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Stamp Duty India |
Stamp Duty India is kind of tax that is levied on the transaction performed by means of a document or instrument as per the regulations of Indian Stamp Act, 1899. Like other taxes, such as the sales tax or the income tax, it goes to the government exchequer and is collected by the government of the state where the transaction is carried out. Moreover, the stamp duty rates vary with the states of the country and you will also find differences in registration charges for different kinds of transactions. Stamp duty is paid on instruments, which are simply a document to create, transfer, limit, extend, extinguish or record a right or liability. Also known as a stamp paper, this document acquires legality once it is stamped properly after the payment of the requisite stamp duty charges and can now be produced in a Court of law as evidence.
Stamp Duty Ready Reckoner
It must be noted that the amount of stamp duty you need to pay for a property depends on the market value of the property concerned. As it is mentioned earlier, the rate also varies according to the location and the nature of real estate transaction. The stamp duty ready reckoner acts as a complete guide to help you know the current rates and other charges as per the location and type of the property in question. Use the C.S./C.T.S. number of your property and the name of the division or village where it is located to search specific information from the ready reckoner 2009. You will get to know the current market value of your property once you locate its valuation zone and sub-zone. The ready reckoner also helps you know the current registration charges per square meter depending upon the location of the real estate property. Since the rates and market values change each year, you must use the updated ready reckoner 2010 for calculating stamp duty taxes for the state you are residing in.
Stamp Duty Calculator
It is easy to calculate the stamp duty charges payable on you. All you need to do is to refer to a ready reckoner and get the rates of the stamp duty chargeable for the area concerned. The stamp duty rates applicable in different states of India, such as Maharashtra, Karnataka or Gujarat need not be the same. These may vary even for different locations in a particular state, for example Mumbai, Pune, Thane and Navi Mumbai in Maharashtra and Bangalore in Karnataka. The current market rate per square meter for the location concerned should be multiplied with the total built up area of your property.
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The value thus obtained may be raised or reduced as per the valuation factors given in the ready reckoner. After this, look up the ready reckoner 2010 to find the applicable stamp duty amount according to the calculated market value of your property. The entire process of calculation will become much easier if you use a stamp duty calculator that is also available online. We, on this site, provide you with such a calculator online. Alternatively, you can contact a local office of the Superintendent of Stamps Department that helps you do this all just for a reasonable fee.
Stamp Duty Rates in India
The stamp duty rates applicable for a particular state in India may vary with another state in the country. Hence, it is important to know the current rate applicable for the state where your property is located. We have provided here a brief overview of the stamp duty rates in India by providing you a list of states and the applicable rates.
1. Andhra Pradesh - 5%
2. Assam - 8.25%
3. Bihar - 9%
4. Goa - 8%
5. Gujarat - 10%
6. Haryana - 12.5%
7. Himachal Pradesh - 8%
8. Karnataka - 10.5 %
9. Kerala - 8.5%
10. Madhya Pradesh - 7.5%
11. Manipur - 7%
12. Maharashtra - 10 %
13. Meghalaya - 4.6 % to 9.9 %
14. Nagaland - 7.5 %
15. Orissa - 14.7 %
16. Punjab - 6 %
17. Rajasthan - 10 %
18. Tamil Nadu - 8 %
19. Tripura - 5 %
20. Uttar Pradesh - 10 %
21. West Benga - l7 %
22. Delhi - 8 %
Besides Property, Stamp Duty in India is applicable on a number of activities and instruments. Our site will help you obtain specific information regarding stamp duty on transfer of shares, share certificate, partnership deed, bill of exchange, shares, share transfer, leave and license agreement, debentures, gift deed, bank guarantee, bonds, demat shares, development agreement, demerger, power of attorney, home loans, houses & house purchase, lease deed, loan agreement and lease agreement. We keep on updating our information on stamp duty for partnership deed, power of attorney, gift deed, increase in authorized capital, lease agreement, share transfer, leave and license agreement and disadvantaged areas. There are three modes of payment, which include the use of stamp paper or adhesive stamps and franking. We will soon bring you latest news and updated information on stamp duty payable on shares, lease deed and mortgage in locations such as Mumbai, Pune, Delhi, Chennai and Hyderabad. We will also tell you how you can get benefits of stamp duty tax exemption under Section 80C of the Income Tax Act. Keep browsing.
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