Are
you planning to buy a home or on top of that a first time home buyer?
A lot of you, who are thinking to get a home
or flat from real estate developers in Bangalore,
might or might not have heard the terms called stamp duty and registration fee.
So basically, while buying any property you will end up paying the market value
of that property with stamp duty and registration fee.
We should also
understand about real estate stamp duty and Registration Process in real
estate. Stamp duty is a tax levied on any kind of transaction that takes place
and is documented. These may include a conveyance deed, sale deed, power of
attorney, etc. Technically speaking, it is a tax that is paid for acquiring any
document or instrument that facilitates the creation, transfer, limiting,
extending, extinguishing or recording any right or liability. Stamp duty came
into existence after the passing of the Indian Stamp Act in 1899. After the
stamp duty is paid, these documents or instruments become legally valid and
have evidentiary value in a court of law.
There are three ways in which you can pay stamp duty for the new property you are about to own. You may consider payment through
non-judicial stamp paper, e-stamping, or franking, that is you pay the duty
through some franking agency or a bank that is authorized to accept such a
payment.
After having completed the payment of stamp duty, the
document goes through a process of registration with the help of the
Sub-Registrar of Assurances where the property is located. This procedure is
defined in detail by the Indian Registration Act of 1908. This is done in order
to record the proper execution of the document so that you get legal ownership
of the newly acquired property.
If you are planning to buy Real estate properties in Bangalore and have a
set budget, you must consider the amount you will have to pay for getting your
property registered. As per the ongoing rates, you are required to pay 5% of
the total or registered property value (above Rs 20 lakh) as stamp duty and 1
percent of the total or registered property value as registration fee in real estate properties in Bangalore.
stamp
duty and
Registration Process in real estate Bangalore,
Karnataka
|
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Gender
|
Stamp Duty rates
|
Registration Charges
|
Male
|
5% on properties above
Rs 20 lakh
2% on properties less than Rs 20 lakh
|
1% of the property value
|
Female
|
5% on properties above
Rs 20 lakh
2% on properties less than Rs 20 lakh
|
1% of the property value
|
Joint (Male + Female)
|
5% on properties above
Rs 20 lakh
2% on properties less than Rs 20 lakh
|
1% of the property value
|
Joint (Male + Male)
|
5% on properties above
Rs 20 lakh
2% on properties less than Rs 20 lakh
|
1% of the property value
|
Joint (Female + Female)
|
5% on properties above
Rs 20 lakh
2% on properties less than Rs 20 lakh
|
1% of the property value
|
It is good to know the process of buying a property, because, when
we buy one, it is not just the market value of the property as well as we also
end up paying the stamp duty and the registration charges.
Phone number: +91 9065666624
Email id: sales@atcoproject.com
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