Information on exchange deeds in Mysore

Q: Hi. I am new to Mysore, and was looking to buy a plot. Someone mentioned an exchange deed. Does anyone here know what it is?

Chitrabanu Ashok, Mysore

23rd November 2014

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Replies (3)

There is a general format which the Karnataka State Government has devised to inform the public of the stamp duty and registration fee involved in a exchange deed. 8% stamp duty towards the government on the market value of the property + 5% additional duty + 2% additional stamp duty if the property lies within the limits of the Municipal Corporation+1% registration fee.

Utsav Chakraborty, Mysore

25th November 2014

Comment

There is stamp duty involved too. I presume you also have some land you discussed. That is why someone recommended an exchange deed. The stamp duty will depend on the property of higher value in the exchange. Another important thing which determines the duty is the intention of the deed, the words that are scribed in the deed.

Pranav Menon, Mysore

24th November 2014

Comment

An Exchange, in terms of proper real estate, is basically when two people mutually exchange ownership of their property for another. The key factor is that money will still be dealt as per transfer of property rules. Generally the exchange deals will barter through purely properties, as in money will be completely dispensed of.

Vijay Karthik, Mysore

23rd November 2014

Comment

You mean if the value of one property exceeds the other being exchanged, then either money or extra property can be usd to compensate right? And yes, there is a deed involved like in any property investment. Any exchange of land worth 100 rupees or more will require registration.

Arun Rajan, Mysore

23rd November 2014