“I`m a big fan. The information is indeed very useful. Ten rupees for 500 rupees each or part thereof, for an amount guaranteed by this deed, but not more than 1 lake. w,e,f. 01.06.2014 As far as the state tax is concerned, it generally varies from one Land to another. Nevertheless, there is a general pattern that is followed. For example, let`s take a look at the stamp tax levied by the Karnataka state government. With the exception of the above-mentioned documents, the Karnataka State Government collects stamp duty: stamp duty is a fee that must be paid upon performance of certain instruments or documents mentioned in the Indian Stamp Act, 1899 (IS Act) or the corresponding National Stamp Act. In the absence of state legislation on stamps, Daesh law applies. With regard to stamp duty, the general principle is that the tax should be determined in relation to an instrument and not to a transaction. [See final note 3] It is therefore important to understand the instruments involved in the transaction and the purpose of the instrument in order to understand the liability of stamp duty for a given transaction.
[See final note 4] In the eyes of the law, the physical transfer of property is not considered valid. For such a real estate transaction to be valid, the buyer must pay stamp duty, proof of purchase having been provided. Stamp duty is therefore the public tax paid at the time of the real estate transaction and makes the transfer certificate remunerated before the courts. This absolute rule is subject to the exception referred to in Section 53A of the Transfer of Ownership Act. Section 53A provides that, where the buyer has acquired ownership of the property, the property is the subject of the transfer, while fully fulfilling its part of the contract obligation, the seller is not entitled to disturb the ownership so granted to the buyer. It should be noted that Article 53A offers the proposed buyer protection against the contemptuous and pours out the contemptuous of the buyer`s troublesome property, but it does not heal the buyer`s ownership of the property. Ownership of the property remains in the hands of the seller. Article 5 of the Daesh Law List imposes stamp duty imposed on an “agreement or memorandum of understanding”. Article 5 also classifies several categories on the basis of the subject matter of an agreement imposing a specific duty for a given act. Article 5(c) contains a residual provision, with all agreements not expressly provided for being classified and the duties payable being taxed separately.
If a contract is not to be regarded as an immediate transfer of the sale of ownership, that instrument must be described as an agreement and not as a transfer. An agreement to sell a company with its assets, including the good, would not be a transfer, but simply a contract of sale, although the parties intend to apply it from the date of the agreement after the conclusion of the transaction, and although, in order to carry out the proposed sale, no act of actual transfer was made a posteriori in respect of good goods or movable property (a certificate of sale is used only in B. Fixed assets). [See final note 8] In accordance with the Indian Registration Act of 1908, any agreement relating to the transfer of shares in immovable property with a value of more than one hundred rupees must be registered. Therefore, if you have purchased real estate as part of a purchase agreement without a correct deed of sale following, you will not get any right or interest in the property that would be transferred as part of the purchase agreement. The KS Act departs from both the BS Act and the IS Act, as specific provisions concerning the transfer of movable and immovable property apply in accordance with Article 5 of the KS Act. Article 5(e) of the KS Act imposes stamp duty on an agreement for the sale of immovable property for which partial enforcement is provided. . . .