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SALE-DEED

(A Brief Introduction)

Sale defined. Sale is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised.

How is sale made. Such transfer, in the case of tangible immovable property of the value of one hundred rupees and upward, or in the case of a reversion or other intangible thing, can be made only by a registered instrument.

In the case of tangible immovable property, of a value less than one hundred rupees, such transfer may be made either by a registered instrument or by delivery of the property.

Delivery of tangible immovable property takes place when the seller places the buyer or such person as he directs, in possession of the property.

Contract for Sale. A contract for the sale of immovable property is a contract that a sale of such property shall take place on the terms settled between the parties.

It does not, of itself, create any interest in or charge on such property.

Click for the Abstract of the Transfer of Property Act, 1882 Section 54

Click for the Registration Act, 1908 Of Registerable Documents Section 17

Click here for the effects of registration and Non-Registration Section 49.

Ascertain Payment of Stamp duty and Registration fee.

Ascertain the list of documents (enclosures) required to be produced at the time of presentation of the document before the jurisdictional Sub-Registrar.

Format of Sale-deed (General)

Payment of Stamp duty and Registration fee.

A. (i) Stamp duty is payable on the instrument but not on the transaction. To ascertain the correct Stamp duty payable one has to see the intention of the document and wordings used in it.

(ii) A general format has been designed for the help of the public concerned. Based on this format Stamp duty and Registration fee payable on this Sale-deed (General) is as below

1.

Stamp duty towards Government

8%

On the market value of the property.

The Karnataka Stamp Act, 1957 Definitions of market valuation Section 2(1) (mm)

The Schedule to Karnataka Stamp Act, 1957, - Article 20(1).

2.

Additional Stamp duty.

5%

On the amount payable as per sl.no.1 above.

The Karnataka Stamp Act, 1957 Stamp duties - Section 3-B.

3(a)

Surcharge

2%

On the amount payable as per sl.no.1
if the property is situated within the limits of Municipal Corporation or Municipality.

The Abstract of the Karnataka Municipal Corporation Act, 1976 Section 140 or

The Abstract of the Karnataka Municipalities Act, 1964 Section 99 as the case may be.

3(b)

Surcharge

3%

On the amount payable as per sl.no.1
if the property is situated within the limits of Taluk Panchayaths

The Abstract of the Karnataka Panchayath Raj Act, 1993 Section 205.

4

Registration fee

1%

On the market value of the property.

Table of Feesble

Example: - (1) If the property sold is situated within the limits of Bangalore City Corporation area, the Stamp duty payable on Rs.1,00,000=00 value of the property is as follows

1

8% Stamp duty on Rs.1,00,000=00.

Rs.8,000=00

2

5% Additional Stamp duty on Rs.8,000=00.

Rs. 400=00

3

2% Surcharge on Rs.8000.

Rs. 160=00

Total Stamp duty payable

Rs.8560=00

Stamp duty can be paid by purchasing Non-judicial Stamp papers from Government treasury or write document on plain paper and pay stamp duty in cash or through D.D. in the concerned Sub-Registrar Office.

4

Registration fee @ 1% payable on Rs.1,00,000=00.

Rs. 1,000=00*

* (a) Plus copying or scanning, endorsement, comparing, filing, record of rights and postage fee also chargeable.

(b) Registration fee can be paid in cash or through D.D. in the concerned Sub-Registrar Office at the time of presentation of the document for registration.

2. If the property sold is situated within the Taluk Panchayath Area, the Stamp duty payable on Rs.1,00,000=00 value of the property is as follows:-

Grand total of payment of Stamp duty and Registration fee

Rs.9560=00

Stamp duty can be paid by purchasing Non-judicial Stamp papers from Government treasury or write document on plain paper and pay stamp duty in cash or through D.D. in the concerned Sub-Registrar Office.

4

Registration fee @ 1% payable on Rs.1,00,000=00.

Rs. 1,000=00*

* (a) Plus copying, endorsement, comparing, filing, record of rights and postage fee also chargeable.

(b) Registration fee can be paid in cash or through D.D. in the concerned Sub-Registrar Office at the time of presentation of the document for registration.

Grand total of payment of Stamp duty and Registration fee

Rs.13,400=00

The list of documents (enclosures) required to be produced at the time of presentation of the document before the jurisdictional Sub-Registrar.

1.

An Identical copy of the Sale-deed.

2.

Form No.1.

(in duplicate)

Click here for The Karnataka Stamp (Prevention of Undervaluation of Instruments) Rules, 1977 to download Form No.1

3.

Affidavit

(in duplicate)

(a) Affidavit should state that Registration of this document does not violate the notification issued under Section 22A of the Registration Act, 1908.

Click here for Notification Oppose to Public Policy.

(b) Affidavit should be made on Rs.20=00 Non-judicial Stamp papers or before executing affidavit it can franked in any Sub-Registrars Office.

(c) Sub-Registrar is also empowered to attest affidavits as per Chapter IV Affidavits by the Karnataka Civil Rules of Practice, 1967.

5.

Form No.60

(If the value of the property is Rs.5,00,000=00 or more)

A declaration to be filled by a person who does not have either a permanent account number or General Index Number and makes payment in cash in this transaction.

Click for The Abstract of the Income-tax Act, 1961 to download the Form No.60.

See also http://www.incometaxbangalore.org/

6.

Form No.61

(If the value of the property is Rs.5,00,000=00 or more)

A declaration to be filled by a person who has an agricultural income and is not in receipt of any other income chargeable to income-tax in respect of the transactions specified in clause (a) to (h) of Rule 114B does not have either a permanent account number or General Index Number and makes payment in cash in this transaction.

Click for The Abstract of the Income-tax Act, 1961 to download the Form No.61

See also http://www.incometaxbangalore.org/

7.

Extract of assessment register of the property.

This extract is necessary to assess the market value of the property.

8.

If the property is an agricultural land the following certificate is necessary in addition to the items specified from sl.no. 1 to 7 above.

(a) Copy of the Form No.16.

(b) No objection certificate from Tahasildar.

Form 16 means Pahani pathrike, Record of Rights and Tenency particulars. Commonly called as RTC.

If the property is a granted land or occupancy rights have been granted under Land Reform Act, 1961 then no object certificate from the concerned Tahasildar.

For details Click for the Circular No.III.on Opposed to Public Policy.

Format of Sale-deed (General)

(This is only a draft format and not a format prescribed under any law. This format can be used with modifications suiting to your requirements wherever it is necessary. In case of doubt regarding payment of Stamp duty and Registration fee etc. contact the concerned Sub-Registrar / District Registrar.)

[You can download this Sale-deed format]

   
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