IGR issues refund to 4,000 property buyers in four months

The property buyers had by error paid additional stamp duty during online transactions after which they had initiated the refund process which usually is a cumbersome task and takes a minimum of two years for the additional amount to get credited to the buyers’ accounts

The Inspector General of Registration (IGR) and Controller of Stamps Office has issued refunds to at least 4,000 property buyers during the past four months, officials said on Monday.

Applicants can either apply for a refund in the hard copy format or log in to the module which has been developed and made available by the department. (REPRESENTATIVE PHOTO)

The property buyers had by error paid additional stamp duty during online transactions after which they had initiated the refund process which usually is a cumbersome task and takes a minimum of two years for the additional amount to get credited to the buyers’ accounts.

Santosh Hingane, head, stamps department and in charge of refunds, said the department has initiated more than 4,000 such refunds during the past four months.

“The applicants are those who paid additional stamp duty due to mistakes. Currently, we are in the process of reducing the pendency of the applications and will ensure that all the refunds will be credited into the payee accounts at the earliest,” said Hingane.

Applicants can either apply for a refund in the hard copy format or log in to the module which has been developed and made available by the department.

It provides the citizen with the facility of online data entry for a refund of stamp or refund of the registration fee (which is not utilised for registration of documents). The module helps in the disposal of refund applications in an efficient and transparent manner.

Citizens can enter the data of their refund application properly, modify the data if required, and submit the required affidavit to get the refund ID number. The citizens can track the status of the application (i.e. actions taken by the Department) online and through SMS and also download copies of the letter or the order issued by the authority, said officials.

The amount over ₹1 lakh is sent to headquarters for final approval of the top IGR brass and later cheques are issued to the buyers.

The IGR rules further state that an applicant can obtain a stamp duty refund within six months of the registration date, this is the stamp duty refund time frame in Maharashtra, and the government may withhold 1% of the stamp duty, with a minimum of ₹200 and a maximum of ₹1000. If the deal is cancelled an applicant can get a refund for up to two years from the date of registration.

The buyer is entitled to a reimbursement of up to 98 per cent of the stamp duty paid. The refund application must be submitted with the original registered cancellation deed and original registered agreement, the IGR office states.

The stamp duty is required to be paid under the Registration Act, of 1908 and other charges may be paid online into the Virtual Treasury through the Government Revenue and Accounting System (GRAS).