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|Registration fees and stamp duty charges - Bangalore|
|By Neha Pathania Kashyap|
|Tuesday, 27 November 2012 17:43|
|Total View : 69187|
If you are planning to buy a property 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 per cent of the total or registered property value as stamp duty and 1 per cent of the total or registered property value as registration fees in Bangalore.
In addition to this, there is 10 per cent cess and 2 per cent surcharge on stamp duty. In total, a buyer is liable to pay 5.6 per cent stamp duty in urban areas. In areas under Village Panchayat, the surcharge is 3 per cent and thus the stamp duty value is 5.65 per cent.
While stamp duty tax is levied by the state governments on the property, basis its market value, registration value is levied for registration of documents under Registration Act, 1908. These charges, although compulsory, vary from state to state depending upon city laws.
To calculate the registration fee and Stamp duty, different standards are used for different property types. In Bangalore –
The stamp duty rates are not fixed and are bound to change from time to time. However, there are no fixed timelines for these charges to be revised by the Karnataka government. Most of the times the state government revises them annually. Unlike many other states, such as Haryana and Rajasthan, these charges are same for both, men and women in Bangalore.
These charges, are mostly dependent upon the prevailing market rate of the property, expansion of city limits and property market performance.
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