The purpose of the Registration Act amongst other things is to provide a method of public registration of documents so as to give information to people regarding legal rights and obligations arising or affecting a particular property, and to perpetuate document which may afterwards be of legal importance, and also to prevent fraud. Registration lends inviolability and importance to certain documents.
Object
The Object of registering a document is to give notice to the world that such a document has been executed, to prevent fraud and forgery and to secure a reliable and complete account of all transactions effecting the title to the property.
Registration Compulsory
1. Gift involving immovable property
2. Non - testamentary instruments which purports or operates to create, declare, assign, limit or extinguish in present or in future any right, title or interest, vested or contingent, in immovable property or which acknowledges receipt or payment of any consideration in relation thereto.
3. Leases of immovable property from year to year or for any term exceeding one year or for receiving yearly rent.
4. A Compromise decree which compromises immovable property which is not the subject-matter of the suit or proceeding.
Registration Exempted
1. Agreement of sale, lease or transfer.
2. Any decree or order of a court even though relates to immovable property.
3. An endorsement on a mortgage deed acknowledging payment of the whole or any part of the mortgage money.
4. Any other receipt for payment of money due under a mortgage when such receipt does not purport to extinguish the mortgage.
5. A certificate of sale granted to the purchaser of any property sold by public auction or by a Civil Court or Revenue officer.
Registration Optional
1. Acknowledgement of receipt, payment of any consideration on account of creation, declaration, assignment, limitation or extinction of any right, title or interest in immovable property for a term not exceeding one year.
2. Instruments which purport or operate to create, declare, assign, limit or extinguish any right, title or interest to or in a movable property.
3. Will, which covers movable, immovable properties and both movable and immovable properties.
4. All documents where registration is not compulsory u/s. 17 of the Indian Registration Act 1908.
Powers- Of- Attorney Act 1882
Power of attorney des not require registration whether it is a special power of attorney or a general power of attorney, but if the agent is authorized therein to present a document for registration, it must be executed before and authenticated by registering authority.
If it creates any interest to the agent, then the power of attorney is registerable.
If the Power Of Attorney is executed in foreign countries, it should be executed before and authenticated, by a Notary Public or any Court, Judge, Magistrate, Indian Consul or Vice Consul, or representative of the Central Government.
After the receipt of the Power Of Attorney in India, if it is not duly stamped, (as per the stamp rules of concerned state) It should be presented for adjudication before the District Registrar of any office in India within three months after its arrival in India, with following documents,
(a) Original Power Of Attorney (it will be returned after adjudication).
(b) Affidavit of the party who submits power-of-attorney for adjudication.
(c) Envelope cover to show the date of receipt of the power of attorney in India.
Indian Stamp Act, 1899
Stamp Duty
Registration Act and Stamp Act sails with each other, stamp duty is necessary for all documents which is sought to be registered and the rate of stamp duty in India differs from state to state. advisable to seek the assistance of local Lawyers.
STATE
RATE OF STAMP DUTY
REMARKS
Andhra Pradesh.
5%
Of the market value or agreement value whichever is higher.
Assam.
8.25%
For agreement value exceeding Rs.1,50,000/-.
Union Territory of Delhi.
3% stamp duty + additional 5% as surcharge under Delhi Municipal Corporate Act, 1957.
Of the value.
Goa.
8%
For value more than Rs.1,000/-
Gujarat.
1. For transfers other than in co-operative society in urban area.
2. For transfer relating to premises in Co-operative Society registered or deemed to have been registered under Gujarat Co-operative Society Act, 1961.
10%
7.5%
On market value of Property.
On market value of Property.
Haryana.
12.5%
Value exceeding Rs.1,000/-
Himachal Pradesh.
8%
Value exceeding Rs.1,000/-
Karnataka.
1. For transfer other than in
2. For transfer effected by Bangalore Development Authority Act, 1976, relating to a flat as defined in Karnataka Ownership Flat Act, 1972.
