Kaagazaat

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Token Advance Receipt (Bayana Rasid)

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  1. The deal
  2. The property
  3. Seller or landlord
  4. Buyer or tenant
  5. The money
  6. Deadline and terms

Step 1 of 6

The deal

What is this token money for?Needed
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What will the main agreement be called?Needed

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TOKEN ADVANCE RECEIPT (BAYANA RASID)

Amount received: __________

Place: __________

Date: __________

1. Who is signing this receipt

1.1 The Receiver — the seller or landlord

  • Name: __________
  • Address: __________
  • Signing as: __________.

1.2 The Payer — the intending buyer or tenant

  • Name: __________
  • Address: __________

1.3 The Receiver and the Payer are together called "the parties".

2. The Property and how it is held

2.1 This receipt relates to the following property ("the Property"):

__________

2.2 The Property is held as follows: __________.

2.3 The parties have taken that into account in fixing the dates in Clause 6, and record the following:

(a) Where the Property is land or a house in Punjab held on title, the evidence of title is the jamabandi and the mutation record. An entry in the record of rights is presumed to be true only until the contrary is proved — section 44, Punjab Land Revenue Act, 1887 — and section 45 sends anyone who disputes it to a civil suit for a declaration. Before signing the Main Document the Payer will take a fresh fard, the mutation history and a non-encumbrance certificate. The non-encumbrance certificate is issued by the Sub-Registrar and is a notified service with a three-day limit; it may also be applied for through the Non-Encumbrance Certificate Issuance System on rcms.punjab.gov.in.

(b) Where the Property was allotted by a development authority in Punjab and is still held on an allotment letter, that authority's written permission to transfer and its no-dues certificate must be in hand before the Sale Deed. The Greater Mohali Area Development Authority's own website and its printed Right to Service form give different limits for the same transfer-permission service — fifteen working days on the one and twenty-one working days on the other — and its fee form says the fees may be revised with effect from 1 April each year. The Receiver will apply for the permission at once and will not wait for the Main Document to be signed first.

(c) Where the Property is a site or building in Chandigarh, there is no jamabandi for it: the Estate Officer's allotment file is the title. A leasehold or concessionally allotted site cannot be transferred at all before fifteen years have run from the date of allotment (Rule 7(i), Chandigarh Estate Rules, 2007), and after that it cannot be transferred without a prior no-objection certificate from the Estate Office and payment of one-third of the unearned increase (Rule 7(ii)). Those Rules apply, by Rule 1(ii), only to allotments and auctions made after 7 November 2007. Much of Chandigarh was allotted before that date, and where the Property was, the parties will confirm at the Estate Office which rules govern this transfer, the lock-in and the unearned increase on it, and will do so before the date in Clause 6.1. The notified limit for a no-objection certificate for sale, gift or transfer of lease rights is fifty days — Chandigarh Administration, Department of Personnel Notification No. 28/67/1-IH(9)-2026/73238 dated 30 March 2026 — and time runs only from a complete application.

(d) Where the Property is a residential property in Chandigarh, the parties record that they have satisfied themselves at the Estate Office, Town Hall Building, Sector 17, whether the Estate Officer's Public Notice effective 10 February 2023 still stops the transfer. That notice permits transfers only in four cases — all transfers within the family by any instrument whatever the share; wills bequeathing shares only within the family; purchase of one hundred per cent of the property by one person or by persons of the same family, whether or not the present owners are related to one another; and building plans where every co-owner belongs to the same family — and stops transfers and mutations of every other residential property until the Chandigarh Heritage Conservation Committee decides. The date on which the parties checked is ______________________ and the answer given was ______________________. If that stoppage is running, the parties accept that no office will process this transfer while it lasts, and Clause 9.1 applies rather than Clause 8.

(e) Where the Property is a flat allotted by the Chandigarh Housing Board, the Board runs its own no-objection certificate, no-dues and mutation track, separate from the Estate Office, with a stated limit of twenty working days for a transfer no-objection certificate.

2.4 If the Receiver is one of several joint owners or joint allottees, or is signing as the holder of a power of attorney, or is an allottee who does not yet hold a conveyance deed, the Receiver will ensure that every owner or allottee of the Property signs the Main Document described in Clause 3.4. The Payer is not obliged to go ahead unless all of them sign, and if they do not, the Receiver is treated as having backed out under Clause 8.

3. What has been agreed in principle

3.1 The parties are negotiating the following transaction: __________.

3.2 The figures discussed are recorded below. Only the lines that apply to this deal appear.

3.3 If no figure appears under Clause 3.2, the parties record that the price or the rent has not yet been finally settled between them and that the Main Document will fix it. The token money is nonetheless paid and received on the terms of this receipt, and Clauses 7 and 8 apply to it as written.

3.4 The complete and binding terms will be recorded in a written __________ to be signed by the parties. That document is called "the Main Document" in this receipt.

3.5 This receipt is an acknowledgement of money received and a record of the timetable in Clause 6. It is not the Main Document and does not replace it.

4. The token money (bayana) received

4.1 The Receiver acknowledges having received from the Payer a sum of __________ as token money, also called bayana, on __________. The mode of payment was: Bank transfer (NEFT / RTGS / IMPS / UPI).

