for registration and accept for registration such a document or a “Will”, provided Registering Officer is satisfied about the special cause shown is sufficient.
Section 28 of the Registration Act, 1908 states that all documents of which registration is compulsory if it relates to an immovable property as well as a few documents of which registration is optional should normally be presented for registration in the office of Sub-Registrar within whose sub-district the whole or some portion of the property to which the document relates is situated.
Section 17 of the Registration Act, 1908 lays down different categories of documents for which registration is compulsory. The documents relating to the following transactions of immovable properties are required to be compulsorily registered;
a) Instruments of gift of immovable property
b) Lease of immovable property from year to year or for any term exceeding one year or reserving a yearly rent.
c) Instruments which create or extinguish any right or title to or in an immovable property of a value of more than one hundred rupees.
Under section 2(6) of the Registration Act, 1908 the term “ Immovable property” includes: “Land, buildings, hereditary allowances, rights to ways, lights, fisheries or any other benefit to arise out of land, and things attached to the earth, or permanently fastened to any thing which is attached to the earth, but not standing timber, growing crops nor grass.”
The documents are registered for the purpose of conservation of evidence, assurance of title, publicity of documents and prevention of fraud. Also, registration helps an intending purchaser to know if the title deeds of a particular property have been deposited with any person or a financial institution for the purpose of obtaining an advance against the security of that property.
Registration means recording of the contents of a document with a Registering Officer and preservation of copies of the original document.