The Notable Guidelines For Stamp Duty And Registration Charges In Tamil Nadu

Stamp duty and registration charges
  • 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.

Understand the Scenario Of Stamp Duty and Registration Charges in Tamil Nadu On
Real estate

  • 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.
  • Several factors influence the amount of stamp duty that must be paid.
  • The market value of the property, its kind, and the number of floors, its location, its intended use (whether residential or commercial), and its age are all factors to consider.
  • The registration fee for a plots for sale” is 4% of the property’s market value or the agreed value. 
  • The stamp duty that will be imposed on them is 7%.

For various documents in Tamil Nadu - Stamp duty and registration charges

Types Of Document

Stamp Duty

Registration Charges

Transportation / Conveyance / Sale

7 % of the property’s market value

4 % of the property’s current market value

Gift

7 % of the property’s market value

4 % of the property’s current market value

Exchange

7 % of the market value of the property with the higher market value

4 percent of the property’s current market value has a higher worth

A straightforward mortgage

1 % of the total loan amount, up to a maximum of Rs 40,000

1 % of the total loan amount, up to a maximum of 10,000 rupees

A mortgage with possession is worth

4 % of the loan amount 

Plus 1 % of the loan amount, up to a maximum of Rs 2,00,000.

An agreement to sell 

Rs 20 has been reached

1 % interest on the money borrowed (1 percent on total consideration if possession is given)

Agreement on the cost of proposed construction

1 % of the cost of the proposed construction or the value of the property, whichever is higher, as defined in the agreement

1 % of the cost of the proposed construction or the value of the property, whichever is higher, as defined in the agreement

Cancellation

Rs.50

Rs.50

Family members are divided (Partition)

1 % of the property’s market value, subject to a maximum of Rs 25,000 per share

1 %, subject to a maximum of Rs 4,000 per share

Non-family members are divided (Partition)

 

For separated shares, 4% of the property’s market value is deducted.

For separated shares, 1% of the property’s market value is deducted.

I) General Power of Attorney for the Sale of Immovable Property

Rs.100

Rs.10000

ii) General Power of Attorney for the Sale of Real Estate (Power is given to a family member)

Rs.100

Rs.1000

iii) General Power of Attorney for the sale of personal property and other purposes

Rs.100

Rs.50

iv) For consideration, a general power of attorney

4% of the total consideration

1% of the consideration, or Rs 10,000, whichever is greater.

In favor of family members, a settlement was reached.

1 percent of the property’s market worth, but not more than Rs 25,000

1 percent of the property’s market value, up to a maximum of Rs 4,000

In other circumstances, a settlement was reached.

7 % of the property’s market value

4 % of the property’s market value

Deed of partnership with a capital of not more than Rs 500

Rs.50

1% on the amount of money  invested

Deed of Partnership (other cases)

Rs.300

1% on the amount of money invested

Deposit of Title Deeds Memorandum

0.5 % on the loan amount, up to a maximum of Rs 30,000

1 % on the loan amount, up to a maximum of Rs 6,000

i) Division of family members (coparceners)

1 percent of the property’s market worth (but not more than Rs. 25,000) 

1% of the property’s market value, up to a maximum of Rs, 4,000

ii) Non-family members are allowed to participate in the release (co-owner and Binami release)

7% of the property’s current market value

1 % of the property’s current market value

Less than a 30-year lease

1% of the total amount of rent, premiums, fines, and other charges

1% of the total amount, up to a maximum of Rs 20,000

Up to 99-year lease

4 % of the total amount of rent, premiums, fines, and other charges

1% of the total amount, up to a maximum of Rs 20,000

Leases of more than 99 years or permanent are available.