4.2 This money is paid to hold the Property for the Payer and is to be adjusted as set out in Clause 5. What happens to it if either side backs out is set out in Clauses 7 and 8. It is not a loan and it is not a deposit held for safekeeping.

4.3 The Receiver confirms that this money has been received by the Receiver personally, or into the Receiver's own bank account, and not by any broker, property dealer or agent on the Receiver's behalf. If a property dealer is involved, his commission is a separate matter between each party and his own dealer and does not come out of this money. The parties note that a person carrying on the business of an estate agent in Punjab requires registration under section 9 of the Real Estate (Regulation and Development) Act, 2016 read with rule 9 of the Punjab State Real Estate (Regulation and Development) Rules, 2017, and separately registration under sections 21 to 24 of the Punjab Apartment and Property Regulation Act, 1995; in Chandigarh, registration under the Chandigarh Real Estate (Regulation and Development) (General) Rules, 2016 applies.

4.4 The Receiver states that the figure in Clause 4.1 is the whole of what has been paid, and that no further sum has been taken in cash or otherwise outside this receipt.

5. What the token money will be adjusted against

5.1 If the transaction goes through, the token money is treated as part payment and will be adjusted:

(a) on a sale — against the total sale price, and it will be recorded as already paid both in the Main Document and again in the Sale Deed presented to the Sub-Registrar;

(b) on a tenancy — against the security deposit, and where there is no security deposit, against the rent first falling due.

5.2 The Receiver will not ask for this amount a second time at any stage.

6. Time — by when the Main Document must be signed

6.1 The parties will sign the Main Document on or before __________.

6.2 Where the transaction is a sale, the Sale Deed is to be executed and registered before the Sub-Registrar by the date the parties fix for it. If no date is written here, the date fixed in the Main Document applies.

6.3 In fixing those dates the parties have allowed for the permissions in Clauses 2.3 and 11.6, for the Payer's loan sanction if any, and for an appointment at the registering office. Appointments in Punjab are booked on easyregistry.punjab.gov.in, the Easy Registry portal, which the Department of Revenue describes as implemented in every Sub Registrar Office of twenty-two districts, while the same department's land records portal lists twenty-three districts in the State — so check that the office you need is actually on the portal rather than assuming it. In Chandigarh appointments are booked through revenue.chd.gov.in and ngdrs.chd.gov.in, and the Sub-Registrar's office at 30 Bays Building, Ground Floor, Room Nos. 1 and 2, Sector 17, Chandigarh 160017 accepts no cash.

6.4 Time is of the essence of this receipt. The dates in Clauses 6.1 and 6.2 may be extended only in writing signed by both parties. An email or a message sent from a party's own email address or telephone number, confirming the new date, counts as writing for this purpose.

6.5 Until the date in Clause 6.1 has passed, the Receiver will not market the Property, will not take token money or an advance from anyone else, and will not sign any agreement in respect of the Property with anyone else. This exclusivity is what the token money buys.

7. If the Payer backs out

7.1 The Payer "backs out" if the Payer refuses or fails to sign the Main Document by the date in Clause 6.1, for a reason other than one listed in Clause 9.

7.2 In that event the Receiver may retain out of the token money, as earnest money forfeited, the lower of __________ and the token money actually received, and will refund the balance, if any, to the Payer in the manner and within the time set out in Clause 10.

7.3 Clause 7.2 is to be read as follows. Where the figure named in it is the whole of the token money, the whole of the token money is forfeited and nothing is refundable. Where the figure named in it is nil, nothing is forfeited and the whole of the token money is refundable. Where it is some lesser sum, that sum is forfeited and the rest comes back. Forfeiture under Clause 7.2 is in every case a retention out of money already received and never a claim for money that has not been paid.

7.4 The parties have fixed that figure as a genuine pre-estimate of what the Receiver loses by taking the Property off the market for the period in Clause 6.1, and not as a penalty.

7.5 Once the Receiver has retained and refunded as Clause 7.2 requires, the matter is closed. Neither party will have any further claim against the other in respect of the Property or this receipt.

8. If the Receiver backs out

8.1 The Receiver "backs out" if the Receiver:

(a) refuses or fails to sign the Main Document by the date in Clause 6.1; or

(b) sells, agrees to sell, lets or otherwise deals with the Property with anyone else; or

(c) is unable to show clear and marketable title, or to give vacant possession, or to obtain the signature of every joint owner or joint allottee; or

(d) fails to obtain any permission, no-objection certificate or no-dues certificate that Clause 2.3 or Clause 11.6 requires, in a case where the office concerned was open to deciding the application; or

(e) is found to have given any confirmation in Clause 11 that is untrue.

8.2 In that event the Receiver will refund the whole of the token money to the Payer in the manner and within the time set out in Clause 10, and will pay the Payer, in addition, compensation of __________.

8.3 Clause 8.2 is to be read as follows. Where the compensation named in it is nil, the Receiver's only obligation under this Clause 8 is to refund. Where it equals the token money, the bargain is the customary "double bayana": the Payer has his money back and the same again. Whatever the figure, it is a ceiling on what the Payer may recover under this clause, and a court awards reasonable compensation up to it rather than the whole of it as of right.

