[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.|
Here I have important INDIA real estate news to share with you which is as mention under.
In Mumbai Metropolitan Region (MMR), there was an ambiguity regarding the payment of
stamp duty on the past documents of the property. This is in relation with the arbitrary
practice followed by the stamp authorities to levy the stamp duty on past documents of any
property at the time of registration of its subsequent sale document. However, there was no
clear cut provision in law as regards levy of stamp duty retrospectively.
Finally, this age-old practice of collecting stamp duty retrospectively (on resale properties) has
been put to rest in a landmark judgment which came as a great sigh of relief to the resale
home buyers. The court also wriggled out hefty penalties for anterior instruments that used
to be treated as insufficiently stamped or not registered.
The Hon’ble High Court in its recent verdict in Lajwanti G. Godhwani & Anr Vs. Vijay Jindal
(Notice of motion (L) No. 1918 of 2018 in the Suit No. 3394 of 2008) held that the antecedent
document is merely an accompaniment to trace history of the title of the property and not to
effectuate a transfer. While deciding the dispute, Justice Gautam Patel, took an apt stand and
held that the stamp duty is attracted by the instrument, not the underlying transaction, and
not by the historical narrative in the instrument.
The aforesaid ruling was passed by the court during hearing of a petition involving resale of a
posh 3,300 sq. ft. apartment in Tahnee Heights Cooperative Housing Society at Napean Sea
Road. A lady named Lajwanti Randhawa had inherited the flat which was originally bought in
1979 and an unregistered agreement was executed on a stamp paper of Rupees 10 back then.
The flat was auctioned in the year 2018 which was purchased by Vijay Jindal who approached
the sub-registrar office for registration of his sale deed.
Read more at: https://www.moneycontrol.com/news/business/real-estate/real-estate-in-mumbai-retrospective-stamp-duty-waiver-game-changer-for-property-resale-5746821.html
Have a nice day