| Q |
What are the Registration Fees?
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| A |
Registration Fees are charges taken by the Registration Authorities to maintain the documents.
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| Q |
What is the cost of registration?
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| A |
The stamp value is 8% of the value of the property and registration is 1% of the value of the property.
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| Q |
What is Stamp Duty?
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| A |
It is a type of tax collected by the government. It is payable on instruments and not on transaction. Instruments include every document by which any right or liability is or purports to be created, transferred, limited, extended, extinguished or recorded but does not include a bill of exchange, cheque, promissory note, bill of exchange, bill of lading, letter of credit, policy of insurance, transfer of shares, debentures proxy and receipt.
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| Q |
Who is liable to pay Stamp Duty-the buyer or the seller?
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| A |
The liability of paying stamp duty is that of the buyer.
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| Q |
In whose name are the stamps required to be purchased ?
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| A |
The stamps are required to be purchased in the name of any one of the executors to the Instrument.Since the stamp duty is payable by the buyers it is advisable to be in the name of the buyer.
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| Q |
Why Stamp Duty should be paid?
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| A |
Stamp Duty paid instrument / document is considered proper and legal instrument / document and as such gets evidentiary value and is admitted as evidence in courts. The instruments / documents not properly stamped are not admitted in evidence by the court. Instruments include every document by which any right or liability is or purports to be created, transferred, limited, extended, extinguished or recorded but does not include a bill of exchange, cheque, promissory note, bill of exchange, bill of lading, letter of credit, policy of insurance, transfer of shares, debentures proxy and receipt.
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| Q |
What is the Stamp Duty payable in case of exchange of properties?
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| A |
Stamp Duty is payable only on the value of that property, whose value is maximum among the two properties exchanged.
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| Q |
What is meant by the market value of the property and is Stamp Duty payable on the market value of the property or on consideration as stated in the agreement?
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Market value means the price at which a property could be bought in the open market on the date of execution of such instrument. The Stamp Duty is payable on the agreement value of the property or the market value which ever is higher.
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| Q |
Which are the instruments that attract the payment of Stamp Duty?
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| A |
The instruments like Agreement to Sell, Conveyance Deed, Exchange of property, Gift Deed, Partition Deed, Power of Attorney, settlement and Deed and Transfer of lease attract Stamp Duty on market value of the property.
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| Q |
How do we verify the authenticity of the various documents submitted by the seller of the property, predominantly with regard to the possibility that the site has not been sold earlier to a third party?
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Regarding authenticity of documents, again, you have to take the help of an advocate to verify.
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| Q |
What are all the important documents that seller can produce before buying any property?
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| A |
If you want to purchase a property, you have to look at the approved layout plan, approved building plan, ownership documents, carryout search, etc. Contact an advocate before you purchase a property so that he can advise you.
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| Q |
Is investment in Real Estate safe in Brahmapur? Is anybody investing in Real Estate?
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Yes. Investment in Real Estate is safe in Brahmapur. However, the buyer shall do his due diligence before buying any property anywhere.
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| Q |
What is BDA?
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| A |
BDA is Brahmapur Development Authority. The BDA was established under the BDA act for development of brahmapur city. It controls all issues concerning properties outside BDA limits also to some extent.
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| Q |
Is it required that all sites be approved by BDA?
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| A |
Yes, but only if it is inside the limits of BDA. In cases where it is outside of the limits of BDA, the respective authorities will approve the plans.
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| Q |
What are the eligibilities to obtain a loan?
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| A |
According to most lending institutions, any Indian resident who is over 21 years of age at the beginning of the loan and below 65 at its maturity can avail of the loan. Salaried employees as well as Self-Employed citizens can apply. NRI Salaried and NRI Self-Employed, under RBI guidelines, can approach only nationalized banks and other HFCs for loans.
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