8.4 Until the token money and any compensation under Clause 8.2 has been repaid in full, the Receiver will not create, agree to create or permit any third-party right or interest in the Property. If repayment fails, the Payer may pursue the statutory charge that section 55(6)(b) of the Transfer of Property Act, 1882 gives a buyer, if and to the extent that a concluded contract of sale is found to exist between the parties. Nothing in this clause is an admission by either party that a contract of sale has been concluded.

8.5 If the parties have by then already signed the Main Document, nothing in this clause stops the Payer from asking the civil court to enforce it instead of taking the money back.

9. If neither side is at fault

9.1 If the transaction does not go ahead for a reason outside the control of both parties, the token money will be refunded in full under Clause 10 and neither party will owe the other any compensation. Such a reason includes: a permission, no-objection certificate or no-dues certificate required from a development authority, the Estate Officer, the Chandigarh Housing Board, the municipal body or a bank being refused, or not being decided within the notified time limit for it, or being stopped, frozen or kept in abeyance by a general or standing order or public notice of that authority; a court or a government order stopping the transaction; the Property being acquired or notified for acquisition; the Property being substantially damaged or destroyed; or the death of a party.

9.2 To avoid argument later: unless the parties have agreed otherwise in writing, the Payer's inability to arrange a home loan or otherwise to raise funds is not a reason outside the Payer's control, and Clause 7 will apply.

10. How a refund is to be paid

10.1 Any refund due under this receipt will be paid within 15 days of the date on which the obligation to refund arises.

10.2 The refund will be paid by bank transfer or account payee cheque into the same bank account the token money came from, or into another account that the Payer confirms in writing. A refund of Rs 20,000 or more will not be paid in cash, because section 269T of the Income-tax Act, 1961 does not permit it.

10.3 If a refund is delayed beyond the period in Clause 10.1, the unpaid amount will carry simple interest at 12% per year from the due date until it is actually paid.

10.4 On receiving the refund in full, the Payer will return the original of this receipt to the Receiver, or give a written acknowledgement that nothing further is owed.

11. What the Receiver confirms

The Receiver confirms, and the Payer relies on the confirmations, that:

11.1 The Receiver is the lawful owner or allottee of the Property, or is duly authorised to deal with it, and has full right and authority to sell or let it.

11.2 The Property is free from any mortgage, charge, lien, court attachment, injunction, family or partition dispute, existing tenancy or unauthorised occupation, except anything disclosed to the Payer in writing before this receipt was signed.

11.3 Property tax, ground rent, non-construction and misuse charges, maintenance and society dues, and electricity and water bills relating to the Property are paid up to date, and anything relating to the period up to handover will be cleared by the Receiver. On a Chandigarh leasehold site the Receiver confirms that ground rent is paid to date — at 2.5 per cent of the premium for the first thirty-three years, 3.75 per cent for the next thirty-three and 5 per cent thereafter under Rule 12 of the Chandigarh Estate Rules, 2007 where those Rules govern the allotment, and otherwise under whichever provision the Estate Office confirms does govern it — and that no proceeding for resumption or forfeiture under section 8-A of the Capital of Punjab (Development and Regulation) Act, 1952 is pending.

11.4 No other person holds a subsisting bayana, option, booking or agreement in respect of the Property.

11.5 Before the Main Document is signed, the Receiver will let the Payer inspect the title documents, the allotment letter and any conveyance or lease deed, the approved building plan, the occupation certificate, the latest tax and ground rent receipts, the fard and mutation record or the Estate Office record as the case may be, the no-dues certificates, and a non-encumbrance certificate, to the extent each of these applies to the Property.

11.6 Before the Main Document is signed the Receiver will obtain, at the Receiver's own cost, and give the Payer copies of, every permission, no-objection certificate and no-dues certificate that a transfer of the Property requires, including any identified in Clause 2.3.

12. No possession and no interest in the Property

12.1 No possession of the Property, and no part of it, is being given or agreed to be given under this receipt. Possession will pass only under the Main Document, the registered Sale Deed, or the tenancy document, as the case may be.

12.2 Save for the negative undertaking in Clause 8.4, which is a contractual promise and nothing more, this receipt does not create, transfer or extinguish any right, title or interest in the Property.

12.3 This receipt is not a Sale Deed, is not an agreement of the kind referred to in section 53A of the Transfer of Property Act, 1882, and is not a lease or a licence. The parties have kept it that way deliberately: an agreement to sell followed by or evidencing delivery of possession must be registered under section 17(1A) of the Registration Act, 1908 and falls under entry 5(cc) of Schedule I-A to the Indian Stamp Act, 1899 as applied to Punjab, which charges it at the conveyance rate.

13. Tax, stamp duty and cash rules

13.1 The parties have chosen the payment method in Clause 4.1 with these rules in mind, and confirm that they have complied with them:

(a) section 269SS of the Income-tax Act, 1961 — an advance of Rs 20,000 or more in relation to the transfer of immovable property must not be taken in cash, whether or not the transfer eventually happens, and a penalty equal to the entire amount can be imposed on the person who receives it;

(b) section 269ST — nobody may receive Rs 2,00,000 or more in cash in respect of a single transaction, again on pain of a penalty equal to the amount.

13.2 The parties record the position on tax deducted at source for this payment. __________ Where section 194-IA applies, the Payer will deposit the tax within the time allowed, file Form 26QB and give the Receiver Form 16B. Tax properly deducted and deposited counts as payment of that much of the price.

