IGR returns additional stamp duty to approximately 4,000 property buyers within four months
IGR returns additional stamp duty to approximately 4,000 property buyers within four months
By: Pune Pulse
November 7, 2023
Pune: Officials announced on Monday that the Inspector General of Registration (IGR) and Controller of Stamps Office have successfully refunded the additional stamp duty to approximately 4,000 property buyers within the last four months.
The buyers of the property mistakenly made an overpayment of stamp duty during their online transactions. Consequently, they commenced the refund procedure, which typically proves to be a laborious undertaking and requires a minimum of two years for the extra funds to be reimbursed into the buyers’ accounts.
Applicants are provided with the choice to either submit a physical application for a refund or make use of the department’s developed and easily accessible module. This module provides the convenience of online data entry for stamp or registration fee refunds that are not utilized for document registration.
By making use of this module, refund applications can be processed efficiently and transparently. Through the module, citizens have the ability to accurately input their refund application data, make any required adjustments, and submit the necessary affidavit to acquire a refund ID number.
In addition, individuals possess the capability to monitor the advancement of their application, encompassing the measures undertaken by the Department, via online and SMS notifications. Moreover, individuals are also able to acquire duplicates of any correspondences or directives issued by the governing body about their reimbursement request.
The final authorization for amounts exceeding ₹1 lakh and the issuance of cheques to buyers fall under the purview of the top IGR officials at headquarters. Furthermore, in accordance with IGR regulations, applicants in Maharashtra have a six-month period from the date of registration to request a refund of stamp duty.
In accordance with the regulations set forth by the IGR office, in case of a deal cancellation, the government reserves the right to withhold 1% of the stamp duty, with a minimum of ₹200 and a maximum of ₹1000. However, applicants are eligible for a refund within two years from the registration date. The buyer may receive a reimbursement of up to 98% of the stamp duty paid, provided that the refund application is accompanied by the original registered cancellation deed and original registered agreement.
The payment of stamp duty is obligatory in accordance with the regulations stated in the Registration Act of 1908. Furthermore, any other relevant fees can be easily settled online via the Government Revenue and Accounting System (GRAS) into the Virtual Treasury.
