Skip to main content

Under-valued property can be registere HC

By
In a relief to those thinking of buying or selling properties in the capital, the Delhi High Court on Wednesday ruled that municipal corporation’s Registering Officer cannot refuse to register the sale or transfer deed, even if they are under-valued against the existing circle rates.
A bench of Chief Justice G Rohini and Justice RS Endlaw said the registering authority will then have to give an opportunity to the parties to revise the valuation in “consonance with the circle rates”.
However, in the event parties do not pay the deficient stamp duty or transfer duty in terms of the circle rates, the registering authority will forward the case to the Collector of Stamps for determination of the actual value.
“…the stamp duty paid on a transfer document need not always be in accordance with the prescribed circle rates and that if the valuation and stamp duty is below the circle rates the registering authority has to first register the document and refer it to the Collector for determination of the appropriate value/ stamp duty,” the HC said.
The HC order came on a bunch of PILs challenging the Delhi Stamp (Prevention of Under-Valuation of Instruments) Rules, 2007 and the revision of circle rates in 2011 and 2012.
One PIL, filed through advocate Anirudh Wadhwa, contended that the circle rate policy was ‘arbitrary, unreasonable and illegal’ as it prejudice an individual who owns or is looking to acquire immovable property in Delhi.
The PIL contended that in certain pockets of Delhi, the circle rates was unreasonably higher than the market value. In such cases, parties transacting in immovable properties are helpless and constrained to pay stamp duty on higher circle rate value of the property.
“Circle rates are guiding factors at best, and the judgment reinforces this. It will provide much needed relief to everyone who is looking to transact in property in Delhi,” Wadhwa told HT after the pronouncement of the judgment.
Hindustan Times, New Delhi, 24th Dec. 2015

Comments

Post a Comment

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

By
  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6
Post a Comment
Read more

Jaitley plans to cut MSME tax rate to 25%

By
Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem
1 comment
Read more

Don't forget to verify your income tax return in August: Here's the process

By
  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s
Post a Comment
Read more