In cases where you have purchased and taken possession of real estate under a contract of sale, title to the property remains in the hands of the developer, unless a certificate of sale has been executed a posteriori and registered under the Indian Registration Act. Thus, it is clear that a title to immovable property can only be transferred by a deed of sale. In the absence of a duly stamped and registered deed of sale, the buyer of the property does not have the right, title or interest in a property. The contract of sale may, or may not, lead to an actual sale of the property in question. Some stamp duty laws, such as the Maharashtra Stamp Act, provide for an agreement to sell real estate as an appropriate deed of transfer and are therefore subject to the same stamp duty as that applicable to the deed of transfer or deed of sale of real estate. Under these provisions, which require payment of stamp duty on a contract of sale, persons wrongly perceive a contract of sale as a deed of sale in due form. A contract of sale is a contract for the sale of real estate in the future. This agreement defines the conditions under which the property is transferred. The Transfer of Property Act, 1882, which regulates matters relating to the sale and transfer of immovable property, defines the contract of sale or a contract of sale as follows: in other words, the advance payment of a real estate transaction also depends on the time lag between the date of the contract of sale and the deed of sale. Based on my experience, I can say that if the delay exceeds 6 months, the probability of concluding a real estate transaction is only 1 in 5. The problem was Rs 100, the buyer paid Rs 10 as token money and Rs 80 had to be paid by the bank. The amount of TDS was Rs 20.66 (long-term capital gain for real estate with a value greater than 1 Cr). The bank insisted that the buyer pay this amount out of his own pocket.
The bank manager was not able to explain, even if the buyer pays Rs 20.66 for the Advance TDS, the total number to a seller will be Rs 80 + Rs 20.66 + Rs 10 dh Rs 110.66. How does the buyer get a refund of the overpaid amount, i.e. Rs 10.66. The above definition makes it clear that a contract of sale contains a promise of future transfer of a property concerned if certain conditions are met.. . . .