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Everyone dreams for their own home. They save money and spend it all to buy their sweet home. While saving money or arranging funds it is important to know details about registration charges and stamp duty. In Noida, UP, there have been some changes in the registration charges and stamp duty. These are fees which are levied by the state government on the transactions done while buying or transferring property.
Stamp duty is a tax levied on documents related to transactions of the property. It comes under the Stamp Act 2008. Registration charges are the fees for registering the property as per the government norms. It comes under the Registration Act 1908. The charges of stamp duty and registration are not the same and they vary depending on the property type, its location and valuation.
In order to boost economic growth and attract investments in the city, the state government has implemented changes in stamp duty and registration charges in UP. The Stamp Duty is reduced to 50% for Fortune 500 companies. These fortune 500 companies are also exempted from Registration Charges. The changes have been made to ensure that property transactions are streamlined and fairly distributed.
The government has also extended previous stamp duty which expired in 2023. Women will also get a benefit in the form of a reduced stamp duty rate during property registration. On the purchase of a property there is a 7% stamp duty charge on male owners and 6% on female owners. However, the property cost should be less than 10 lakh. And if the property is bought by a female and male there will be a 6.5% stamp duty charge. Registration charges are 1 percent irrespective of the gender.
Know It All About Property Registration Charges And Stamp Duty
Stamp duty signifies the transfer of the property ownership from the initial owner, i.e. seller to the buyer. Stamp duty rate also varies according to the type of the document formed and the transaction value for the same. For instance, in case of a gift stamp duty charged will be 5% of the property value, in cases of will Rs 200 are charged, for exchange deed 3% of the property value, and in case of divorce Rs 50. Stamp duty can be paid online via the Stamp and Registration Department Website.
To pay stamp duty online, you need to find out how much to pay. Seven percent of the transaction value will amount to the stamp duty and one percent of the transaction value will amount to the registration charges. The total amount due to get the stamp duty and registration done is the total sum of the stamp duty and registration charges calculated.
By opening an account on the stamp duty and registration department website, home buyers can easily pay their stamp duty online. The online system is intelligent enough to calculate the stamp duty and registration charges itself. The home buyers need to simply provide details of the property as asked by the system and they will know the amount needs to be paid. Things have been made easy and convenient for the home buyers now by the government.
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