Stamp tax type is the tax you pay to the Indian government to legalize the documents needed to buy your home. On the other hand, francization only takes place after you have paid the stamp duty and includes the stamp process of these legal documents as confirmation of the stamp duty paid. Stamp duty is calculated on the basis of the value of a property on the basis of the following factors: stamp duty varies in most cities depending on the gender and location of the property. For example, stamp duties for women and property in rural areas are lower. How can you pay stamp duty? Here are the three ways to pay stamp duty, Stamp duty and registration fees are necessary fees that you need to evaluate, as the figures for these taxes can go to Lakhs. Normally, you have to pay 5%-8% of the value of the property as stamp and registration duty. For stamp duty, you must pay 5%-7% of the value of the property and 1% of the value of the property is paid as a flat-rate registration fee. The stamp registration lease is submitted to the Registrar. Previously, stamp papers were used to confirm that stamp duty had been paid. However, they were falsified, abused and led to fraud that led to the cessation of the practice by the government. Thus, francization was introduced as an alternative to the confirmation of the payment of stamp duty. Stamp duty is the tax that is imposed on your real estate documents during the sale or transfer of the property.
It is high at different rates throughout India. With our stamp tax calculator, you know the exact amount you need to pay in each state or city as stamp duty. How much is the registration fee? Once you have paid the stamp duty, the ownership document must be registered in accordance with the Registration Act 1908. Registration must be carried out within four months from the date of execution. The fees required to register the property in your name are called registration fees above stamp duty. Each Indian state collects registration according to its own policies, so they vary from state to state. Either 1% of the market value or the contract value, whichever is higher, is calculated as a registration fee, but with a maximum of Rs.30,000 How to register your property? You must print the original document on one page and submit it with two photocopies to the Population Registration Office. As a buyer, you must be present with the seller of the property and with two witnesses during the registration process. You must also take your ID card and proof of the stamped copy if you have already paid. Once the registration process is complete, you will receive the unique serial numbers. Competent agencies Stamp duty is paid at the time of registration in the office of the Sub-Registrar of Insurance, who is responsible for the location of your home.
Payment of stamp duty is yours as the buyer of the property. Remember that non-payment of stamp duty results in a penalty, so be sure to arrange money before signing the agreement. As for francification, only banks or agents that have official authorization from the government can add the frankie stamp to your certificate of sale and mortgage agreement. Generally speaking, these services are only offered for a few hours of the day and banks have a limit on the amount of franking work done on a given day. So make sure that you or your broker make sure that these formalities are completed within the time frame you have chosen. It is important to pay stamp taxes on the property in order to get legal ownership of the property….