Stamp Duty in India

After the possession of property asset, customer first needs to get it authorized. For applying the exact property asset, a certain amount or tax is compensated to the municipality through ‘Stamp Duty’. Registering the exact property asset by paying ‘Stamp Duty’ to the govt confirms buyer’s possession on the authorized property asset. Until any property asset is authorized, property asset customer cannot claim as the owner of that particular property asset.[Real Estate In Chennai]

There are many concerns of residential as well as property asset buyers concerning the Seal Responsibility. The major question always arises, what amount should be compensated as stamps duty? The amount of stamps duty varies according to the place and nature of the property transaction. In every condition, city, town, or village; ‘Stamp Duty’ amount is different. This duty doesn’t remain stable and in fact changes every season. This is one of the key reasons that property asset seekers and home owners have several concerns as regards ‘Stamp Duty’:[India Property Chennai]

Q. Who is liable to pay ‘Stamp Duty’, Buyer or Seller?

Ans. Seal duty is compensated by property asset to authenticate his or her possession.

Q. How to determine Seal Duty?

Ans. Determining stamps duty is not a trial. It can be easily calculated referring a Prepared Reckoner. Seal Responsibility Prepared Reckoner acts as a complete guide to help you determine the current prices and other charges according to the place and type of the exact property asset. Prepared Reckoner can be obtained from the local Municipal Corporation or any equivalent govt body. Since the prices and market values change every season, it is better to use the updated Prepared Reckoner for calculating stamps duty.[Property In Chennai]

Q. Is ‘Stamp Duty’ payable on all instruments/documents relating to the exchange of immovable property?

Ans. Apart from ‘Transfer Will’ or original nomination in a Cooperative Housing Society, all exchange instruments/documents needs to be stamped before registration. Transfer instruments/documents include agreements to sell, conveyance action, mortgage action, gift action, action of partition, exchange action, power of attorneys, leave and license contract, contract of tenancy, and lease deeds.[Land Promoters In Chennai]