Lawstreet Journal

To Determine Its Market Value, The Property's Potential Use In The Near Future Must Be Considered - Indian Stamp Act, Section 47-A: Allahabad High Court

Lawstreet Journal 29 Mar 2022 7:32am

Image courtesy: Lawstreet Journal Judiciary To Determine Its Market Value, The Property's Potential Use In The Near Future Must Be Considered - Indian Stamp Act, Section 47-A: Allahabad High Court

The market value of a property for the purposes of Section 47-A of the Indian Stamp Act[1] must be calculated with reference to the use to which the land is reasonably capable of being put immediately or in the foreseeable future, according to the Allahabad High Court.

The Allahabad High Court has stated that, for the purposes of Section 47-A of the Indian Stamp Act, the market value of a property must be established with reference to the use to which the land is reasonably capable of being put immediately or in the near future. It should be emphasised that if an instrument is found to be undervalued (as was the case in this case), a procedure has been established under Section 47-A of the Act for determining the correct stamp duty on the instrument.

The market value of the property must be considered, and if the market value of the property mentioned in the instrument is less than the minimum value determined in accordance with the Act's rules, the registering officer has the authority to impound the instrument when it is presented for registration.

It should also be noted that the authority has the authority to require the person entitled to pay stamp duty to pay a deficit stamp duty calculated on the basis of the minimum value set in accordance with the rules and to return the instrument for registration.

CASE IN BRIEF 

Petitioner / Registered Society  the Assembly of God North India Balrampur said to be… Continue Reading...


Tagged: Allahabad High Court  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
Featured Members view all

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com