India | Banking Law
Legal Question
Dear Members,
I have purchased a property from AllahabadBank(M.P) under Sarfeasei act 2002.I just wanted to know whether we can get exemptions from stampduty and registration duty .
We have been issued sale certificate from bank
Legal Answer
No stamp duty exemption is available.
www.lawconcern.com 7A Queens Court 130 Montieth Road Egmore Chennai Chennai,india, NUS 600008
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Legal Answer
Please check up the State in which the Sale Certificate is issued. If under the State Stamp Act there is exemption or no duty provided under that Article, no stamp duty need be paid. No Registration is also necessary. But the Authorized officer of t he Bank should stand copy of the Sale certificate t o the concerned Registrar office to be noted in Book No.1.
independent Practice Priya Mahaall, New 27, Old 12/3, Deivasigamani Street Chennai, NUS 600014
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