| |
| Q |
What is
the difference between built up area, super built up area, and
carpet area ? |
|
A |
Carpet
Area: This is the area of the apartment/building which does not
include the area of the walls. Built up Area: This includes
the area of the walls also. Super Built up Area: This
includes the built up area alongwith the area under common spaces
such as the lobby, lifts, stairs, etc. This term is therefore only
applicable in the case of multi-dwelling units.
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| |
| Q |
Who is
liable to pay Stamp Duty - the buyer or the seller
? |
|
A |
The
liability of paying stamp duty is that of the buyer unless there is
an agreement to the contrary. Section 30, of Bombay Stamp Act, 1958
states the liability for payment of stamp duty.
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|
| |
| Q |
In whose
name are the stamps required to be purchased ? |
|
A |
The stamps
are required to be purchased in the name of any one of the executors
to the Instrument.
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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 ? |
|
A |
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
? |
|
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 |
Who is
the appropriate authority for knowing the market value of the
property? |
|
A |
The
Sub-Registrar of the area in whose jurisdiction the property is
located is the appropriate authority for knowing the market value of
the property. |
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