The Notable Guidelines For Stamp Duty And Registration Charges In Tamil Nadu
Real Estate / by Saran raj / 150 views
The fee you must pay to the authorities in order to register a property in your name is known as stamp duty.
Stamp duty and registration charges in Tamil Nadu are paid to the same entity that handles all of the paperwork required to complete the process.
Under the Registration Act, stamp duty must be paid on all documents that are registered in India.
It can be more difficult to register a property than it is to buy one.
Keep in mind that when buying a property, the price the seller quotes you is not the ultimate price you’ll have to pay.
When you register it in your name, a few lakhs are easily added to the price stated to you.
Did you know that when you buy a property, you’ll have to pay stamp duty, registration fees, cess, and surcharges?
The property’s total market value and the overall cost of the charges might be as much as 7% to 10%, depending on the charges.
While registration fees range from 4%, stamp duty ranges from 7% of the total market value of the property in most Indian states.
The stamp duty rate varies from state to state and is determined by the type of transaction (sale, lease, gift, mortgage, etc.).
In India, Tamil Nadu is one of the states with the highest stamp duty and registration fees.
As a result, property buyers in Tamil Nadu may expect to pay a significant sum while registering their property.
Stamp duty of 7% of the property’s market value and a registration fee of 4 % of the property’s value is the charges for property registration in Tamil Nadu.
7% on the market value of the higher value property, plus a registration charge of 4 % of the higher-value property’s worth in the case of property registration as a result of a property exchange.
In Tamil Nadu, a property buyer must pay stamp duty as decided by the state government.
Stamp duty is levied on the higher the rate or circle rate of the consideration value of the property (also known as “guideline value” in Tamil Nadu).
If the agreement value of a residential property is Rs 60 lakh and the guideline value is Rs 50 lakh. The stamp duty shall be calculated on the greater value, that is, Rs 60 lakh.
- Listing ID: 16362