|
|||
|
|||
Stamp Duty & RegistrationSTAMP DUTY Stamp Duty is a tax collected by the Government on every document by which any right, title, interest or liability is created, transferred, extended, extinguished or recorded. Stamp duty is prerequisite condition which has to be paid before taking possession of the flat.
(i) Stamp Duty for Flats:- Present rates of stamp duty for residential premises in Maharashtra above Rs.5,00,000/- is Rs.7600/- plus 5% of the remaining value.
(ii) Stamp Duty for Shops/ Galas/ Office Premises & Garage :- The rate of Stamp Duty for Shops/Galas/Office Premises and Garage even if used for car parking is 5% in Mumbai.
Procedure for Stamp Duty:
When the Flat-Purchaser is desirous of entering into an Agreement, he/she has been given the stamp duty amount which is calculated as per the Agreement Value or Market Value whichever is higher. Once the stamp duty amount has been given to the Flat-Purchasers have been told to get the Pay-Order. The pay-order is given for franking of the agreement and later on the said agreement is duly filled and signed by the respective parties.
Registration
Registration means recording of the contents of a document with a Registering Officer and preservation of copies of the original document. The documents are registered for the purpose of conservation of evidence, assurance of title, publicity of documents and prevention of fraud. Also, registration helps an intending purchaser to know if the title deeds of a particular property have been deposited with any person or a financial institution for the purpose of obtaining an advance against the security of that property.
Registration fees At the time of lodging a document for registration of any instrument, the original document which should be printed on one side only have to be submitted to the Registering Officer. The registration procedure also requires the presence of two witnesses and the payment of the appropriate registration fees. |
 |
 |
 |
