Have you noticed that when you purchase or buy any property, tax is given to the government known as Stamp Duty? Did you think about it once? Do you know what it is, the rates or why it is being charged? Here, you get the chance to know everything.
Okay, so to brief about it a bit, it is a type of tax that is imposed on any property- be it commercial or residential and even in case of any lease property. This tax is paid to the state government and so accordingly the rate will be different in different places.
Now, the amount of Stamp Duty is not constant and there are different slabs depending on which this tax needs to be paid. However, the responsibility of paying this tax in most of the cases is on the buyer. However, the most common calculation is by considering the higher limit. Like, if a property has a value of Rs 50 lakhs and the circle rate is Rs 40 lakhs, then the tax will be calculated based on the higher sum, which is RS. 50 lakhs.
Even there are other factors to on which this tax is decided. These are-
1. Depending on the age of the property
2. Depending on the location, where it is located
3. Considering the age. For the senior citizen, there is some form of concession
4. Depending on the gender. While it is not applicable to all states, but there are estates where the women gets some privilege
5. Nature of property, whether it is a residential or a commercial one
6. Identity of the property, whether it is flat or land
So, now that you have come to know about Stamp Duty, check about it when you buy a property. To pay, you can either go for the judicial stamp paper agreement or by franking method or can even opt for online mode.