Government should let people keep the Capital Gains by selling the property the property has been in their possession for 5 or more years instead of burdening people with another charge of paying to the Architect .
This will automatically motivate seller to show the actual selling price instead of showing deflated price ( and do the transaction in Black ) to save some amount on Taxes. in due course this will increase the revenue by stamp duty and the price will automatically adjust to the actual price instead of some imaginary price
Architects to check revenue loss
Tribune News Service
Mohali, October 4
Acting on the directions of Punjab’s Department of Revenue and Rehabilitation to check revenue loss during the registration of urban property, a valuation certificate by a registered architect has been made mandatory by the district administration.
This order has been made applicable from October 1. Applicants are being asked to supply a copy of the map of the property concerned.
As per the notification, the application has to give a certificate, wherein a mention of the evaluation of the structure and the plot has to be made.
“For the convenience of applicants, architects are giving valuation certificates in the context of the prevailing collector rates and we are accepting the same”, said an official in the tehsil office here.
The district administration had sought a clarification from the department concerned regarding the valuation of the properties (including the plot), but there had not been any reply. “So, we have started accepting the valuation certificate being issued by architects”, said the officials.
According to the order, whenever the buyer of an urban property would present his papers for registration before the registering officer, he would have to attach a valuation certificate issued by an architect. In this manner, the stamp duty, chargeable at 8 per cent, would go up by more than 300 per cent.
Officials in the district revenue department, however, believed that the evaluator would only have to give the value of the constructed part.
As for the value of the plot, the collector rate of Rs 10,000 per sq yard would be used to calculate the stamp duty.
A number of bureaucrats, politicians and police officials could now be in trouble if registered architects accessed urban property.
Evaluating a property, including a plot, would mean that the buyer and the seller would have to show in white the actual financial transaction of a property. This could land a number of persons in trouble.
According to investors, the valuer could now charge as much money he wanted to to give an under-value certificate of the property as it would be considered valid valuation of the property for the purpose of registration and charging of stamp duty.
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