To calculate market value, stamp Duty Authorities turn to a Stamp Duty Ready Reckoner, which is issued annually on January 1. The fees are set by the national governments concerned. The following factors could play a role in determining the cost of the property: I bought an apartment from my father-in-law in April 2015 and entered into the sales contract, I paid 5% stamp duty and rs 30,000/registration fee. I took loans from the bank to pay him the consideration for the apartment. As a family member, if stamp duty is applicable to me and, if not, what is the deadline for me to claim the signature stamp duty of an agreement for sale will be important given several factors. First, it is legal proof that the buyer and seller enter into an agreement on the basis of which the future approach will be decided in the event of a dispute. Also, if you apply for a home loan, the bank would not accept your application until you sign a sales contract. Update: January 2018 As much as you would like to be the proud homeowners of your dreams, documentation and tedious registration procedures do not make travel easy. Physical ownership of a property does not only determine ownership.
All required legal documents and documents should also provide clear title. The legal acquisition of a property obliges the owner to pay stamp duty and to proceed with the registration of the documents. Let`s see how it works. Yes, you will have to pay a stamp duty again for the new property you are buying. Laws relating to the registration of real estate transactions in India. A deed of sale is a legal document that proves that the seller transferred absolute ownership of the property to the buyer. Through this document, the rights and interests of the property are acquired by the new owner. A sales statement usually consists of the following information – Hello, I plan to buy a 2 bhk apartment for resale. The owner only registered the apartment 1 week after the payment of all stamp and registration fees.
Do I have to pay the stamp duty again to register the property in my name? Your personal data is safe with us. For more information, see our privacy statement For example, Tamil Nadu calculates the 7% stamp duty. However, in Rajasthan, the figure is 5%, 4% and 4% respectively for the general, female and disabled categories. If you buy an apartment, stamp duty must be paid on the basis of the undivided share (UDS) of the property. So if it makes 5 apartments of equal size on 5000 square meters of land, then each member must pay stamp duty for 1000 square meters of surface.