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Stamp Duty and Registration Charges in Kolkata, West Bengal

Admin 24 May 2024 4,997 Views
Knowledge Stamp Duty

The Indian real estate sector is one of the largest in the world, with a huge potential for growth and development. The sector is currently going through a period of transition. And is witnessing an increased level of regulation and standardization. One of the most important aspects of any real estate transaction. Are the stamp duty and property registration charges? That is applicable in the region where the property is located.

In this article, we will take a look at the stamp duty and registration charges. That is applicable in the state of West Bengal. 

 Current Financial Year Stamp Duty For The Specific Area

The market value of the property mostly determines stamp duty in Kolkata. And the neighbourhood in which it is located. The government of West Bengal announced a 2% reduction in stamp duty. On properties during its budget release for 2021-22. However, this was only for a limited time until March 31, 2022.

The current stamp duty rates in Kolkata are as follows:

Stamp Duty in Kolkata

Property Location

Less than Rs.  25 lakhs

More than Rs. 40 lakhs

Corporation Area (Kolkata/Howrah)

6%

7%

Municipality/Notified Area/Municipal Corporation

6%

7%

Other Areas

5%

6%


Stamp Duty on Different Types of Deeds

The stamp duty in Kolkata is set at 6% for properties worth less than Rs. 25 lakhs. In a corporation, municipality, or other notified region. However, if the property is valued at more than Rs. 40 lakhs, the stamp duty in Kolkata is set at 7%. The stamp duty in Kolkata for properties valued at less than Rs. 25 lakhs. In places other than Corporation, Municipality, Municipal Corporation, and Notified Areas is 5%. In Kolkata, the stamp duty is 6% on items costing more than Rs. 40 lakhs.

 

Property Registration charges in Kolkata

S.No.

Registration Charges

 

Gift deed registration charges

 

Conveyance Deed Charges

 

Flat registration charges in Kolkata

 

Rs. 7

 

House registration charges in Kolkata (worth Rs 2 crore)

 

4% in rural regions and 5% in urban areas

 

land registration charges in Kolkata

 

Rs 1,000 to Rs 1,200 per acre

 

Gift deed (to family members)

 

Same as the conveyance deed

 

Plot registration charges in Kolkata

 

1% of the total market value of the property

Related Article Gift Deed Format in India 

How Can We Calculate Stamp Duty for Different Types of Properties?

Stamp duty and property registration charges are two of the extra costs. That a homebuyer must pay after purchasing a home, this stamp duty calculator will assist you in determining. The amount of stamp duty on your property in your state.

Stamp duty is imposed on the higher. Of the ready reckoner rate/market value/circle rate or the consideration value of the property. The whole sum involved in any purchase/sale transaction. Agreed upon by two parties is referred to as the consideration value.

For example, if your flat's agreement value is Rs 60 lakh. And the circle rate is Rs 50 lakh. The stamp duty will be calculated on the greater value. i.e., Rs 60 lakh. 

Any Tax Benefits on Stamp Duty from the Government

Stamp duty and registration charges in Kolkata, as well as any fees directly related to the transfer. Are tax deductible. According to Section 80C of the Income Tax Act of 1961. The maximum deduction is ₹150,000.

This deduction is available to both individuals and HUFs.

● Their income tax return.

● The year in which they paid for these charges.

How can we stamp Duty Online

How to Pay Stamp Duty Online in Kolkata:

The most straightforward approach to pay stamp duty in Kolkata. Follow the steps outlined below for online processing:

● For e-Payment of Stamp Duty on Properties. Go to the official West Bengal registration webpage.

● In the dialogue box, provide the query number as well as the query year.

● Click the 'Check Query Status' button.

● Finally, click 'Proceed for e-Payment'. To conclude the West Bengal stamp duty e-payment transaction.

Related Article Cost of Living in Kolkata 

In How Much Time do we have to Pay Stamp Duty 

Stamp duty is a tax on the transfer of real estate. And it is collected by the government to pay stamp duty. You must apply with the relevant authority six months after the transaction date. The stamp paper must be issued. 

 

What are the Penalties we have to pay in case of a delay

To avoid penalties, stamp duty must be paid promptly. And in one transaction at the time of the property purchase. In the event of a default. The penalty for non-payment of stamp duty can range from 2% to 200%. Of the outstanding amount of the West Bengal stamp tax.

The West Bengal stamp duty is levied. On all forms of immovable property instruments.

What are the Documents Required to pay Stamp Duty?

The following documents are required. Kolkata house/flat/plot registration charges:

1. An assessment slip including the market value. As well as stamp duty and registration expenses.

2. Identity evidence. Such as an E-Aadhaar card/voter card/PAN card/passport/driving licence, etc.

3. PAN card or duly completed Form 60. Together with the parties' identity and address verification.

4. Stamp duty and registration fee payment information

5. Principal document(s), if the current document is a supplement to such a principal document (s).

6. Permission from the relevant authority. In the case of any Schedule Tribe person transferring riot to a non-Schedule Tribe person.

 Related Article How to Buy Flats in Kolkata 

What Happens when you have not paid Stamp Duty

The government may knock on your door when you've not paid stamp duty.

Suppose you have not paid your stamp duty by the deadline. The government will issue a writ of execution against you.

The writ of execution is a legal document. That allows the government to enter your house or business. And take whatever they can find—even if it's not yours!

 

The government will send a court bailiff to your home or business. To collect any outstanding amounts owed. The bailiff will take whatever they find, including money and assets like cars or boats.

You could end up with a hefty fine for not paying stamp duty on time. But if you were supposed to pay it in the first place. Then this could be considered theft from the state.


To wrap things up, 

In conclusion, Stamp Duty and Registration Charges are important. To know about when buying property in Kolkata, West Bengal. These charges can vary depending on the type of property and the location. So, it is essential to be aware of them before making a purchase.

About Author

Jatin Dubey

An enthusiastic content writer who is a law graduate and has been working as Real Estate Consultant for around 9 years.
He has worked with top Real Estate Agencies and Builders in Delhi, Bangalore and Pune. His skills to perform market analysis and explore high potential localities has helped many clients in the past.

An enthusiastic content writer who is a law graduate and has been working as Real Estate Consultant for around 9 years.
He has worked with top Real Estate Agencies and Builders in Delhi, Bangalore and Pune. His skills to perform market analysis and explore high potential localities has helped many clients in the past.

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