7% of the total amount due in rent, fines, and advance premiums, if any, payable

1% of the total amount, up to a maximum of Rs 20,000

A trust declaration (if the property is there, it would be considered as a sale)

Rs. 180

1% of the total amount

To improve the transparency of the stamp duty and property registration charges in Chennai

  • The guidelines stipulate the property value, regardless of the price at which it was previously registered in the survey number, online payment of the registration cost, and a grievances cell where members of the public can file concerns through email, WhatsApp, and mobile phones.
  • The registrant’s bank account will be used to pay the registration cost.
  • If the registrant is unable to make online payments, e-Seva counters will assist them with the transaction.
  • Stamp duty and registration costs would be paid at nationalized financial institutions.
  • There would be no need for real stamp paper because the registration would be done on plain paper.
  • Stamp duty can be paid in part with an online bank transfer and the rest through the purchase of stamp paper.
  • A property’s guideline value is to be used instead of the property’s last registered value in a given survey number.
  • To reduce the amount of waiting paperwork, issue documents on the same day.
  • The grievance cell’s email address and phone number will be displayed in all sub-registrar offices.

Stamp Duty and registration charges in Chennai, Tamilnadu

  • The grievance cell’s email address and phone number will be displayed in all sub-registrar offices.
  • If you’ve decided to buy a property in Chennai, you’ll need to factor in the stamp duty and registration fees in addition to the purchase price.
  • These two fees will add to the property’s effective price and must be estimated ahead of time.
  • Let us begin by looking at the stamp duty and registration charges that must be paid in Chennai.
  • Unlike other states, the location of the property, whether rural or urban, makes no difference.
  • The stamp duty and registration fee are the same in all parts of Chennai. Similarly, there is no charge difference between male and women.
  • Also, keep in mind that the market value of the property refers to the government-determined guideline value.
  • This value is determined by the zone in which the property is located.

Let's use the following example to better comprehend stamp duty and property registration fees:

Mathavan purchased a property in Chennai for Rs. 20 lakh as a guideline price. 

He will be required to pay the following fees:

Stamp Duty For 7% and Registration charges for 4%

 

  • The registration price is 4% of the total amount of Rs. 20 lakh,i.e.,  Rs. 20,000.
  • Stamp duty is 7% on the 20 lakhs of Rs. 1,40,000.
  • As a result, the property’s effective cost is Rs. 1,60,000.

Stamp Duty For 7% and Registration charges for 4%

 

  • The registration price is 4% of the total amount of Rs. 20 lakh,i.e.,  Rs. 80,000.
  • Stamp duty is 7% on the 20 lakhs of Rs. 1,40,000.
  • As a result, the property’s effective cost is Rs. 2,20,000.

In Chennai, the procedure for registering property is as follows:

The following are the measures to take in order to effectively register your property in Chennai:

  • A comprehensive inspection of the property is recommended before engaging in a property sale agreement or a price negotiation, as well as performing due diligence with the assistance of a lawyer who specializes in property transactions.
  • Preparation of the Sale Deed: Once due diligence has been completed, the sale deed must be created. It must be written on stamp paper, the value of which is determined by the property registration fees.
  • It can be written by either advocates or certified document writers.
  • Property Registration: In Chennai, within four months of the selling agreement, the property must be registered and signed. 
  • As a result, once the property has been purchased, the next step is to pay the stamp duty and registration fees in Chennai.
  • The property must be registered with the jurisdiction’s registrar/sub-office registrar where it was purchased.

Required Documents and The place for paying stamp duty and registration charges in Chennai, Tamilnadu

The following documents are required to successfully register the property with the Registrar:

  • The stamp duty on property receipt has been signed and states that the stamp duty has been paid in full.
  • Identity proof for the executant and claimant, such as  driver’s license, voter ID, passport, Aadhaar card, and so on.
  • Witnesses must present proof of identity.
  • If relevant, a No Objection Certificate (NOC) is required.
  • Certificate of no dues/certificate of tax clearance
  • Property documents such as a sale deed, a conveyance deed, a power of attorney, and so on.
  • Passbook of Pattadar
  • Rates of Stamp duty and registration charges must be paid at the jurisdiction’s registrar/sub-office registrar where the property was purchased.
  • Non-judicial stamp sheets, which may be found at the offices of the Sub-Registrar, are the best option to pay the aforementioned charges in Chennai.
  • Stamp duty can also be paid online using the E-stamping service. 
  • Simply go to http://www.shcilestamp.com/ and follow the instructions to get an e-stamp from the Stock Holding Corporation of India Limited (SHCIL).
  • There is RTGS or cash/NEFT/DD deposit at the relevant SHCIL branch in Chennai. You can also pay by using these services.

