Property in Chennai: Plots for sale in Chennai, Flats for sale in Chennai, Stamp Duty and Registration charges in Chennai 2021
Stamp Duty on Properties in Chennai
Before buying a property it's very important for any buyer to know about the stamp duty and registration charges. As we know that both these terms vary from state to state. When we talk about Chennai if you get physical possession of your property it does not mean that is your property. There are certain legal documents that indicate the ownership of the property in Chennai includes all types of property just like Plots for sale in Chennai, Flats for sale in Chennai, other Residential Property Etc.
Stamp duty is a government tax that is collected on the basis of the property value. It varies from state to state as well as new to old. And this tax is added to the property cost so that is why you have got a better idea of the property value before finalizing the deal. It is the official evidence of the sale and purchase of any property. And no one can challenge you after you get this. It’s usually paid by the buyer. And it varies from male to female according to the state's rule. And you must have this certificate no matter what kind of property you have including flats for sale in chennai, Plots for sale in Chennai and for other residential Property in Chennai.For this certificate, you have to follow these step
What is this Stamp duty?
Stamp duty is similar to taxes just like income tax, sales tax, property tax, etc. you have to pay if you are planning to buy a property. it is payable under section 3 of the Indian stamp act 1899. It must be paid in full and on time. There is no part payment option available in this tax. And if you are unable to pay these taxes on time then you have to pay 2% per month of the taxable amount and this will be gone up to 200%. So it’s very important for any buyer to pay this on time. Otherwise, you have to pay heavy penalty charges. In the case of property exchange purchaser/transferee, both of them have to pay stamp duty equally.
How to Calculate Stamp Duty?
Let me make this calculation more simple for you.
Suppose Ankur Bought a Property in Chennai with a value of Rs. 4000000 then he will have to pay the following charges listed below
Registration fee: 4% of 40 lakhs is Rs 160000
Stamp Duty : 7% of 40 lakhs is Rs 2,80,000
In this way, the total cost of the property is 4,440,000
I think the above example will help you to understand the fee structure, if you have any questions till now you can reach us at Honest Broker.
Time Limit of the Registration of the Property :
According to State Government norms, you have registered the property within the four months of the sale agreement. So once the property in Chennai has been purchased, the next step is to pay a stamp duty with a given time limit to avoid penalty. And the most important thing is that property must be registered at the registrar's office of the jurisdiction where the property was purchased.
Documents Required for the Registration of available Property in Chennai
Punishments and Penalties :
If anyone raised a complaint against you along with an affidavit and relevant paper trail then the court issues the summons. And in case you are found guilty you have to pay twice the cheque amount or face imprisonment of up to 2 years and in some cases, both punishments are given. You can explore more properties options including flats in Chennai, Plots in Chennai, or get expert advice related to Real Estate only at Honest Broker.
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