BPTP Princess Park Stamp Duty Charges Revised

[gashish]

I have received an email from BPTP, wherein they have raised demand for revised stamp duty charges @Rs.3000 per sq ft earlier it was @Rs2300.

"Please note that circle rate has been ravised by the Government @ Rs. 3,000.00 for stamp duty. Hence, the differential amount of Rs. ............ is payable towards stamp duty charges accordingly."

Does any body else received the same demand. Would we have to bear the revised stamp duty charges, whereas BPTP has delayed the registy ? Why not BPTP shall bear this ?

[mdtuli]

in my opinion the stamp duty should be charged on the cost of flat and not on circle rate/super area
M.D.TULI 9711226121

[gashish]

Has anybody deposited revised stampduty charges ?

[asiapole]

As per Finance Bill 2013, the stamp duty value shall be calculated based on circle rate as on date of agreement and not based on date of registration. Here is the text from Finance Bill 2013. Please advice about the stamp duty value for Neharpar area.


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The Bill proposes to provide that, where the date of the agreement fixing the amount of consideration for the transfer of the immovable property and the date of registration is not the same; the stamp duty value may be taken as on the date of the agreement instead of that on the date of registration. This exception shall, however, apply only in a case where the amount of consideration or part thereof, has been paid by any mode other than cash on or before the date of the agreement fixing the amount of consideration for the transfer of such immovable property.

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[gashish]

Earlier stamp duty charges was Rs.2300 now from 1st April, it is Rs.3000 as per BPTP.

[singhvijayp]

This is applicable from "These amendments will take effect from 1st April, 2014 and will, accordingly, apply in relation to the assessment year 2014-15 and subsequent assessment years."

Computation of income under the head “Profits and gains of business or profession” for
transfer of immovable property in certain cases

Currently, when a capital asset, being immovable property, is transferred for a consideration which is less than the value
adopted, assessed or assessable by any authority of a State Government for the purpose of payment of stamp duty in respect
of such transfer, then such value (stamp duty value) is taken as full value of consideration under section 50C of the Income-tax
Act. These provisions do not apply to transfer of immovable property, held by the transferor as stock-in-trade.
It is proposed to provide by inserting a new section 43CA that where the consideration for the transfer of an asset (other than
capital asset), being land or building or both, is less than the stamp duty value, the value so adopted or assessed or assessable
shall be deemed to be the full value of the consideration for the purposes of computing income under the head “Profits and gains
of business of profession”.
It is also proposed to provide that where the date of an agreement fixing the value of consideration for the transfer of the asset
and the date of registration of the transfer of the asset are not same, the stamp duty value may be taken as on the date of the
agreement for transfer and not as on the date of registration for such transfer. However, this exception shall apply only in those
cases where amount of consideration or a part thereof for the transfer has been received by any mode other than cash on or
before the date of the agreement.
These amendments will take effect from 1st April, 2014 and will, accordingly, apply in relation to the assessment year
2014-15 and subsequent assessment years.
[Clause 8]

[asiapole]

No, this is applicable from 1st April 2013 itself. Please see the link below:

http://www.naredco.in/Article-details.a ... rYear=2013

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Sometimes there may be a gap between the date of agreement for purchase of the immovable property and the date of registration of the property, in such a situation to avoid the hardship to the tax payers it is provided in the Explanatory Memorandum to the Finance Bill, 2013 that where the date of the agreement fixing the amount of consideration for the transfer of the immovable property and the date of registration are not the same, the stamp duty value may be taken as on the date of the agreement, instead of the date of registration. This exception shall, however, apply only in a case where the amount of consideration, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement fixing the amount of consideration for the transfer of such immovable property. These amendments would be applicable from 01-4-2013 and would therefore be applicable for the financial year 2013-2014 relevant to the Assessment year 2014-2015