There are two types of release documents for which you will be charged, that is: One is among family members and the other among non-family members. In the case of a certificate of release between family members, the stamp duty and registration fee are 1% of the market value; The maximum limit is Rs 25,000 for stamp duty and Rs 4,000 for land registration. If the release certificate is among non-family members, the stamp duty collected is 7% and the registration fee is 1%. Before proceeding with the purchase of the land, you must exercise due diligence and verify the ownership of the property. To this end, you can apply for a EC at the Registrar`s Office. If the results of the due diligence are satisfactory, you can fill in the transaction documentation. You can buy stamp duty paper depending on the amount that arrived through the value of the land policy. Design a deed of sale and have it recorded with the help of two witnesses. You must also provide the necessary proof of identity for verification activities.
Stamp duty and registration fees remain the same for men, women and co-buyers in Tamil Nadu. So these are some of the different types of stamp duty that are levied in Tamil Nadu. Separate acts incur additional costs. Now let`s look at other property registration fees. The Tamil Nadu government allows the registration of the property for three suitable days that apply in the Tamil calendar to increase income. So far, Tamil Nadu`s sub-registrar offices have remained closed these days. Thai Poosam and Aadi Perukku are two days when the government will now consider allowing the registration of real estate. However, those who register goods on certain days may have to pay additional registration fees and stamp duty in Tamil Nadu. For more information on stamp duty in Tamil Nadu, please contact our legal team. Registration and stamp duties in Tamil Nadu are higher than in most states. The stamp duty for the sale, exchange or donation of real estate is 7% of the market value and the registration fee is 4% of the market value of the property.
On 29 October 2020, the Registration Service registered a maximum of 20,307 documents with 575 secondary registrars. The sale of stamp duty and same-day registration duties brought in Rs 123.35 crores. October was a good month for the department with a profit of Rs 1,096 billion. The GST in Tamil Nadu is 12%. It does not apply to the sale or resale of old goods. Now let`s discuss the qualification criteria for residential real estate in the residential segment. The registration fee for a resale property is 1% of the market value of the property or the value of the sales contract. Stamp duty remains the same at 7%.
There is no difference in the amount of registration fees and stamp duty on any type of property for women. Prices are the same for men, women and co-buyers in the state of Tamil Nadu. The sale and resale of the property have the same stamp duty and land registration. The stamp duty for the resale of real estate is 7% and the land registration fee is 1% of the market value of the property or the value of the sales contract. Leasing documents – Rental contracts of different types must be registered and therefore require the payment of stamp duty and registration fees. Stamp duty and registration fees represent both 1% of the rent, fines and premium, although the registration fee is a maximum of 20000. For leases up to 99 years, the registration fee remains at 1% of the rent with an upper limit of 20000, while the stamp duty is 4% of the rent plus a premium or fine. For leases over 99, also known as indefinite leave, the registration fee is again 1% with a limit of 20000, while stamp duty is 7% of the rent and any advance or premium. In Tamil Nadu, the costs of buying farmland are also high. Thus, the amount of stamp duty is 7% of the market value of the property. Similarly, the registration fee is 1% of the value of the property. This figure is the same as the sale, resale and registration of properties in Tamil Nadu.
Therefore, the rates are quite high. Therefore, you need to preserve a considerable amount before you think about buying land in Tamil Nadu. There is stamp duty and registration fee for division in Tamil Nadu. When distributing the property among the family members, the stamp duty and land registration fee are 1% of the market value of the property. The maximum limit for both is Rs. 25,000/– or Rs.4,000/- under each partition unit. For the distribution among persons who are not related, the stamp duty is 4% and the registration fee is 1% of the market value of each share. Let`s calculate the impact of stamp duty and the cost of registration on the price of a property. If a person buys a property with a market value of 50 lakhs, the stamp duty is 7% of the market value of 3.5 lakhs. The registration fee for this property at 4% is â¹2 lakhs.
The total cost of stamp duty and registration fees is 5.5 lakhs. Thus, the impact of stamp duty and registration fees is an 11% increase in real estate costs. .