1. • CommentAuthorvijaynishad
   • CommentTimeMay 24th 2008

    

   • Answers: 1
   • Joined: May 24th 2008

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   i am seriously looking for someone who can help mke out in this issue its urgent also. the thing is that i am NRI last year my brother took a second house on loan on his name. i wanted to purchase it but i did not get a time to go to india so he took a loan of 10.5 lakhs. now the thing is that i want to pay it off and get the house transferred on my name. will there will be any taxation problem or stampduty i have to pay for transfer. i need your help. you can give me your cell number if its possible so that i can take a help of yours
2. •  
     CommentAuthorvikram
   • CommentTimeMay 31st 2008

    

   • Answers: 104
   • Joined: Jun 20th 2007

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   The instruments like Agreement to Sell, Conveyance Deed, Exchange of property, Gift Deed, Partition Deed, Power of Attorney, settlement and Deed and Transfer of lease attract Stamp Duty on market value of the property.
   
   Yes. The formalities and forms may vary from State to State depending on where the property is situated.
   
   •Every State has its set forms under the Registration Rules that are required to be filled and filed along with and at the time of Registration of Sale Deed/Transfer Deed.
   
   •Under the provisions of the Income Tax Act and Rules for a transaction of sale, it is now compulsory for the Purchaser and Seller to give their Permanent Account Number and in the event of either the Seller and/ or the Purchaser would be required to fill Form 60 of the Income-Tax Rules.
   
   •In case of either the Purchaser or the Seller being a Non-Resident Indian, not assessed to tax in India, such a Party would be required to file Form 60 of the Income-Tax Rules.

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