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REBI - A Revolution
“It is indeed my great pleasure to get associated with an Organization that is set to make a revolution in the Real Estate Industry. A revolution that is on the verge of setting up a new bench mark. I am with REBI for the past 5 months and in this short tenure, I am able to visualize a gigantic growth, which this company is set to achieve, by the virtue of which, all the employees who are associated with REBI are also going to get benefited in this unstoppable growth.
Apart from the financial and Career growth that this company offers, it also believes in its employees being themselves, which itself is a greatest freedom that one can get in his/her workplace. This company appreciates innovations and even the smallest of ideas are valued so much. I am very sure that in few months from now, REBI will be one of the best companies to work with as the people here love to take up challenges and We REBIeite’s dare to beat the odds.
In all my 9 years of professional tenure with different companies, I feel a real difference with REBI…..A Positive difference that makes REBI, really different.
A. A. Arun Ahmed.
Area Manager, Tamilnadu / Kerala
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Is it necessary or compulsory to register a Will?
Under section 18 of the Registration Act, 1908 registration of Will is not compulsory. However, it is advisable to register a Will.
Whether a promissory note, which is not adequately stamped, is admitted in evidence?
The Indian Stamp Act, clearly states as to which are the documents, which are admitted in evidence though insufficiently stamped. Section 35 of the Act deals with this situation. There are certain documents if insufficiently stamped which are not admitted in evidence and another category of insufficiently stamped documents, which are admitted in evidence on payment of penalty. The following documents if not sufficiently stamped are not at all admitted in evidence, even on payment of penalty.
Promissory notes.
Bill of exchange.
Document which required to be stamped with 10 paise or less, however some states have amended this minimum stipulation of 10 paise; in Tamilnadu it is 25 paise. All other documents though insufficiently stamped are admitted in evidence on payment of penalty.
Who is to decide the proper stamp duty on any instrument in case of any doubts?
Stamp Acts of various states and Central Government provide the stamp duty payable on documents. In case of any doubt the concerned party may approach the collector or district registrar and apply for the deciding correct stamp duty payable on the instrument; on payment of certain fees.
The collector or district registrar may call for the abstract of the instrument and also evidence to prove that all the circumstance and fact are correctly set forth in the instrument, the collector there of will decide the correct stamp duty payable on payment of duty or any shortfall thereof, shall certify to that effect. Such person need not pay any penalty or fine. If the document does not attract any stamp duty he shall certify accordingly.
Can document be stamped after signed by parties?
No. All the document need to de stamped at the time of execution. Execution means the process of affixing the signature on the document. Document, which is to be franked, should not bear the date of execution and signature of the parties. The documents are to be dated at the time of franking and parties have to execute the document after they are franked.
If an instrument is under stamped by accident or ignorance of the parties can it be rectified? If so what is the procedure?
YES. There is provision to rectify the mistake. Section 41 of Indian Stamp Act and Section 40 of the Karnataka Stamp Act provide for such situation. The time limit is one year form the date of execution. But this relief is not applicable for promissory note, Bill of exchange; instrument attracting stamp duty of 15 paise or less, mortgage of crop. The concerned parties on his own may produce the document, may bring it, to the notice of the collector or district registrar the fact that the instrument in under stamped and agrees to pay the amount of the shortfall. If the collector or district registrar is satisfied that the instrument is under stamped by accident, mistake or urgent necessity he may permit the party to pay the correct stamp duty and shall certify to that effect.
Can a document presented for registration be withdrawn?
Any document presented for registration may be withdrawn before the process is completed that is before certification. The parties may also apply for refund of stamp duty and registration charges, where the full stamp duty and 50% of registration charges are refunded depending upon the circumstances.
What is the stamp duty payable on exchange of properties?
Exchange is recognized mode of conveyance of property, where two properties are exchanged. The stamp duty is payable based on the market value of the property, whichever is higher, of two properties involved.
The documents, which are compulsorily registerable, though not registered, are admitted as evidence to establish any collateral issues. Please advise, whether documents which are not adequately stamped are admitted in the court to prove any collateral facts?
There is vital difference between unregistered document and under stamped document. The unregistered document will be admitted as evidence to establish collateral issues.
But under stamped document will not be admitted as evidence to establish the main issue or any collateral issue. Section 34 of Karnataka Stamp Act is very clear in this regard. Such documents will be admitted as evidence on payment of shortfall and penalty of ten times the stamp duty.
For example an agreement to sell without possession clause attracts a stamp duty of Rs. 200/-, if only Rs. 20/- was paid as Stamp duty. The shortfall is Rs. 180/- and penalty is 10 times the proper stamp duty (180 x 10) Rs. 1,800/- in all Rs. 1,800/- is to be paid, so that it can be used as a source of evidence.
What is impressed stamp? How to write documents on such impressed stamp?
Impressed stamps include labels affixed or impressed by proper officer and also stamps embossed or engraved on stamp paper.
Documents written on paper with an impressed stamp shall be so used that the impressed stamp appear on the face of the instrument and that cannot be used for any other instrument.
What is the procedure to be adopted in the case of documents executed outside India?
Any document executed outside India, which is operative in India, requires to be stamped, if it attracts stamp duty in India. Such documents are required to be properly stamped as per prevailing rates prescribed by the state, where it is operative. Such stamping should be done within three months after it was received in the state where it is operative.
Bhaskar. M R
Manager Legal, REBI
legal@rebi.in
DISCLAIMER: www.rebi.in cannot be held responsible for the advise, views and suggestions provided by our legal experts. The information contained herein should be used for reference only and www.rebi.in will not be responsible for any claims arising out of the use of any information displayed herein.
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