On what value is the stamp duty payable?
The Stamp duty is ascertained on the market value of the property as ascertained by the stamp duty authorities. The consideration or price mentioned in the document is not relevant. The parties entering into the document will have to apply for adjudication of stamp duty. The stamp authority will ascertain the stamp duty on the basis of the market value of the property. This value is recognized on the basis of a ”Ready Recknor” which gives the per sq. mtr. value of each zone. But the ready recknor is not conclusive and it”s merely a guideline for the stamp authority. The market value of the flat will depend on the locality, the amenities available, the year of construction etc. Courtesy: www.legalpundits.com If you are not able to find the answer you are looking for, please send us a message by clicking here. We will address the same.
