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Current Financial Year Stamp Duty For Pune
According to the following breakdown, the current stamp duty in Pune 2021–22 S is 6% of the property's market value:
● It costs 4% in stamp duty for the house.
● 1% of local body tax (LBT)
● 1% of the transport surcharge
The Maharashtra Government stated they would grant a 1% discount on stamp duty in Pune rates if the property is registered in a woman's name during the state's annual budget presentation. Thus, instead of the customary 6% tax, they will be required to pay 5%.
Methods of Paying Stamp Duties in Pune
You can pay offline and online for stamp duty and registration charges in Pune. The steps are as follows:
A. Online Process
Go to the GRAS portal first.
From the scroll-down list, choose "Citizen" and "Make Payment to Register Your Document." Select "Pay Registration Fee and Stamp Duty Together."
Enter the necessary data, such as the district and registrar's office.
Select the bank and captcha options for your payment.
If you decide to pay using multiple banks, you should send your stamp duty payment in cash or by check to the authorities. A challan will be given to you after the transaction is complete. The Government Reference Number should always be on hand. Additionally, you will receive details like the bank's PRN, CIN, and Branch code.
B. Offline Method
Additional methods of payment for registration fees and stamp duty include:
● Franking.
● Postage stamps
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How can we calculate stamp duty for different types of Properties
If the consideration value of the property is higher, stamp duty is assessed on the highest of the ready reckoner rate, market value, circle rate, or consideration value. The sum of any purchase or sale two parties have agreed upon is known as the "consideration value."
For instance, if the circular rate is Rs 50 lakh and the agreement value of your apartment is Rs 60 lakh, the stamp duty would be calculated on the greater amount, i.e., Rs 60 lakh.
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Any Tax Benefits on Stamp Duty from the Government
If you have built or purchased a property, you should learn more about the stamp duty exemption rules. Stamp duty, registration fees, and other expenses directly connected to the transfer may be written off under Section 80C. A maximum deduction of Rs. 1,50,000 is permitted under this section.
Until the property has been registered in the buyer's name, the buyer lacks legal jurisdiction over it. It is essential for a user to register their property with the state government and to pay the associated stamp duty to protect themselves from future fraud of any form. Owners who don't pay their share of the stamp duty will have to pay the penalty later if they don't, too. To maintain possession of the property, the full process is completed. This makes the payment of stamp duty, and registration fees for a property, when stamp duty is paid for the registration of your documents and registration fees are the same as the processing cost necessary.
These fees are assessed based on the property's market value, which might vary depending on the district, the owner's gender, and the location (urban vs. rural). The registration fee can be up to 1% of a property's market value, and the stamp duty on that amount can go as high as 8%. However, since the Government of India has imposed these fees, making the payments for both is essential.
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How can I Pay Stamp Duty In Pune Online?
Step 1: Open eChallan by going to https://gras.mahakosh.gov.in/. (Maharashtra Stamp Duty Online Payment Portal).
If you want, proceed to Step 2 and register on the portal. (recommended)
Step 3: On the new screen, select the type of transaction you wish to complete after clicking "Pay without Registration" if you decide to pay without registering.
Step 4: Select whether to pay just the stamp duty, registration fees, or both the registration costs and the stamp duty under the heading "Pay to register your document."
Step 5: Enter the correct information in this section, including the district, the sub-registrar office, the party information, the property information, and the property valuation information.
Step 6: All needed is to choose the preferred payment method and produce the challan.
Summary
It can be challenging to comprehend the specific stamp duty and registration costs in Pune for your home if this is the first time you have done the process. Because of this, HonestBroker gives qualified assistance to house buyers who want assistance from those with extensive experience in paying registration fees and stamp duty in Pune. Our specialists guide you through the entire procedure and support you until the registration is completed successfully. Leave a comment below this article if you'd like to speak with an expert, and someone from our staff will get in touch with you right away.
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FAQ
Q. How to calculate stamp duty and registration charges in Pune?
Take your property's built-up area and multiply them by the neighbourhood market assessment rate. Your stamp duty will be calculated at 5% of this figure.
Q. What is stamp duty in Pune?
Pune has a 5% and higher stamp duty rate. In Pune, there is also an additional metro cess and local body tax that must be paid. If you have bought a flat or house in pune, you must pay flat registration charges in Pune and house registration in Pune.
Q. What is stamp duty for a new flat in Pune?
Old or new, any form of the flat registration charges in Pune will be subject to 5% stamp duty in addition to 1% metro cess and an additional 1% local body tax.
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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