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Stamp duty is a fees that you have to pay to the state government when you purchase a property. This fees is used to validate the registration of property in your name and legalise the document of property ownership. Without paying stamp duty on the property registration document you won't be considered as the legal owner of the property.
Generally, the cost of stamp duty is around 5-7% of the market value of the property and the registration charges are around 1% of the property's market value.
The stamp duty cost depends on multiple factors:
1. Market Value of the property 2. Property type (apartment, independent house etc), floor incase of apartment 3. Purpose of the property - commercial or residential 4. Location of the property 5. Property Owner's age and gender.Some important points to keep in mind regarding stamp duty:
1. Stamp duty can be claimed as a tax deduction under section 80C upto a maximum limit of Rs. 1.5 lakhs. 2. Stamp duty is exclusive of GST on the sale of property 3. Stamp duty charges are not refundable. 4. Stamp duty can be paid online or offline.| City | Stamp Duty Charges | Registration Charges |
| Bangalore | 5% of the property’s total market value | 1% of the property’s total market value |
| Delhi | • 4% if the property owner is a woman • 6% if the property owner is a man | 1% of total market value, plus a pasting charge of Rs.100 |
| Mumbai | • 4% of the property’s total market or agreement value for rural areas • 5% for property’s total market or agreement value, for urban areas | 1% of the property’s total market or agreement value, or Rs.30,000, whichever is lesser amount. |
| Chennai | 7% of the property’s total market value | 1% of the property’s total market value |
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Authors Of The Question
Stamp duty cost
Avinash kumar
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3 Year
2021-02-06T17:37:48+00:00 2021-02-06T17:37:48+00:00Comment
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