If you are buying a property, then you are required to pay some money as stamp duty, and this could be a %age of the total value of the property you are planning to buy or it could be a fixed amount. There are also registration charges that you will be required to pay to complete a property deal. These registration charges and stamp duty rates are determined by the respective state govt. Therefore, the refund laws are different in different states regarding stamp duty. So, can stamp duty be refunded? The answer is yes. Read about the stamp duty refund process below.
Let me explain this using the example of Maharashtra
The government of Maharashtra lets you claim a stamp duty refund within 6 months from the registration date and the govt. may deduct 1 percent of the stamp duty ranging from a min. of Rs.200/- and a max. of Rs.1000/-. You can claim the refund for up to 2 years from the date of the deal registration if it was canceled.
Stamp Duty Refund ProcessThe refund gets the approval in case the seller could not fulfill his promises and fails to hand over the property timely. Moreover, the refund will be approved only if the cancellation agreement is registered under the law. The buyer can get a refund of up to a max. of 98 percent of the stamp duty. You are required to submit the refund application along with the original registered cancellation deed and original registered agreement. The Buyers won’t receive any refund on their registration fees in any case.
Read more:
Can a registered sale agreement be cancelled? How to calculate registration charges and stamp duty?Your Feedback Matters! How was this Answer?
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Authors Of The Question
Is stamp duty refundable?
Megha
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1 Answers
3 Year
2021-09-28T17:14:43+00:00 2023-10-18T18:09:22+00:00Comment
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