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Advice on Stamp and Registration Duties

As much as you would love to be a proud owner of your dream property, tedious documentation and registration procedure does not make the journey any easier. The physical possession of a property does not alone determine the ownership. All the necessary documents and legal papers should also indicate clear title. The legal acquisition of a property requires the homeowner to pay stamp duty and carry out registration of the documents.

Stamp duty is a kind of property tax, required to be paid within the stipulated time and in full amount. It is similar to the sales tax or income tax collected by the government. A home buyer needs to pay stamp duty on the sale agreement under the Section 3 of The Bombay Stamp Act, 1958. It acts as a legal evidence of a property deal.

Stamp Duty in such case is calculated on the basis of Jantry decided by Govt. of Gujarat which considers it either on the market value or the agreement value whichever is higher. Further, it is payable only on the contents of the registration document, and not the transaction value. The stamp duty charges vary from state to state. The amount also depends on several other factors such as:

  1. Old or new property
  2. Rural or urban property
  3. Male or female property owner
  4. Agricultural or non-agricultural
  5. Freehold or leasehold
  6. Residential or commercial units
  7. Multi – storied apartments or independent house.

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