13.3 Stamp duty and registration charges on the Main Document and on the Sale Deed or tenancy document will be borne as the Main Document provides, and in the absence of anything in the Main Document, by the Payer. For a Chandigarh site governed by the Chandigarh Estate Rules, 2007 the position is not open to negotiation: Rule 15 places the whole of the stamp duty and registration cost on the transferee. Each party bears its own taxes and its own professional fees.

13.4 On a Chandigarh leasehold or concessionally allotted site, the one-third unearned increase payable to Government under Rule 7(ii) of the Chandigarh Estate Rules, 2007 — or under whichever provision the Estate Office confirms governs an allotment made before 7 November 2007 — and the Estate Office transfer fee are borne by the Receiver and are payable out of the sale price. They are not additions to the price and the Payer is not liable for them. Neither figure is small, and the parties record that they have understood how the first is worked out: the unearned increase is the difference between the present value of the original premium, being that premium enhanced by 9 per cent a year compounded from the dates of payment, and the current market value assessed on the average auction price for the same category of site over the last three financial years; and the lessee is entitled to notice and a hearing on that assessment.

13.5 The parties understand that stamp duty on the Main Document and on the Sale Deed is charged on the consideration or on the Collector rate for the Property, whichever is higher; and that in Chandigarh the stamp duty on an agreement to sell is charged at 5 per cent of the token or earnest money recorded in Clause 4.1, with the registration fee at 1 per cent of that same figure capped at Rs 10,000, under item 22 of the Stamp Duty and Registration Fees schedule of the Office of the Sub-Registrar, U.T. Chandigarh. Collector rates are fixed afresh every year — in Punjab by the Deputy Commissioner as Collector under Rule 3-A of the Punjab Stamp (Dealing of Undervalued Instruments) Rules, 1983, with effect from 1 April, published on the district website and on plrs.org.in; in Chandigarh by the Office of the District Collector, U.T., whose Schedule of Collector Rates currently in force took effect on 1 April 2026 and was published on 25 March 2026. If a date in Clause 6 slips past 1 April, the duty payable may rise, and the increase is borne under Clause 13.3.

14. Notices

14.1 Any notice under this receipt must be in writing and sent to the other party at the address in Clause 1, by registered post with acknowledgement due or by a reputed courier. It may also be sent by email or messaging application in addition.

14.2 A notice sent by registered post is treated as delivered on the seventh day after posting, even if it is refused or comes back unclaimed.

15. Governing law and courts

15.1 This receipt is governed by Indian law.

15.2 A dispute between the parties about this receipt or about the token money is a civil suit, and it is to be brought before the Civil Judge at __________. Both grades of Civil Judge here — Junior Division and Senior Division — have unlimited pecuniary jurisdiction under the Punjab Courts Act, 1918, which is unusual and which means the amount claimed does not by itself decide which of them hears the suit; the work is distributed between them administratively, so ask at the filing counter or the District Judge's office which grade takes a suit of this value at that station. For any suit concerning the Property itself, section 16 of the Code of Civil Procedure, 1908 fixes the court within whose local limits the Property is situated.

15.3 The parties note three further points on the route through the courts. First, an appeal from a decree of a Civil Judge in Punjab lies to the District Judge whatever the suit is worth, because section 39 of the Punjab Courts Act, 1918 was substituted for Punjab by Punjab Act 29 of 2006; there is no first appeal to the High Court from such a decree at any value. Second, that substitution is a Punjab enactment and does not reach Chandigarh, where the older split between the District Judge below a stated value and the High Court above it still applies and the figure could not be established from a published source — ask at the Chandigarh judgeship before filing an appeal there. Third, a second appeal in both jurisdictions lies under section 41 of the Punjab Courts Act, 1918 rather than under section 100 of the Code, so no substantial question of law need be framed.

15.4 Limitation is short. A suit to enforce an agreement of sale must generally be brought within three years of the date fixed for performance or of notice of refusal (Article 54, Limitation Act, 1963), and a suit simply to recover the money within three years (Article 113). A stalled bayana should not be allowed to drift.

16. The whole understanding

16.1 This receipt records everything the parties have agreed so far about the token money, the exclusivity and the timetable. Anything discussed earlier that is not written here does not form part of it.

16.2 No change to this receipt is valid unless it is in writing and signed by both parties.

16.3 If any clause of this receipt is found to be unenforceable, the rest of it continues to apply.

SIGNATURES

Both parties have read and understood this receipt and sign it on __________ at __________.


RECEIVER — acknowledges receipt of __________

Signature: ______________________________

Name: __________

[Affix a Re 1 revenue stamp here and sign across it]


PAYER

Signature: ______________________________

Name: __________


WITNESS 1

Signature: ______________________________

Name: ______________________________

Address: ______________________________

Phone: ______________________________


WITNESS 2

Signature: ______________________________

Name: ______________________________

Address: ______________________________

Phone: ______________________________


Both parties should sign each page of this receipt. Keep the original with the Payer and a signed copy with the Receiver, and keep the bank transfer advice or the cheque counterfoil with it — the payment proof and the paper only work together.

The rest stays out of view until every answer is in.

