1 May, 2016
Delhi HC Order holding that Property can be Registered with Stamp Duty Less than the Circle Rate
In its recent judgement in the matter of Manu Narang & Anr v. The Lt. Governor, Government National Capital Territory of Delhi & Ors7, the Delhi HC held that in case the consideration declared in an instrument for the transfer of a property is less than the applicable/notified circle rate, then such instrument can be registered by paying the stamp duty calculated on the basis of the consideration contained in the instrument, provided the procedure under Section 47-A of the Indian Stamp Act, 1899 as applicable to Delhi (‘Delhi Stamp Act’) is followed. Section 47-A of the Delhi Stamp Act provides that while registering an instrument transferring property, if the registering officer has reason to believe that the value of the property or the consideration has not been truly set forth in the instrument, he may, after registering such instrument, refer the same to the Collector for determination of the value or consideration and the proper stamp duty payable thereon.
For further information, please contact:
Zia Mody, Partner, AZB & Partners