Stamp and registration payment by seller during Property registration

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Q & A Forum › Category: Real Estate › Stamp and registration payment by seller during Property registration
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vijaykumar asked 5 years ago
My wife  sold  a plot in May 2019 for 64 Lakhs.   I am retired in Jun 2017 with  benefits of 1.4 crores.  Now we are purchasing a flat for 1.6  cr .  Please clarify  these questions
  1. Friends  suggested  to  register  the  flat    on  Wife (firstname)  and mine (Second)  as co owners.   Is  this method is must  related  for claiming capital gain  exemption  related to wife.  My wife has drawn  65 lakhs along with interest from the capital gain account by proving the FORM-C  to the
  2. As per aggrement of sale builder/seller   consider sale consideration of 1.5 cr   along with tax (1.5 lakhs) of 1%  paid by him and provide Tax certificate.  Remaining 10 Lakhs  he will take DD for stamp and registration charges.     It is legal.
  3. My question is stamp and registration DD has to be taken on  purchaser name or on seller name.  Who has to the pay the Tax of 1% for sale consideration  higher than 50 lakhs.
2 Answers
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Sreekanth Staff answered 5 years ago
Hi, 1 - Out of Rs 1.6 crore worth purchase,Is your wife going to contribute Rs 65 lakhs? 2 - What is the Guidance value of the Property as per the Govt? (Registration office) 3 - Payment should be made to the government through payment of DD/ pay order issued by any nationalised bank/scheduled bank or challan.  The D.D. should be drawn in favor  of the Sub Registrar concerned. Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration. Related article : Checklist of Important Property Documents in India | Legal Checklist for Property Purchase
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