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TOKEN ADVANCE RECEIPT (BAYANA RASID)

Amount received: __________

Place: __________

Date: __________

1. Who is signing this receipt

1.1 The Receiver — the seller or landlord

  • Name: __________
  • Address: __________
  • Signing as: __________.

1.2 The Payer — the intending buyer or tenant

  • Name: __________
  • Address: __________

1.3 The Receiver and the Payer are together called "the parties".

2. The Property and how it is held

2.1 This receipt relates to the following property ("the Property"):

__________

2.2 The Property is held as follows: __________.

2.3 The parties have taken that into account in fixing the dates in Clause 6, and record the following:

(a) Where the Property is land or a house in Punjab held on title, the evidence of title is the jamabandi and the mutation record. An entry in the record of rights is presumed to be true only until the contrary is proved — section 44, Punjab Land Revenue Act, 1887 — and section 45 sends anyone who disputes it to a civil suit for a declaration. Before signing the Main Document the Payer will take a fresh fard, the mutation history and a non-encumbrance certificate. The non-encumbrance certificate is issued by the Sub-Registrar and is a notified service with a three-day limit; it may also be applied for through the Non-Encumbrance Certificate Issuance System on rcms.punjab.gov.in.

(b) Where the Property was allotted by a development authority in Punjab and is still held on an allotment letter, that authority's written permission to transfer and its no-dues certificate must be in hand before the Sale Deed. The Greater Mohali Area Development Authority's own website and its printed Right to Service form give different limits for the same transfer-permission service — fifteen working days on the one and twenty-one working days on the other — and its fee form says the fees may be revised with effect from 1 April each year. The Receiver will apply for the permission at once and will not wait for the Main Document to be signed first.

(c) Where the Property is a site or building in Chandigarh, there is no jamabandi for it: the Estate Officer's allotment file is the title. A leasehold or concessionally allotted site cannot be transferred at all before fifteen years have run from the date of allotment (Rule 7(i), Chandigarh Estate Rules, 2007), and after that it cannot be transferred without a prior no-objection certificate from the Estate Office and payment of one-third of the unearned increase (Rule 7(ii)). Those Rules apply, by Rule 1(ii), only to allotments and auctions made after 7 November 2007. Much of Chandigarh was allotted before that date, and where the Property was, the parties will confirm at the Estate Office which rules govern this transfer, the lock-in and the unearned increase on it, and will do so before the date in Clause 6.1. The notified limit for a no-objection certificate for sale, gift or transfer of lease rights is fifty days — Chandigarh Administration, Department of Personnel Notification No. 28/67/1-IH(9)-2026/73238 dated 30 March 2026 — and time runs only from a complete application.

(d) Where the Property is a residential property in Chandigarh, the parties record that they have satisfied themselves at the Estate Office, Town Hall Building, Sector 17, whether the Estate Officer's Public Notice effective 10 February 2023 still stops the transfer. That notice permits transfers only in four cases — all transfers within the family by any instrument whatever the share; wills bequeathing shares only within the family; purchase of one hundred per cent of the property by one person or by persons of the same family, whether or not the present owners are related to one another; and building plans where every co-owner belongs to the same family — and stops transfers and mutations of every other residential property until the Chandigarh Heritage Conservation Committee decides. The date on which the parties checked is ______________________ and the answer given was ______________________. If that stoppage is running, the parties accept that no office will process this transfer while it lasts, and Clause 9.1 applies rather than Clause 8.

(e) Where the Property is a flat allotted by the Chandigarh Housing Board, the Board runs its own no-objection certificate, no-dues and mutation track, separate from the Estate Office, with a stated limit of twenty working days for a transfer no-objection certificate.

2.4 If the Receiver is one of several joint owners or joint allottees, or is signing as the holder of a power of attorney, or is an allottee who does not yet hold a conveyance deed, the Receiver will ensure that every owner or allottee of the Property signs the Main Document described in Clause 3.4. The Payer is not obliged to go ahead unless all of them sign, and if they do not, the Receiver is treated as having backed out under Clause 8.

3. What has been agreed in principle

3.1 The parties are negotiating the following transaction: __________.

3.2 The figures discussed are recorded below. Only the lines that apply to this deal appear.

3.3 If no figure appears under Clause 3.2, the parties record that the price or the rent has not yet been finally settled between them and that the Main Document will fix it. The token money is nonetheless paid and received on the terms of this receipt, and Clauses 7 and 8 apply to it as written.

3.4 The complete and binding terms will be recorded in a written __________ to be signed by the parties. That document is called "the Main Document" in this receipt.

3.5 This receipt is an acknowledgement of money received and a record of the timetable in Clause 6. It is not the Main Document and does not replace it.

4. The token money (bayana) received

4.1 The Receiver acknowledges having received from the Payer a sum of __________ as token money, also called bayana, on __________. The mode of payment was: Bank transfer (NEFT / RTGS / IMPS / UPI).

4.2 This money is paid to hold the Property for the Payer and is to be adjusted as set out in Clause 5. What happens to it if either side backs out is set out in Clauses 7 and 8. It is not a loan and it is not a deposit held for safekeeping.

