I purchased a unregistered flat in Gurgaon for 62 lakhs on a loan of 48 lakhs from HDFC bank.I got my property registered by builder in registrar office but builder has done conveyance deed for only 32.5lakhs I paid stamp duty on circle rate.At that time I was unaware but some one told me that it can affect my itr.what should I do now?
Hi
If this case is caught up, you shall be served a notice by the registration department to pay additional stamp duty with interest.
Next consideration is cost of acquisition when you will be selling the property. You shall only be eligible to claim the costs that have been mentioned in the sale deed registered i.e. 32.5 lacs unless additional stamp duty is paid. Thereby the capital gains would be more and more taxes shall have to be paid.
I am ready to pay extra stamp duty but don't know how to do it.
In my opinion, a rectification deed shall have to be executed. The builder shall also have to sign.
I would advise you to consult a lawyer for this. We handle taxation. Lawyers will guide you on this better.
- Only Rs.32.50 lacs will be considered as cost of acquisition at the time of sale. Property can be registered either at circle rate or market value depending on the facts of each case.
If you are paying entire 62 lakh in cheque then how is even your builder justify the additional 30 lakh he received from you if he is making conveyance deed at 32.5 lakh.
You won't be able to take benefit of extra payment you would make for home loan and certainly when you sell such property in future your cost would be taken as 32 lakh as is mentioned in sale deed.
So just confirm with the builder if he is going to mention the same in sale deed.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Hello,
You might be demanded the stamp duty on the differentiate amount.
At the time of sale of the property, the cost of acquisition would be considered only Rs. 32.5 Lakhs.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
It would be advisable to consult a lawyer for the rectification deed.
Dear Sir,
Hope you are doing well !!
At the time of scrutiny, you would have to pay the same stamp duty on differentiate amount.
The cost of acquisition would be considered only Rs 32.5 lakhs for capital gain purpose.
We have handled such cases before. We may assist you in entire procedure.