Enquire Now

Blogs

  • A Brief Guide On Stamp Duty
    April 1, 2018

    A Brief Guide On Stamp Duty

    Stamp duty is the tax levied by state government on the transfer for rights of a property. It is charged on all major types of properties including residential commercial, freehold and leasehold. It is regarded as the responsibility of the buyer to pay the stamp duty to get the property registered in his name.

    Calculating stamp duty

    The stamp duty amount ranges from 3 to 10 percentage and varies in different states. It is calculated on the higher value of the property which is decided upon between the prescribed minimum value at which the property can be sold and the agreement value between the buyer and the seller.

    Factors that influence the stamp duty percentage

    • Status of the property – old or new
    • Location – city, rural, metropolitan, suburban
    • Age of the owner – senior citizens receive certain benefits in some states
    • Gender of the owner – females receive concessions from some states
    • Usage of the property – residential or commercial
    • Type of property – flat, individual house, commercial building, etc.

    Methods to pay stamp duty

    • Non-judicial stamp paper – Agreement details are mentioned in non-judicial stamp paper and signed by executants. It needs to be registered at the sub-registrar’s office within 4 months.
    • Franking – Agreement is printed on plain paper which is submitted to an authorised bank which processes documents through a franking machine.
    • E-stamping – Some states allow stamp duty to be paid online through RTGS or NEFT transaction system. The stamp duty certificate with details of date and stamp duty type can be downloaded for registration process.

    Ladder Mankav Greens is the premium offering of Ladder Kerala, who are one among the top builders in Calicut’s real estate for luxury flats and apartment in calicut for sale. Laden with modern amenities and redefining urban living through world-class designs, the project facilitate an impeccable premium lifestyle in the heart of the city.