The Registration Act 1908 states that it is compulsory to pay registration charges and stamp duty charges while buying property in Pune or any part of the country. Stamp duty is payable to the sub registrar of the area in order to complete the property registration process in the buyer's name in government records. On the other hand, registration charges are over and above stamp duty charges. I am going to share with you details on how to calculate stamp duty and registration charges in Pune.
There are multiple factors that affect the calculation of stamp duty and registration charges in Pune. Here have a look at them:
Market value of property:if the property value is high in the market then the stamp duty and registration charges will go up.
Location of the property:Properties in urban areas are likely to have higher stamp duty and registration charges than those located in rural areas.
Property type:If you are getting commercial property registered in your name, you are likely to pay a higher price than that for a residential property.
How much stamp duty and registration charges?Current stamp duty and registration charges in Pune are set at 6%. The bifurcation of this 6% charge is as follows:
Stamp duty: 4%
Local Body Tax (LBT): 1%
Transport surcharge: 1%
The registration charges in Pune are set at 1% of the property value, however, for properties of worth more than Rs. 30 lakhs the cap is set at Rs. 30,000.
I hope now you have an idea how to calculate stamp duty and registration charges in Pune.
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How to calculate stamp duty and registration charges in Pune?
Mona
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2021-10-26T14:19:25+00:00 2021-10-26T16:32:22+00:00Comment
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