10.5%
a. value upto Rs.5.00 Lakhs – 4%
b. more than Rs.5.00 Lakhs and upto Rs.15.00 Lakhs – Rs.20,000/- + 6% for amount in excess of Rs.5.00 Lakhs.c. More than Rs.15.00 Lakhs – Rs.80,000/- + 8% for amount in excess of Rs.15.00 Lakhs.
On the market value of property exceeding Rs.1,000/-.
On market value.
Kerala.
(Property situated within Municipal Corporation)
8.5%
Value of consideration.
Madhya Pradesh.
7.5%
Of the market value.
Manipur.
7%
On market value of property or the agreement value whichever is higher.
Maharashtra
within Municipal limits of Greater Mumbai,Navi Mumbai, Pune & Thane.
a. for transfer other than in (b)
b. if relating premises registered under Maharashtra Co-operative Societies Act, 1960, or the Maharashtra Ownership Flat Act, 1963, or the Maharashtra Apartment Ownership Act, 1970.
10 %
i. upto Rs.1.00 Lakh - Nil.
ii. Rs.1.00 Lakh to Rs.2.5 Lakhs - 0.5 % of Value.
iii. Rs.2.5 Lakhs to Rs.5.00 Lakhs - Rs.1,250/- + 3% of value above Rs.2.5 Lakhs.
iv. Rs.5.00 Lakhs to Rs.10.00 Lakhs - Rs.8,750/- + 6% of value above Rs.5.00 Lakhs.
v. Value exceeding Rs.10.00 Lakhs - Rs.38.750/- plus 8% of value above Rs.10.00 Lakhs.
On the market value or the agreement value whichever is higher.
Meghalaya.
7.5 %
Of the value
Orissa
14.7 %
Of Agreement Value.
Punjab.
6 %
Of the value.
Rajasthan.
10 %
Of market value of property.
Tamil Nadu
8+1% at Cities(Chennai, Madurai, Ciombatrue, Salem, Trichy and Tirunelveli. In other places 7+1%
Of market value.
Tripura.
5 %
Of the value.
Uttar Pradesh.
Stamp duty 14.5 % under U.P. Town Improvement Act, 1919.
Stamp duty on market value or the agreement value whichever is greater.
West Bengal.
7% .
Of the market value.
Note: Stamp duties are Subject to Change
Property Tax
This is a tax levied and collected by the municipal authorities for the betterment in the city. In India the owners of the property are liable to pay the property tax whereas in countries like U.K, the occupier is liable to pay property tax on the basis of reasonable rent for which the property is rented year to year.
Urban Land (Ceiling and Regulation) Act-1976
This legislation fixed a ceiling on the vacant urban land that a 'person' in urban agglomerations can acquire and hold. A person is defined to include an individual, a family, a firm, a company, or an association or body of individuals, whether incorporated or not. This ceiling limit ranges from 500-2,000 square meters (sq. m). Excess vacant land is either to be surrendered to the Competent Authority appointed under the Act for a small compensation, or to be developed by its holder only for specified purposes. The Act provides for appropriate documents to show that the provisions of this Act are not attracted or should be produced to the Registering officer before registering instruments compulsorily registrable under the Registration Act.
The objective of acquiring the excess vacant land could not be achieved because of intrinsic deficiencies in the legislation itself.
This legislation was repealed by the Centre in 1999. The Repeal Act, however, shall not affect the vesting of the vacant land, which has already been taken possession by the State Government or any person duly authorised by the State Government in this regard under the provisions of ULCRA. The repeal of the Act, it is believed, has eliminated the large amount of litigation and released huge chunks of land into the market. However the repeal of the Act has not been carried out in all states. Initially the repeal Act was applicable in Haryana, Punjab and all the Union Territories. Subsequently, it has been adopted by the State Governments of Uttar Pradesh, Gujarat, Karnataka, Madhya Pradesh and Rajasthan. Andhra Pradesh, Assam, Bihar, Maharashtra, Orissa and West Bengal have not adopted the Repeal Act so far.
Rent control Act
Rent Legislation in India has been in existence for a long time. It provides payment of fair rent to land lords and protects tenants against eviction
