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%.