When we buy a property, we need to get it registered in the office of Registrar. While registering the property, we have to pay the stamp duty and registration charges. In this answer we will look at what is stamp duty and registration.
What is stamp duty on property?Stamp Duty is a tax collected by the government which is payable under Section 3 of the Indian Stamp Act, 1899. It is collected based upon the value of the property at the time of registration of the property. The amount of the stamp duty differs from one state to the other. It also depends on the type of property (whether it is new or old), age and gender of the owner, location, etc.
Stamp duty has to be paid fully on time. In case of delay, a penalty has to be paid. It is advisable to calculate the stamp duty before finalising the deal as it adds up to the cost of the property. The stamp duty gives the document a legal validation and is admissible in the court as evidence.
The state governments collect stamp duty, so it differs from state to state. Following is the list on what are stamp duty and registration charges in different cities:
| City | Stamp Duty | Registration Charges |
Delhi |
4% to 6% |
1% of property value |
Mumbai |
3% |
1% of property value |
Chennai |
7% |
1% of property value |
Kolkata |
5% to 7% |
1.1% of property value |
Bangalore |
2% to 5% |
1% of property value |
Stamp duty is paid by the buyer and in case of property exchange, the buyer and the seller both share the stamp duty charges equally.
This is all about what is the stamp duty on property.
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What is stamp duty on property?
Srija
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2021-07-13T18:31:49+00:00 2021-07-15T10:08:25+00:00Comment
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