Faq’s on Stamp Duty Valuation & Legal Matters


 
Frequently Asked Questions
 On
Stamp Duty Valuation & Legal Matters

-      By Adv. R. P. Rathod.

1.
Ans
Market value means the values of the property in the Open Market or the amount of consideration mentioned in the document whichever is higher. 

2.
Ans
Stamp Duty has to be paid on the Market Value and not on the amount mentioned in the document. 

3.
Ans
The Sub Registrar in whose jurisdiction is said property is located has to be contacted to ascertain the Market Value. 

4.
Ans
No

5.
Ans
The parties can as the SR to refer their case to the Collector of the district for determination of true market value and it is binding on the SR to do so.

6.
Ans
The collector issues notices to the parties, allows them to produce evidence, grants them hearing, some time he even does site inspection and finally divides the Market Value of the property which is accordingly informed to the parties.

7.
Ans
The parties can go in appeal to the Deputy IGR and Dy. Controller of Stamps of the region v/s 32B of the Bombay Stamp Act 1958.

8.
Ans
Decision given by the DIG is binding on the parties. There is no provision of appeal or application for revision against this order. 

9.
Ans
Sec. 31 of Bombay Stamp Act deals with the adjudication of the instruments. It means determining the changeability of Stamp Duty on instruments. 

10.
Ans
The authority to be approached is the Collector of Stamps appointed in each District. 

11.
Ans
Application for adjudication should be accompanied by true or an abstract of instrument and also with such affidavit or other evidences as may be necessary to prove that all facts affecting the changeability of the instrument have been truly set forth in the instrument along with the proof of payment of RS. 25 as adjudication fees. 


-      Adv. R. P. Rathod.