Faq’s on Stamp Duty Valuation & Legal Matters ~ Co-operative housing society in Mumbai, Thane, Navi-Mumbai, Pune Property, Co-op, Civil Consumer Law

Frequently Asked Questions

Stamp Duty Valuation & Legal Matters

- By Adv. R. P. Rathod.

Advocate High Court, Mumbai.

1.	What is meant by Market Value?
Ans	Market value means the values of the property in the Open Market or the amount of consideration mentioned in the document whichever is higher.
2.	Stamp Duty should be paid on the Market Value or on the basis of the consideration mentioned in the document?
Ans	Stamp Duty has to be paid on the Market Value and not on the amount mentioned in the document.
3.	Who to we contact to find out the market rate of a particular property?
Ans	The Sub Registrar in whose jurisdiction is said property is located has to be contacted to ascertain the Market Value.
4.	Is the Market Value ascertained by the SR binding on the individual?
Ans	No
5.	In case, parties do not accept Market Value as determined by the Sub Registrar, what is the remedy available?
Ans	The parties can as the SR to refer their case to the Collector of the district for determination of true market value and it is binding on the SR to do so.
6.	What does the collector of the District do on receipt of a reference from the Sub Registrar?
Ans	The collector issues notices to the parties, allows them to produce evidence, grants them hearing, some time he even does site inspection and finally divides the Market Value of the property which is accordingly informed to the parties.
7.	What remedy is available in the parties, in case they do not agree with the true Market Value of the property as divided by the Collector of District?
Ans	The parties can go in appeal to the Deputy IGR and Dy. Controller of Stamps of the region v/s 32B of the Bombay Stamp Act 1958.
8.	Is the decision in appeal given by the DIG binding on the parties? Can they go in appeal or revision against this order?
Ans	Decision given by the DIG is binding on the parties. There is no provision of appeal or application for revision against this order.
9.	What is meant by adjudication of Instruments?
Ans	Sec. 31 of Bombay Stamp Act deals with the adjudication of the instruments. It means determining the changeability of Stamp Duty on instruments.
10.	Which authority is to be approached for adjudication?
Ans	The authority to be approached is the Collector of Stamps appointed in each District.
11.	How does one apply for adjudication?
Ans	Application for adjudication should be accompanied by true or an abstract of instrument and also with such affidavit or other evidences as may be necessary to prove that all facts affecting the changeability of the instrument have been truly set forth in the instrument along with the proof of payment of RS. 25 as adjudication fees.