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Sale of a Flat / Apartment by Developer
/ owner - First Sale
Ascertain Payment
of Stamp duty and Registration fee.
Ascertain the
list of documents (enclosures) required to be produced at the
time of presentation of the document before the jurisdictional
Sub-Registrar.
Ascertain
Payment of Stamp duty and Registration fee.
A. (i) Stamp duty is payable on the instrument
but not on the transaction. To ascertain the correct Stamp duty
payable one has to see the intention of the document and words
used in it.
(ii) A general format has been designed for
the help of the public concerned. Based on this format Stamp
duty and Registration fee payable on this Sale-deed (Sale of
a Flat / Apartment by Developer / owner - First Sale) is as
below:-
On
the first instrument of conveyance (sale) by a promoter, a landowner
or a developer by whatever name called, Stamp duty payable is
calculated as fallows.
Calculation of Stamp Duty:
Example: Stamp duty and Registration fee payable
for a Flat/Apartment purchased in any City Corporation Area
in Karnataka.
1.Negotiated Price of the Flat /Apartment is
Rs.18 lakhs.
| (a) Stamp duty payable towards Government for Rs.18
lakhs @ of 8%.
|
Rs.1,44,000=00.
|
| (b) Additional Stamp duty payable to the Karnataka
Infrastructural Development and Financial Corporation
@ of 5% on Rs.1,44,000-00
|
Rs.7200=00.
|
| (c) Surcharge duty @ of 2% on Rs.1,44,000-00
|
Rs.2,800=00.
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| Total Stamp
duty payable |
Rs.1,54,000=00. |
| (d) Registration fee @ of 1% on Rs.18 Lakhs
|
Rs. 18,000=00.
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| Grand total
|
Rs.1,72,000=00
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In Karnataka
state use of Judicial and Non-judicial stamp papers discontinued
w.e.f. 1-4-2003.
Write document
on Document Sheet or on plain paper.
Stamp duty can
be paid in jurisdictional Sub-Registrar Office or in authorised
Banks.
Click on to
download Model format -- Sale deed of Flat / Apartment by Developer
/ Vendor TOP
The list of documents (enclosures)
required to be produced at the time of presentation of the document
before the jurisdictional Sub-Registrar.
| 1. |
An Identical copy of this deed. |
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| 2. |
Form No.1.
(in duplicate) |
Click for The
Karnataka Stamp (Prevention of Undervaluation of Instruments)
Rules, 1977 to download Form No.1 |
| 3. |
Affidavit (in duplicate) |
(a) Affidavit should state that Registration of
this document does not violate the notification issued
under Section 22A of the Registration Act, 1908.
Click for Notification Oppose
to Public Policy.
(b) Affidavit shall be made on Document Sheet or on
plain paper. Stamp duty of Rs.20=00 can be paid in cash
at Sub-Registrar Office itself.
(c) Sub-Registrar is also empowered to attest affidavits
as per Chapter IV Affidavits by the Karnataka Civil
Rules of Practice, 1967. |
| 4
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Form No.60
(If the value of the property is Rs.5,00,000=00 or
more) |
A declaration to be filled by a person who does
not have either a permanent account number or General
Index Number and makes payment in cash in this transaction.
Click for The Abstract of the
Income-tax Act, 1961 to download the Form No.60.
See also http://www.incometax.org/ |
| 5. |
Form No.61
(If the value of the property is Rs.5,00,000=00 or
more) |
A declaration to be filled by a person who has an
agricultural income and is not in receipt of any other
income chargeable to income-tax in respect of the transactions
specified in clause (a) to (h) of Rule 114B does not
have either a permanent account number or General Index
Number and makes payment in cash in this transaction.
Click for The Abstract of the
Income-tax Act, 1961 to download the Form No.61
See also http://www.incometaxindia.gov.in |
| 6. |
Extract of assessment register of the property.
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This extract is necessary to assess the market value
of the property. |
Format of Sale-deed (Sale
of a Flat / Apartment by Developer / Owner - First Sale)
Note: This
is only a draft format and not a format prescribed under any
law. This format can be used with modifications suiting to your
requirements wherever it is necessary. In case of doubt regarding
payment of Stamp duty and Registration fee etc. contact the
concerned Sub-Registrar / District Registrar
[You can download
this Sale-deed format]
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