Welcome to your very own referral guide on how to Register your Qualcom home, properties in Panvel Stamp Duty
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 favor 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 Panvel
Address : M.T.N.L Building, Ground Floor, New Panvel. District Raigad, Maharashtra. Pin Code - 410206.
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:
• 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:
5. Transfer of lease by way of assignment
7. Power of attorney given for consideration
8. Authorization to the attorney to sell the property