Conclusion

  • The process of registering a property can be somewhat complicated, especially if you are unfamiliar with the procedure.
  • It is recommended that you contact a lawyer who specializes in property transfers and is familiar with the complexities of the process.
  • To learn about the stamp duty and registration charges in Chennai,  Alternatively, one might contact the best builders in Chennai.
  • Namma Family Builder and Developer Pvt. Ltd. satisfy their respectful clients by following all rules and regulations in their concerned legal and revenue departments.

FAQ

1. what is stamp duty meaning?

  • Stamp duty is the tax that governments pay on legal documents, usually on the transfer of assets or property. 
  • Governments impose stamp duty, also known as stamp duty, on documents required to legally register certain types of transactions.

2. Who pays stamp duty buyer or seller in Tamil Nadu?

In Tamil Nadu, a property buyer pays stamp duty as stipulated by the Government. 

3. How are stamp duty and registration charges calculated in Chennai?

  • Stamp duty is calculated based on the government value or the consideration value of the property, whichever is higher. 
  • So, if the value of the property is Rs.60 lakh, the charge will be 7% of Rs.60 lakh.

4. What is stamp duty and registration charges in tamilnadu?

  • In Tamil Nadu, the stamp duty on resale property is 7% of the property's agreement value or market value. 
  • The registration fee is 4% of the property's agreed or market value. 
  • In Tamil Nadu, the stamp duty on resale property is 7% of the property's agreement value or market value.

5. What are registration charges for construction agreements in Chennai?

  • The registration expenses are 2%(1%Stamp Duty+1%Registration Fee) of the cost of construction.

6. How can I pay stamp duty in Chennai?

  • The way to go about paying the aforementioned charges in Chennai is with the help of non-judicial stamp papers, which can be found at the offices of the Sub-Registrar. 
  • One can also pay stamp duty online, through an E-stamping facility.

7. What are the Documentation Required for Payment of Stamp Duty and Registration Charges?

  • Identity proof for the executant and claimant, such as a driver's license, voter ID, passport, Aadhaar card, and so on.
  • Witnesses must present proof of identity.
  • If relevant, a No Objection Certificate (NOC) is required.
  • Certificate of no dues/certificate of tax clearance
  • Property documents such as a sale deed, a conveyance deed, a power of attorney, and so on.
  • Passbook of Pattadar

8. What are the Procedure For Payment Of Stamp Duty And Registration Charges?

The form must be submitted along with payment for the stamp certificate. The various modes of paying stamp duty in the e-stamping system, include NEFT, RTGS, pay order, demand draft, cheque, cash and account to account transfer

9. Procedure of renewal of stamp paper vendor license in Tamilnadu and its detailed policies on renewal

  • Collect all the required documents including the CSC ID
  • Reach out to your CSC District Manager and tell them that you want to become a CSC E-stamp vendor, for which you’ll require a user id and password.
  • After that, the District Manager will ask you to submit the required documents.
  • After submitting the documents, CSC will send you the User ID And Password within 15 to 20 days.
  • Finally, you can use this User ID And Password to sell the stamp.

Now that you know how to apply for stamp vendor licence, let me also tell you about the benefits:

10. The payment of stamp duty made up of?

  • All homebuyers have to pay stamp duty and one-time registration charges under Section 3 of the Indian Stamp Duty Act, 1899.
  • This is usually paid once the sale deed is executed. Stamp duty rates vary from one State to another. In India, stamp duty charges range from four percent to 10 percent.

11. Trust lease deed cancellation fee and stamp duty in Tamil Nadu ?

  • Registration fee: Rs. 50/- Stamp Duty: Rs. 50/-

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