4.3 The Receiver confirms that this money has been received by the Receiver personally, or into the Receiver's own bank account, and not by any broker, property dealer or agent on the Receiver's behalf. If a property dealer is involved, his commission is a separate matter between each party and his own dealer and does not come out of this money. The parties note that a person carrying on the business of an estate agent in Punjab requires registration under section 9 of the Real Estate (Regulation and Development) Act, 2016 read with rule 9 of the Punjab State Real Estate (Regulation and Development) Rules, 2017, and separately registration under sections 21 to 24 of the Punjab Apartment and Property Regulation Act, 1995; in Chandigarh, registration under the Chandigarh Real Estate (Regulation and Development) (General) Rules, 2016 applies.

4.4 The Receiver states that the figure in Clause 4.1 is the whole of what has been paid, and that no further sum has been taken in cash or otherwise outside this receipt.

5. What the token money will be adjusted against

5.1 If the transaction goes through, the token money is treated as part payment and will be adjusted:

(a) on a sale — against the total sale price, and it will be recorded as already paid both in the Main Document and again in the Sale Deed presented to the Sub-Registrar;

(b) on a tenancy — against the security deposit, and where there is no security deposit, against the rent first falling due.

5.2 The Receiver will not ask for this amount a second time at any stage.

6. Time — by when the Main Document must be signed

6.1 The parties will sign the Main Document on or before __________.

6.2 Where the transaction is a sale, the Sale Deed is to be executed and registered before the Sub-Registrar by the date the parties fix for it. If no date is written here, the date fixed in the Main Document applies.

6.3 In fixing those dates the parties have allowed for the permissions in Clauses 2.3 and 11.6, for the Payer's loan sanction if any, and for an appointment at the registering office. Appointments in Punjab are booked on easyregistry.punjab.gov.in, the Easy Registry portal, which the Department of Revenue describes as implemented in every Sub Registrar Office of twenty-two districts, while the same department's land records portal lists twenty-three districts in the State — so check that the office you need is actually on the portal rather than assuming it. In Chandigarh appointments are booked through revenue.chd.gov.in and ngdrs.chd.gov.in, and the Sub-Registrar's office at 30 Bays Building, Ground Floor, Room Nos. 1 and 2, Sector 17, Chandigarh 160017 accepts no cash.

6.4 Time is of the essence of this receipt. The dates in Clauses 6.1 and 6.2 may be extended only in writing signed by both parties. An email or a message sent from a party's own email address or telephone number, confirming the new date, counts as writing for this purpose.

6.5 Until the date in Clause 6.1 has passed, the Receiver will not market the Property, will not take token money or an advance from anyone else, and will not sign any agreement in respect of the Property with anyone else. This exclusivity is what the token money buys.

7. If the Payer backs out

7.1 The Payer "backs out" if the Payer refuses or fails to sign the Main Document by the date in Clause 6.1, for a reason other than one listed in Clause 9.

7.2 In that event the Receiver may retain out of the token money, as earnest money forfeited, the lower of __________ and the token money actually received, and will refund the balance, if any, to the Payer in the manner and within the time set out in Clause 10.

7.3 Clause 7.2 is to be read as follows. Where the figure named in it is the whole of the token money, the whole of the token money is forfeited and nothing is refundable. Where the figure named in it is nil, nothing is forfeited and the whole of the token money is refundable. Where it is some lesser sum, that sum is forfeited and the rest comes back. Forfeiture under Clause 7.2 is in every case a retention out of money already received and never a claim for money that has not been paid.

7.4 The parties have fixed that figure as a genuine pre-estimate of what the Receiver loses by taking the Property off the market for the period in Clause 6.1, and not as a penalty.

7.5 Once the Receiver has retained and refunded as Clause 7.2 requires, the matter is closed. Neither party will have any further claim against the other in respect of the Property or this receipt.

8. If the Receiver backs out

8.1 The Receiver "backs out" if the Receiver:

(a) refuses or fails to sign the Main Document by the date in Clause 6.1; or

(b) sells, agrees to sell, lets or otherwise deals with the Property with anyone else; or

(c) is unable to show clear and marketable title, or to give vacant possession, or to obtain the signature of every joint owner or joint allottee; or

(d) fails to obtain any permission, no-objection certificate or no-dues certificate that Clause 2.3 or Clause 11.6 requires, in a case where the office concerned was open to deciding the application; or

(e) is found to have given any confirmation in Clause 11 that is untrue.

8.2 In that event the Receiver will refund the whole of the token money to the Payer in the manner and within the time set out in Clause 10, and will pay the Payer, in addition, compensation of __________.

8.3 Clause 8.2 is to be read as follows. Where the compensation named in it is nil, the Receiver's only obligation under this Clause 8 is to refund. Where it equals the token money, the bargain is the customary "double bayana": the Payer has his money back and the same again. Whatever the figure, it is a ceiling on what the Payer may recover under this clause, and a court awards reasonable compensation up to it rather than the whole of it as of right.

8.4 Until the token money and any compensation under Clause 8.2 has been repaid in full, the Receiver will not create, agree to create or permit any third-party right or interest in the Property. If repayment fails, the Payer may pursue the statutory charge that section 55(6)(b) of the Transfer of Property Act, 1882 gives a buyer, if and to the extent that a concluded contract of sale is found to exist between the parties. Nothing in this clause is an admission by either party that a contract of sale has been concluded.

