A Stamp duty is a tax that should be paid correctly at the right time. It is levied on the documents. As per the Government Act of India, the buyer is expected to pay 5% stamp duty on the cost of the flat. It is paid for the full ownership of the property and the consequences for evasion of stamp duty can even lead to imprisonment. The stamp duty for commercial spaces is 7% and it is subject to change. The stamp duty is calculated depending upon the purchase of the property according to the agreement value or the market value. Then a pay order must be obtained in favor of “SHCIL E STAMPING MAHARASHTRA”. The agreement could be completed and signed only after the submission of the pay-order.
On Registration, the investor is expected to submit the copies of transaction document to the Government Officer for preservation. Under the Indian Registration Act of 1908, when a stamp duty is paid on a document, it is necessary to be registered with the Sub-Registrar of Assurances of the locality of the property. The original copy of the document along with two photocopies must be submitted to the Sub-Registrar. A registration fee of 1% is calculated on the market value or agreement value and it is subject to change. There should be two eye-witnesses while on the process of this procedure. The investor will not get the full ownership unless this procedure is done completely. The procedure gets completed when a receipt with a distinct serial number is given.