Is LBT applicable on Conveyance deed

Q: My society is is process of going in for conveyance deed, will the society have to pay LBT while registering the conveyance deed?

Sachin Tambe,

25th June 2013

Legal in Pune

lbt on conveyance deed

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there is ongoing project in pimpri, i am booked flat in there project pimpri. shall i pay lbt? if yes what is the reason

sandeep waghere,

3rd September 2013

Comment

Hi Sachin , If the society is going to be a co-op housing society then LBT is applicable on the conveyance by the builder in favour of the society@ 1% on the prevailing market value of each flat. Each flat holder is liable to pay LBT at this rate at the time of execution and registration of conveyance deed. The market value of the flat at the time of execution and registration of agreement shall be the basis of LBT calculation. This LBT is to be paid in the form of a Stamp Duty.

Regards

Vakil Ji,

14th August 2013

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