8.5 If the parties have by then already signed the Main Document, nothing in this clause stops the Payer from asking the civil court to enforce it instead of taking the money back.

9. If neither side is at fault

9.1 If the transaction does not go ahead for a reason outside the control of both parties, the token money will be refunded in full under Clause 10 and neither party will owe the other any compensation. Such a reason includes: a permission, no-objection certificate or no-dues certificate required from a development authority, the Estate Officer, the Chandigarh Housing Board, the municipal body or a bank being refused, or not being decided within the notified time limit for it, or being stopped, frozen or kept in abeyance by a general or standing order or public notice of that authority; a court or a government order stopping the transaction; the Property being acquired or notified for acquisition; the Property being substantially damaged or destroyed; or the death of a party.

9.2 To avoid argument later: unless the parties have agreed otherwise in writing, the Payer's inability to arrange a home loan or otherwise to raise funds is not a reason outside the Payer's control, and Clause 7 will apply.

10. How a refund is to be paid

10.1 Any refund due under this receipt will be paid within 15 days of the date on which the obligation to refund arises.

10.2 The refund will be paid by bank transfer or account payee cheque into the same bank account the token money came from, or into another account that the Payer confirms in writing. A refund of Rs 20,000 or more will not be paid in cash, because section 269T of the Income-tax Act, 1961 does not permit it.

10.3 If a refund is delayed beyond the period in Clause 10.1, the unpaid amount will carry simple interest at 12% per year from the due date until it is actually paid.

10.4 On receiving the refund in full, the Payer will return the original of this receipt to the Receiver, or give a written acknowledgement that nothing further is owed.

11. What the Receiver confirms

The Receiver confirms, and the Payer relies on the confirmations, that:

11.1 The Receiver is the lawful owner or allottee of the Property, or is duly authorised to deal with it, and has full right and authority to sell or let it.

11.2 The Property is free from any mortgage, charge, lien, court attachment, injunction, family or partition dispute, existing tenancy or unauthorised occupation, except anything disclosed to the Payer in writing before this receipt was signed.

11.3 Property tax, ground rent, non-construction and misuse charges, maintenance and society dues, and electricity and water bills relating to the Property are paid up to date, and anything relating to the period up to handover will be cleared by the Receiver. On a Chandigarh leasehold site the Receiver confirms that ground rent is paid to date — at 2.5 per cent of the premium for the first thirty-three years, 3.75 per cent for the next thirty-three and 5 per cent thereafter under Rule 12 of the Chandigarh Estate Rules, 2007 where those Rules govern the allotment, and otherwise under whichever provision the Estate Office confirms does govern it — and that no proceeding for resumption or forfeiture under section 8-A of the Capital of Punjab (Development and Regulation) Act, 1952 is pending.

11.4 No other person holds a subsisting bayana, option, booking or agreement in respect of the Property.

11.5 Before the Main Document is signed, the Receiver will let the Payer inspect the title documents, the allotment letter and any conveyance or lease deed, the approved building plan, the occupation certificate, the latest tax and ground rent receipts, the fard and mutation record or the Estate Office record as the case may be, the no-dues certificates, and a non-encumbrance certificate, to the extent each of these applies to the Property.

11.6 Before the Main Document is signed the Receiver will obtain, at the Receiver's own cost, and give the Payer copies of, every permission, no-objection certificate and no-dues certificate that a transfer of the Property requires, including any identified in Clause 2.3.

12. No possession and no interest in the Property

12.1 No possession of the Property, and no part of it, is being given or agreed to be given under this receipt. Possession will pass only under the Main Document, the registered Sale Deed, or the tenancy document, as the case may be.

12.2 Save for the negative undertaking in Clause 8.4, which is a contractual promise and nothing more, this receipt does not create, transfer or extinguish any right, title or interest in the Property.

12.3 This receipt is not a Sale Deed, is not an agreement of the kind referred to in section 53A of the Transfer of Property Act, 1882, and is not a lease or a licence. The parties have kept it that way deliberately: an agreement to sell followed by or evidencing delivery of possession must be registered under section 17(1A) of the Registration Act, 1908 and falls under entry 5(cc) of Schedule I-A to the Indian Stamp Act, 1899 as applied to Punjab, which charges it at the conveyance rate.

13. Tax, stamp duty and cash rules

13.1 The parties have chosen the payment method in Clause 4.1 with these rules in mind, and confirm that they have complied with them:

(a) section 269SS of the Income-tax Act, 1961 — an advance of Rs 20,000 or more in relation to the transfer of immovable property must not be taken in cash, whether or not the transfer eventually happens, and a penalty equal to the entire amount can be imposed on the person who receives it;

(b) section 269ST — nobody may receive Rs 2,00,000 or more in cash in respect of a single transaction, again on pain of a penalty equal to the amount.

13.2 The parties record the position on tax deducted at source for this payment. __________ Where section 194-IA applies, the Payer will deposit the tax within the time allowed, file Form 26QB and give the Receiver Form 16B. Tax properly deducted and deposited counts as payment of that much of the price.

