Are you buying a home? Are you buying a property for the first time? It is necessary to know the different factors that play a vital role in the overall transaction. You do not only have to pay the charges mentioned by the seller, but you also need to pay registration charges and stamp duty in India. Thus, it is necessary to use the online stamp duty calculator in order to find the additional amount to pay.
What is Stamp Duty and when It is Paid?
Stamp duty is a tax levied on the property transaction and is usually paid that the time of property registration. At the time of paying stamp duty, both the parties sign the concerned documents and ownership of the property is transferred legally. In order to calculate the actual stamp duty you need to pay on a property, it is best to use the online stamp duty calculators. Along with this, it is necessary to know the percentage of the stamp duty and registration in different states of India.
We know that the stamp duty amount is fixed and is determined b the market value or the agreement value of the property. A higher market value indicates that home buyers have to pay higher stamp duty. This online calculation is available at the official portal of non-banking financial institutes like Bajaj Finserv and provides a complete guide on the actual duty paid at the time of registry. Along with this, there are factors that determine the stamp duty like – Owner’s age, owner’s sex, property age, the location of the property, facilities available with the property and purpose of the concerned property.
Reference Read: The Indian Stamp Act: Your Guide to Stamp Duty in India
