If you have decided to purchase an immovable property worth more than Rs.100, then it is mandatory to get the property registered in your title. According to Section 17 of the Registration Act 1908, every purchase of immovable property worth more than Rs.100 has to be registered mandatorily. As well as the transfer of immovable property as gift and property leased out for more than 12 months also has to be registered. The registration document shall contain the conditions for sale and other related details. And the document has to be duly stamped.
Avoid fraud: - the registration allows the authorities to keep a check on the fraudulent transaction of properties.
Creates evidence: - the registration document act has evidence that would prove the title of the document before any court of law.
Establishes title: - the title of the property will be established accurately.
Easy taxation: - the amount cost involved in the transfer of property can be accurately determined which allows the process of taxing much easier.
· The property document that needs to be registered (duly stamped).
· Duly signed (by the claimant) sale deed, PAN CARD/NUMBER.
· The ID card of executants and claimants (for all deeds) (passport, PAN card, Aadhar Card, Driver’s License or Voters ID).
· Two passport size photos of buyer and seller along with two witnesses.
· No objection Certificate required under section 8 of Delhi Land (Restriction and Transfer) Act, 1972 by Tehsildar of sub Division of the District to the effect (The property is not under acquisition).
Income Tax Clearance Certificate is required under section 230 of the Income Tax Act, by concerned Income Tax officer whereas, the transaction exceeds Rs.5,00,000/
· The property document which is duly stamped must be submitted before the Registrar of assurance within the jurisdiction where the property for the transaction is situated.
· The authorized signatories of both seller and buyer must be present before the registrar with witnesses.
· Both the executants and the witnesses have to present their ID cards along with the property document which is a passport, PAN card, Aadhar Card, Driver’s License or Voters ID.
· Signatories must submit Power of Attorney if they are representing someone else.
· Property-card along with proof of payment of stamp duty has to be submitted.
· The registrar will verify the documents and see if the stamp duty paid is sufficient.
· In case of a deficit in stamp duty, the registrar will refuse to register the property.
For more information on this visit www.taxaj.com
Posted by Pooja
Team Taxaj