Exchange Deed (Tabadla Deed)

स्टाम्प ड्यूटी

Chargeable, under Schedule 1-A to the Indian Stamp Act, 1899 as applicable to Punjab (and as extended to the Union Territory of Chandigarh), with the same duty as a Conveyance (sale deed) computed on the market value of whichever of the two properties is of greater value — not the sum of both values, and not the value of the property each Party individually gives up. Work out the higher Collector's rate/circle rate value of the two properties first; that figure, not the lower one, is what duty is charged on. In the Union Territory of Chandigarh, conveyance duty is currently 5% of that market value, plus a registration fee, with no concession for a woman buyer on a straightforward conveyance of this kind — confirm the current combined figure at the Sub-Registrar, 30 Bays Building before the stamp is bought, since rates are revised from time to time and this Deed does not print a self-updating one. In the State of Punjab, conveyance duty on a sale deed is charged ad valorem on the higher of the sale consideration and the Collector's rate, and the Exchange article applies that same rate to the higher-valued property here; confirm the figure currently in force — via igrpunjab.gov.in or at the Sub-Registrar of the tehsil where the properties lie — before computing duty, because this Deed does not assert a fixed percentage for Punjab. The Deed itself records, in a clause the drafter selects to match the jurisdiction above, which of these two positions applies, so a reader of the executed Deed is not left to match it back to this note. If an owelty payment makes the transaction resemble a part-sale, ask the registering office whether that affects the duty computation before finalising the figure; both offices treat an under-stamped exchange deed the same way they treat an under-stamped sale deed, impounding it until the deficiency and any penalty are paid.

रजिस्ट्री

Compulsory under s.17(1)(b) of the Registration Act, 1908 for any exchange of immovable property valued above one hundred rupees — in practice, every exchange this Deed is used for. Present it within four months of execution under s.23 of that Act; s.25 allows the Registrar to condone up to four further months on a fine of up to ten times the registration fee, after which the Deed cannot be registered at all, and an unregistered exchange of immovable property passes no title. Present it at the Sub-Registrar of the tehsil in which the properties lie, in Punjab; at the Sub-Registrar, Union Territory of Chandigarh, 30 Bays Building, Sector 17, in Chandigarh. Every co-owner of either property must appear before the registering officer, in person or through an attorney authenticated under s.33 of the Registration Act, 1908, with photo identity, PAN and photographs; both offices photograph and biometrically capture executants at presentation.

नोटरी

Not an alternative to registration — an unregistered exchange deed passes no title whatever a notary has stamped on it. Use a notary for the surrounding papers instead: a title or no-encumbrance affidavit for each property, a board resolution or partnership authority where a Party is not an individual, and an indemnity where an owelty payment is being made against a title defect still being cleared. A power of attorney used to execute or present this Deed needs s.33 authentication before execution, not mere notarisation — an unauthenticated power is refused at the counter.

गवाह

Both registering offices expect two witnesses, adults, not parties to the Deed, in addition to the executants' own attendance. In Chandigarh, para 127 of the Punjab Registration Manual requires the first witness to be known to the Sub-Registrar — a councillor, a gazetted officer or an advocate in the sectors — and both witnesses to be known to each other; a witness who is a stranger to the registering officer is commonly turned away. What actually gates registration is the executants' own attendance: both Parties (and every co-owner) in person with photo ID and PAN, or through a s.33-authenticated attorney.