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Answered on November 09, 2017
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  • No, under the relavent Income tax and Stamp act provisions, stamp duty and income tax is assessed based on the market value of the property. However if the genuine market value is infact Rs.12 Lakhs, then you would have to file appeals challenging the assessment of the property at Rs.30Lakhs before the Stamp authorities first and if the transaction is infact concluded, also before the Income ta...
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    Answered on November 09, 2017
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  • If, the flats are sold on ownerhsip basis, then the conveyance cannot be delayed at all and in fact under the provisions of the real estate and regulation act, the conveyance has to be effected immediately once more than 50% of the total units in the building has been sold and such purchasers have made the full payment of the consdieration amount.



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    Answered on November 09, 2017
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  • The Service Tax amount and VAT would depend on the market value of the flat/ agreement value and similarly the stamp duty would also depend on the ready reckoner value of the flat at the time of such purchase or the agreement value whichever is higher. Registration Fees is 1% of market value of flat or Rs.30,000/- whichever is lower.

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    Answered on November 09, 2017
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  • The Will is not requried to be registered however, unless the Will is probated bequest under the Will cannot given effect to. However, if you and your mother are the only legal heirs of your father, then you could appy for letters of admnistration and thereafter seek transfer of the property to your and your mother's name.