Stamp Duty & Registration

STAMP DUTY & REGISTRATION

Stamp Duty

FLATS FOR SALE IN NERAL, KALYAN, THANE, BADLAPUR AND TITWALA HAVE A VERY SIMPLIFIED STAMP DUTY & REGISTRATION process just like anywhere else in Mumbai, Thane and Navi Mumbai.

A stamp duty of 5% is applicable and mandatory on flat purchases within the jurisdiction of Greater Mumbai Municipal Corporation and 6% on flat purchase within TMC judiciary limits, according to the Maharashtra stamp act 1958. Without the payment of this stamp duty, your solicitor will not be able to officially register your new house in your name, even when the house is transferred within the family.

The rate of stamp duty for galas/office/shop premises and garage even if just used for car parking is 5% in Mumbai.

Procedure for Stamp Duty

The stamp duty amount is calculated for the flat purchaser as per the agreement value or market value, whichever is higher. Once the stamp duty amount is ascertained, the flat purchaser needs to prepare a pay-order addressed in favour of "SUPERINTENDENT OF STAMPS, Mumbai". The pay-order is given for franking of the agreement. Later, the said agreement is duly filled and signed by the respective parties.

The Stamp Duty Offices in Mumbai

The Stamp Duty Offices in Mumbai Office of the Superintendent of Stamps Stamp Office

The Superintendent of Stamps General Stamp Office,Ground Floor, Town Hall Building,Shahid Bhagatsingh Road, Fort, Mumbai 400 023 Ph: 266 4589, 266 4585

First Floor, B.M.R.D.A. Building, Bandra (East), Mumbai 400 051 Ph: 645 1894 Town Hall, Collector's Office Compound, Thane (West) 400 601

 

Registration
Registration of the Stamp duty paid agreement document is to record ownership of the flat. It is registered under the India Registration Act with the sub-registrar of Assurances, of the jurisdiction under which the property is located. The purchaser officially becomes the legal owner of the property, only after the title deeds are registered or recorded in his/her name.

Compulsory Registration of Documents - Section 17 of the Registration Act, 1908

Registration Procedure

For registration, the original document printed on one side along with two photocopies of the original; have to be submitted to the registering officer. The registration procedure also requires the presence of two witnesses and the payment of the appropriate registration fees.


On Completion of Procedure

A receipt bearing a distinct serial number is issued. The following requirements for completing the registration are usually stated on the receipt:


On Completion of Procedure

A receipt bearing a distinct serial number is issued. The following requirements for completing the registration are usually stated on the receipt:

  • Latest salary certificate or the original slip
  • Market value of the property
  • Income-tax clearance; i.e., N.O.C. under Section 269 UL (3) issued by the appropriate authority constituted under chapter XX-C of the Income Tax Act, 1961, if the same is applicable

Registration Fee

The registration fee currently fixed for registering documents relating to property transactions is approximately 1% of the market value or agreement value, whichever is higher, subject to Maximum of Rs.30,000/-. The registration fee for the following immovable property transactions is levied on the market value of property on which stamp duty is charged:

  1. Conveyance
  2. Exchange
  3. Partition
  4. Transfer of lease by way of assignment
  5. Sale
  6. Power of attorney given for consideration
  7. Authorization to the attorney to sell the property