Refund Stamp Duty In Pune
The buyer is required to pay stamp duty on all property transactions. You must also pay application fees in order to register the agreement. The stamp duty rates and registration fees that must be paid are set by the respective state governments. Prior to the execution of the paper, you must pay the stamp duty.
If the seller fails to fulfil his end of the bargain and hand over the property on time, the refund is accepted. For the refund to be accepted and approved, the cancellation agreement must be legally recorded. The customer is entitled to a refund of up to 98 percent of the stamp duty charged. The original agreement, as well as the original cancellation deed, should be attached to the refund application and both should be registered together. Buyers will not get any refund on their registration fees under any circumstances.
STAMP DUTY REFUNDS MUST BE Claimed WITHIN 6 MONTHS OF THE DATE THE STAMP DUTY WAS PAYED (LIMITATION PERIOD). Stamp Duty is refunded after a reduction of 10% of the total amount of duty paid; however, for e-payments, the deduction is Rs. 1000 per challan.
The party desiring a refund of taxes (Stamp Duty) must apply through the Sub-Registrar to the concerned District Collector / Sub-Collector / Deputy Collector / R.D.O / Tehsildar under section 2(9) of the Indian Stamp Act, (I. S. Act), dully noting the reasons for seeking refund in addition to the challan and receipt in original provided by the selected Bank branch.
After confirming that the challan and receipt are authentic and have not been used, the Sub-Registrars will issue the certificate to the affected party. The Amounts are refunded after deducting 10% of the entire value of Stamp based on the Certificate issued by the Sub Registrar (S.R.).
Procedures to Follow
1. Before signing the deed, double-check it.
2. Give a compelling reason for terminating the deal.
3. Attempt to reschedule the purchase to a different builder's property.
4. To put more pressure, connect with other buyers.
5. A cancellation arrangement should be requested.
6. Never ever pay in cash.
7. Always ask for a receipt.
How to claim for Refund of stamp duty
The Maharashtra State Government has made online services available to the public for the refund of Stamp Duty. These services are readily accessible to the public and are in effect at all times and locations.
The Maharashtra State Department of Registration and Stamps, Inspector General of Registration and Controller of Stamps, Pune has begun accepting on-line refund applications from anywhere at any time. (Only for the state of Maharashtra)
1. The applicant can fill out the refund application online at any time.
2. The applicant can download the acknowledgement, which contains the information that the applicant entered in the application.
3. Physical records must be sent to the Collector of Stamps' office by the applicant.
4. This case will be handled by the Stamp Collector.
5. The status of the applicant can be viewed online.
List of Documents required for refund of stamp duty
1. Original instrument with one Xerox copy.
2. Original Receipt of purchased stamps.
3. Affidavit in prescribed format.
4. Certificate of Collector of stamps for genuine of stamps.
5. Reconciliation Certificate of Treasury or Success Report.
6. If stamps are purchased on behalf of the any party, then No objection Certificate of the Stamp Purchaser(s). (Optional)
7. If there are more purchasers in the Instrument and one purchaser applied for the refund, No Objection Certificate of the remaining purchasers. (Optional)
8. True copy of sale of stamps register.
9. Certificate of sale of stamp.
10. Power of Attorney, If any person other than purchaser of stamp applied for the refund. (Optional)
11. True copy of deposited challan in Treasury.