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Stamp duty is a specific tax that is imposed on properties. When an individual purchases a single property or document from a third party or sells his property to a third party, this type of tax is levied on the property transaction. Stamp duty and property registration charges are not the same everywhere in India, varying state-wise. This article will give you the current details regarding Stamp Duty and Registration Charges in Rajasthan.
Current financial year Stamp Duty in Jaipur
Stamp duty and registry charges in Rajasthan are different from other states of India. Rajasthan Stamp Act regulates the overall stamp duty in Rajasthan. Rajasthan Stamp Act 1908 was passed to codify several earlier Acts. And offer a centralized system of Stamp Duty fees in Rajasthan.
In 2022, the current stamp duty and registration charges in Jaipur for men are 6 % and 1%, respectively, while for women, 5% of stamp duty and 1% of registration charges are determined. On the other hand, Labor Cess is determined in the current financial year in Jaipur is 20% of the stamp duty both for men and women.
Stamp Duty and Registration charges on different types of deed
Stamp Duty on different types of deeds are classified underneath:
Residential property contract
The stamp duty applicable on the contract of sale of residential property between the builder and the homebuyer is 3% of the property's value and 0.5% after exemption.
Stamp duty on Property sale
Stamp duty levied on the sale of property along with the document for possession agreement is 5% of the entire property, and the value after rebate is 6%.
Document for agreement
When a homebuyer is a woman and she belongs to SC/ST/BPL category, a document for agreement of possession is levied at 6% of the property value on sale. Here the post rebate value is 4%.
Possession agreement
Stamp duty is 6% of the property's value on sale; when a homebuyer is a woman, she is not under SC/ST/BPL category. The applicable stamp duty after the exemption is 5%.
Order of change
Change of land use order is levied at 6% of the property value, covered explicitly under the Rajasthan Urban Area Rules, 2010, and is 6% of the minimum land use amount after exemption.
Document for agreement
The stamp duty for men on sale with possession agreement documents is 6% of the property value and 6% after exemption.
Certificate
Stamp duty for persons with 40% or above disabilities is 6% of the total property value/prevailing market value of the property and 5% after exemption.
Gift
Stamp duty levied on the gift to mother, father, sister, brother, husband, offspring, etc., is 6% of the property value and 2.5% after exemption.
Division of land
Stamp duty on land division is 6% of the property value and 3% after exemption.
Deed of gift
Gift deed stamp duty in Rajasthan in respect of residential property managed by any person on behalf of the spouse of the martyr in Rajasthan, or if the wife of the martyr person is not alive, in that case, on behalf of the children of the martyr is 6% of market value.
11) Agricultural ancestral land.
In the deed of partition of ancestral agricultural land, the stamp duty is 6% of the property value, and the agriculture land registration charges 1%.
12) Ancestral property
The stamp duty levied on the division of any ancestral property is 6% of the property value of each share.
13) Gift to wife
Stamp duty (if applicable till March 31, 2022) levied on the gift to the wife is 6% of the property value.
How can we calculate Stamp Duty for different types of properties?
You can calculate stamp duty for different properties based on the ready reckoner rate, market value, circle rate, or the consideration value of the property. Consideration value refers to the total sum of money associated with any property transaction.
For example, if the value of a property is 50 lakh, the stamp duty will be calculated as:
Stamp duty = ₹ 50 Lakhs x 3% = Rs. 1.5 Lakhs
Registration charges = ₹ 50 Lakhs x 1% = Rs. 50,000
Labour Cess = ₹ 1.5 Lakhs x 20% = Rs. 30,000
Apart from this, you can visit any property registration website and calculate any property.
● Select your state name i. e. Rajasthan.
● Enter your specific property value and gender
● Submit other required details
● The stamp duty on the particular product will be displayed on your computer screen.
Any tax benefits on Stamp Duty from the government
Yes, stamp duty has tax benefits from the government. Section 80C of the Income Tax Act enables property owners to take the privilege of tax benefits on stamp duty and registration. The highest tax benefit allowed for property owners is Rs. 1,50,000.
How can we pay Stamp Duty online?
You can pay stamp duty in Rajasthan both online and offline. To go to the online stamp duty payment process, you need to log on to the specific property registration e-GRAS website and then pay the stamp duty fees using the payment gateway of your selected bank. You can also use your net banking and payment card, such as credit card or debit card options provided by your respective bank, to pay the stamp duty.
How much time do we have to pay stamp duty, and what are the penalties we have to pay in case of delay?
You have to pay your stamp duty in full within 30 days of the transaction of your property.
In case of delay in payment of stamp duty on your property, you will have to pay a penalty of 2% per month, which can be up to 200% of the stamp duty deficit.
What is the document required to pay Stamp Duty?
Following are some of the documents required to pay stamp duty:
● Transfer instruments
● Reconveyance of the mortgaged property
● Gift deed
● Deed of partition
● Exchange deed
● License agreement
● Tenancy agreement
● Power of attorneys
● Lease deeds
What happens when you have not paid stamp duty?
In Rajasthan, if you have not paid your stamp duty, in that case, you will have to pay 8% to 20% of the actual stamp duty as a penalty or face jail.
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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