What is stamp Duty on Property
Stamp duty is a tax imposed on any sort of exchange that happens and is recorded. These may incorporate a movement deed, deal deed, power of attorney and so on. In fact talking, it is a tax that is paid for securing any archive or instrument that encourages the creation, exchange, restricting, broadening, smothering or recording any privilege or obligation. Stamp duty appeared after the death of the Indian Stamp Act in 1899. After the stamp duty is paid, these archives or instruments turn out to be legally substantial, and have evidentiary value in a courtroom.
How to Calculate Stamp Duty
There are three manners by which you can pay stamp duty for the new property you are going to claim. You may consider instalment through non-legal stamp paper, e-stamping, or franking, that is you pay the duty through some franking organization or a bank that is approved to acknowledge such an instalment. Franking Charges involves some additional charges in light of the state you are acquiring the property in. The table beneath demonstrates a portion of the stamp duty rates that are pervasive in key states crosswise over India.
The Registration Process
In the wake of having finished the instalment of stamp duty, the archive experiences a procedure of enrolment with the assistance of the Sub-Registrar of Assurances where the property is found. This method is characterized in detail by the Indian Registration Act of 1908. This is done keeping in mind the end goal to record the best possible execution of the archive so you get legal responsibility for recently gained property.
How to Calculate Stamp Duty Fees