Special Story – The Maharashtra Co-op. Housing Society should apply for registration, failure to which SEBI Regulation will apply. 4. The Registered document is the notice to the public at large as regard to such and in respect of particular property, which is subject matter of registration. Registration is a process by which contents of agreement and such fact is recorded in the Government records maintained by the Registrar. 5. The payment of stamp duty and registration of documents in respect of flat, gala, shop, office etc. immovable property in co-operative society is advisable. The two circulars issued by the Commissioner of Co-operation and Registrar of Cooperative Society, gives direction for registration of such property and transfer of shares. 1.
Circular dt. February 18, 1994.
2.
Circular dt. July 8, 1996.
6. As per amendment effected on 25-9-2001 under the Indian Registration Act, 1908. Registration is made compulsory in respect of certain immovable properties including transfer of Z $ ! 7. In recent time, many properties purchased are ! ! Housing loan is financed by banks, financial ! " ! to have earlier chain of documents duly registered before disbursement of loan. For such types of $ condition of finance before disbursement of loan. Registration is normally done only after payment of proper stamp duty as regards to those documents. Registered documents serves as a proof of payment of proper stamp duty. 8. With effect from 1-4-2003, under section 50C of Income-tax Act, 1961, the market value calculated for the purpose of stamp duty is accepted by Income Tax Department as base for valuation of property for capital gain computation purpose. 9. The Registrar or Sub-Registrar while registering any agreement for purchase or sale of an immovable property having reckoner value or agreement value adopted is ` 30 lakhs and more, are required to file annual information return
SS-VI-99
(AIR) u/s 285 BA of Income-tax Act, 1961. The AIR provides tool for checking of such transaction of immovable property of ` 30 lakhd and above. 10. As per the amendment dtd. 24-9-2001 in / ” } {˜™¨ section 53A of Transfer of Property Act, document executed even in part performance of the contract requires compulsory registration. 11. W.e.f. 1-6-2013, Union Budget proposes to deduct 1% TDS on purchase of any immovable property having agreement value above ` 50 lakhs.
VII. Procedure to register documents when a person who has executed the document who is due to illness or hospitalisation is unable to visit In such circumstance on perusing the matter to Registering authority, by collecting visit fees the Sub-Registrar has to visit such place or hospital and complete the registration formalities. One has to comply with the procedure and requirement for registration of immovable property ! Z discussed hereinafter.
VIII. Procedure of registration in State of Maharashtra The process of registration highlighted below mainly involves the following steps and submissions of required documents/papers and ” = Š$ { duty as per the stamp duty reckoner on blank agreement or on next day of execution of agreement or on same day of execution. The agreement should be typed/printed on one side in black ink on 60 GSM paper. It is better to pay the proper stamp duty on or before its execution. | " " stamp duty collector for payment of S.D. To execute the agreement, Sub-Registrar require to put photographs, signature and left hand thumb impressions of all concerned parties to execution.
The Chamber's Journal April 2013
115