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Stamp duty and Registration charges in Bangalore

Stamp duty and Registration charges in Bangalore in 2023

When purchasing a property anywhere in India, it is important to be aware of the stamp duty and registration charges that will be incurred as part of the process. These charges are essentially taxes that are imposed by the government on the transfer of ownership of a property. As per law, these charges are mandatory. State government levies the stamp duty charges, while the registration charges are levied under the registration act, 1908. These charges vary depending on which part of the country the property deal is executed.

The stamp duty and registration duty usually depend on a number of things including the market value of the property being purchased. In many states like Haryana and Rajasthan, the gender of the dealer also influences the stamp duty, but in Bangalore, currently the rates are the same. The standards on the stamp duty also differ by the type of property being involved. However, after reading this article we assure you that you will easily be able to calculate the stamp duty involved in your case.

Stamp Duty In Bangalore

Stamp duty is a tax imposed by the state government on the registration of documents related to the transfer of a property. The revised stamp charges are calculated as percentage of property value, and the charges are currently the same for different genders in the city. In Bangalore, the stamp duty charges are generally 

• 5.6% on properties above ₹45 lakh, 
• 3% on properties between ₹21 to 45 lakh and 
• 2% on properties less than ₹20 lakh

The stamp duty further depends on the type of property involved in the transaction. The super built-up area is taken into account while calculating costs for multi-story residences in Bangalore. Plots' sq ft area is multiplied by the current guideline value for that area. The overall construction area is taken into consideration for independent homes.

However, the above rates are only for the urban areas of the city. If the place comes under village panchayat, an additional surcharge may be levied. The state government reserves the right to change  the rates at any time. The government of karnataka recently had reduced the stamp duty charges last year, exercising such a power.

Apart from the above, there are separate stamp duty charges for gift deeds. If the property transfer is done to a non-family member through such a deed, 5% stamp duty charges with surcharge and additional duty is levied. If it is a family member, ₹1000 is charged for the stamp duty.

Calculate Stamp duty online

If all of the above sounds too complicated, it is because it is, but the reader of this article need not worry. The government of karnataka has made it easier for anyone to calculate stamp duty charges in their area by making an online portal that gives the current rates; for exactly this reason. The website is called Kaveri Online services, and one doesn’t even need to sign up to know the most recent rates online. You need to follow the below steps to calculate stamp duty online.

• Visit the portal here.
• Select the nature of the document to be processed. Further options will change depending on the selected option.
• Select the region type for the real estate property in question. 
• Type in the indicative market value. Market value is calculated based on the district and taluk one’s property is in.
• After filling all the entries, the portal will automatically generate your stamp duty charges for the legal process you have selected.

It is important to note that one can also pay stamp duty charges online. Follow the below procedure to do the same.

• Visit the Karnataka Khajane or K2 website here and click on “generate challan”.
• Fill in all the necessary details like name, email ID and contact number. Select the property location.
• Select the stamp and the registration department for the property process you are undergoing. Select the sub registrar nearest to the property in question.
• Enter the stamp duty amount and solve the ReCaptcha.

The challan number will then be generated. It is valid for 90 days. The person who has generated the challan must complete the registration or the transfer of ownership within those number of days by going to the nearest sub-registrar after completing the above procedure.

Registration Charges

Registration charges are fees that must be paid to the state government for registering a property. The registration charge for a property in Bangalore is 1% of the value of the property or the consideration, whichever is higher.

In addition to stamp duty and registration charges, there are other miscellaneous charges that may be incurred during the property purchasing process. These may include service charges for obtaining documents, charges for making photocopies, and fees for using the e-stamping system, if applicable.

Conclusion

It is important to note that stamp duty charges may vary depending on the location of the property within the state, and the government may also change any of the above rates at any time. It is always recommended to check the current rates before making any property purchase in order to budget accordingly. It is always good to consult with a property lawyer or professional real estate agencies like real estate worldwide before making any property purchase to make sure one has a clear understanding of all the charges incurred.