The stamp duty on the transfer resale of an under-construction property in Karnataka depends on the agreement value or market value, whichever is higher. The buyer must pay stamp duty at the time of registering the resale agreement.
If the property value is below Rs. 20 lakh, the buyer pays 2% stamp duty. If the value is between Rs. 21 lakh and Rs. 45 lakh, the buyer pays 3% stamp duty. If the value is above Rs. 45 lakh, the buyer pays 5% stamp duty. Along with stamp duty, the buyer must also pay a 1% registration charge in all cases.
In a resale of an under-construction property, the government does not charge stamp duty on the full future value of the completed home. Instead, it charges stamp duty on the amount agreed between the first buyer and the new buyer, or the guidance value, whichever is higher. This amount usually includes the price already paid to the builder and the premium paid to the seller.
The buyer must pay these charges before or during registration at the sub-registrar's office. Without paying stamp duty and registration fees, the transfer is not legally valid.
Stamp duty makes the resale agreement legal and protects the buyer’s ownership rights. Registration creates an official record with the government. To avoid penalties, buyers should always calculate stamp duty correctly and complete registration on time.
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The stamp duty on the transfer or resale of an under-construction property is governed by state-specific regulations. It varies from state to state, and depends on various factors such as the property's value, location, and other circumstances.
It's important to check the latest rates and regulations in the specific state where the property is located, as these rates can change over time. You can also consult with your local registrar's or visit the official website of the respective state's revenue department. If you are in Karnataka, the stamp duty on transfer or resale of under construction property will be 3% if the property value is Rs. 45 lakhs, for those less than Rs. 45 lakhs, the stamp duty payable will be 2%. If your property is more than worth Rs. 45%, you will have to pay stamp duty of 5%.
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What is the Stamp Duty on Transfer/Resale of Under Construction Property
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2023-10-21T10:05:37+00:00 2023-10-23T11:14:17+00:00Comment
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