A friend of mine recently bought a property, and he called me to clear some of his queries related to the purchase. Being a property owner, I was aware of who pays stamp duty buyer or seller. Here is what I told him about it.
Who Pays Stamp Duty Buyer or Seller in India?
I told him that Stamp Duty is a tax that the buyer pays to the state government on the purchase of a property. Following that, I also told him about the different stamp duty rates in Karnataka. You can check the table below to learn about those.
| Region | Stamp Duty Rates | Registration Charge |
| Karnataka | 2% for properties under Rs 20 Lakh. |
1% |
3% for properties between Rs 20 Lakh and Rs 45 Lakh. |
1% |
|
5% for properties over Rs 45 Lakh. |
1% |
I also told him about the process of calculating stamp duty, when he asked me about does buyer or seller pay stamp duty.
How To Calculate Stamp Duty?
I asked him to visit the
Kaveri Online Service Website.
Then, I told him to choose the document type and click on Show Details.
On the next page, he had to provide the region, market value, and consideration amount.
The calculator will calculate the stamp duty, and you will be able to see the surcharge, cess, stamp duty, and property registration charges.
And that’s about it. After this, I told him about the formula to calculate stamp duty, which is
Stamp Duty= (Indicative Market Value - Indicative Consideration Amount) x Stamp Duty Rate + Surcharge + Cess.
This is all that I told him about who pays stamp duty buyer or seller. I hope this helps.
For Stamp Duty Related Queries Seek Assistance from NoBroker Legal Services Read MoreWhat Is Stamp Duty For Gift Deed In Maharashtra?
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Authors Of The Question
Who Pays Stamp Duty Buyer or Seller?
Riddhi
271Views
7 months
2024-04-01T11:39:29+00:00 2024-04-01T11:39:30+00:00Comment
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