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IS LBT applicable to Sale Deed even if the Agreement to Sale is executed in March 2012 and paid complete tax as applicable at time of Agreement to Sale.
Q: I have purchased a 2 flats in march 2012 in Pune and registered (Agreement to sale) the same before 31st march paying Stamp duty of 5 %. Unfortunately sale deed was not executed before 31 March For execution of sale deed now, will i need to pay extra due to LBT ? Please guide
Our builder Paranjape Schemes is also demanding 1% to be paid during coneyance deed being done in July 2013. Our registration was done way back in 2010, stamp duty I had paid then only . Why we need to suffer for builder delay
What i got to know is if you have not done apartment sale deed/conveyence which usually done at the time of possesion. even if you have registered the flat before 1st april 2013 in that case still you need to pay excessed 1% stamp duty to MAHA govt as you are doing apartmend deed after 1st April 2013. In my cases builder told me to give possesion in jan end but its late by 2 months now because of delay in getting completion certificate from PMC (as per builder) and now we have to pay this extra 1% stamp duty to get possesion
Hi, i bought an apartment from gk builder and got it registerd on jan 2nd 2013. They said i'll get possession by march, still i am waiting.now they are asking me 1 % more stamp duty charge because it has been increased from april 1st. Does anyone has any idea about it.
Well, I spoke with some people on this issue & as of now, what we understand is this stamp duty hike for 5 municipal corporations, including PMC is actually nothing but imposition of 1% LBT on sale of flat in municipal limits. There are 2 new taxex this year i.e.. First, is 1% TDS in case of sale of flat for 50L or above, Second will be 1% LBT on sale of all flats, irrespective of value. 2% hike in taxes from this financial year.
Yes u will have to pay the diff of 1% stamp duty, during the sale deed, but u will have to pay registration fees as it could have required if there was no rise in stamp duty.
The realty sector and property buyers have something to worry. The state government has increased the stamp duty by 1% with effect from April 1. The revenue generated will be passed on to the Nagpur Municipal Corporation (NMC) for implementing local body tax (LBT). Thus, the stamp duty has increased to 6.5% from existing 5.50% for the city limit.
I would suggest you to visit the the PMC office or local ward office under whose jurisdiction your property comes and you can get all the forms and detailed procedure as per your needs.
Yes. You will have to pay one percent extra stamp duty. I confirmed it with registrar's office today. Before 1st april, it was 5% on the agreement value now it is 6% (including 1% lbt).