13.3 Stamp duty and registration charges on the Main Document and on the Sale Deed or tenancy document will be borne as the Main Document provides, and in the absence of anything in the Main Document, by the Payer. For a Chandigarh site governed by the Chandigarh Estate Rules, 2007 the position is not open to negotiation: Rule 15 places the whole of the stamp duty and registration cost on the transferee. Each party bears its own taxes and its own professional fees.

13.4 On a Chandigarh leasehold or concessionally allotted site, the one-third unearned increase payable to Government under Rule 7(ii) of the Chandigarh Estate Rules, 2007 — or under whichever provision the Estate Office confirms governs an allotment made before 7 November 2007 — and the Estate Office transfer fee are borne by the Receiver and are payable out of the sale price. They are not additions to the price and the Payer is not liable for them. Neither figure is small, and the parties record that they have understood how the first is worked out: the unearned increase is the difference between the present value of the original premium, being that premium enhanced by 9 per cent a year compounded from the dates of payment, and the current market value assessed on the average auction price for the same category of site over the last three financial years; and the lessee is entitled to notice and a hearing on that assessment.

13.5 The parties understand that stamp duty on the Main Document and on the Sale Deed is charged on the consideration or on the Collector rate for the Property, whichever is higher; and that in Chandigarh the stamp duty on an agreement to sell is charged at 5 per cent of the token or earnest money recorded in Clause 4.1, with the registration fee at 1 per cent of that same figure capped at Rs 10,000, under item 22 of the Stamp Duty and Registration Fees schedule of the Office of the Sub-Registrar, U.T. Chandigarh. Collector rates are fixed afresh every year — in Punjab by the Deputy Commissioner as Collector under Rule 3-A of the Punjab Stamp (Dealing of Undervalued Instruments) Rules, 1983, with effect from 1 April, published on the district website and on plrs.org.in; in Chandigarh by the Office of the District Collector, U.T., whose Schedule of Collector Rates currently in force took effect on 1 April 2026 and was published on 25 March 2026. If a date in Clause 6 slips past 1 April, the duty payable may rise, and the increase is borne under Clause 13.3.

14. Notices

14.1 Any notice under this receipt must be in writing and sent to the other party at the address in Clause 1, by registered post with acknowledgement due or by a reputed courier. It may also be sent by email or messaging application in addition.

14.2 A notice sent by registered post is treated as delivered on the seventh day after posting, even if it is refused or comes back unclaimed.

15. Governing law and courts

15.1 This receipt is governed by Indian law.

15.2 A dispute between the parties about this receipt or about the token money is a civil suit, and it is to be brought before the Civil Judge at __________. Both grades of Civil Judge here — Junior Division and Senior Division — have unlimited pecuniary jurisdiction under the Punjab Courts Act, 1918, which is unusual and which means the amount claimed does not by itself decide which of them hears the suit; the work is distributed between them administratively, so ask at the filing counter or the District Judge's office which grade takes a suit of this value at that station. For any suit concerning the Property itself, section 16 of the Code of Civil Procedure, 1908 fixes the court within whose local limits the Property is situated.

15.3 The parties note three further points on the route through the courts. First, an appeal from a decree of a Civil Judge in Punjab lies to the District Judge whatever the suit is worth, because section 39 of the Punjab Courts Act, 1918 was substituted for Punjab by Punjab Act 29 of 2006; there is no first appeal to the High Court from such a decree at any value. Second, that substitution is a Punjab enactment and does not reach Chandigarh, where the older split between the District Judge below a stated value and the High Court above it still applies and the figure could not be established from a published source — ask at the Chandigarh judgeship before filing an appeal there. Third, a second appeal in both jurisdictions lies under section 41 of the Punjab Courts Act, 1918 rather than under section 100 of the Code, so no substantial question of law need be framed.

15.4 Limitation is short. A suit to enforce an agreement of sale must generally be brought within three years of the date fixed for performance or of notice of refusal (Article 54, Limitation Act, 1963), and a suit simply to recover the money within three years (Article 113). A stalled bayana should not be allowed to drift.

16. The whole understanding

16.1 This receipt records everything the parties have agreed so far about the token money, the exclusivity and the timetable. Anything discussed earlier that is not written here does not form part of it.

16.2 No change to this receipt is valid unless it is in writing and signed by both parties.

16.3 If any clause of this receipt is found to be unenforceable, the rest of it continues to apply.

SIGNATURES

Both parties have read and understood this receipt and sign it on __________ at __________.


RECEIVER — acknowledges receipt of __________

Signature: ______________________________

Name: __________

[Affix a Re 1 revenue stamp here and sign across it]


PAYER

Signature: ______________________________

Name: __________


WITNESS 1

Signature: ______________________________

Name: ______________________________

Address: ______________________________

Phone: ______________________________


WITNESS 2

Signature: ______________________________

Name: ______________________________

Address: ______________________________

Phone: ______________________________


Both parties should sign each page of this receipt. Keep the original with the Payer and a signed copy with the Receiver, and keep the bank transfer advice or the cheque counterfoil with it — the payment proof and the paper only work together.

Reading costs nothing. Keeping a copy needs an account.

The opening of the draft is on this page as you answer it. Once every answer is in, the button below opens the whole draft, watermarked — still without an account. Printing it, or keeping a clean copy, is where an account is asked for. That is the whole arrangement.

A kept copy has to belong to somebody, and that is the reason for the account. There is nothing further to it.

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