What is Stamp Duty?
Stamp Duty, a state government tax that is levied on property transactions. The buyer pays the stamp duty. The amount varies by state and locality and this payment is a compulsory payment for the registration process.
The amount of stamp duty is generally calculated as a percentage of the transaction or property value, based on location Eg.In Karnataka it is 6.6% of the total declared value.
How Stamp Duty Works
When buying property, stamp duty is charged on the transaction.
The buyer must pay the stamp duty to the government during registration and produce proof of the same.
How to Use the Stamp Duty Calculator in the Indiassetz App
Select City: Select the city where your property is located.
Input Property Value:
You can manually enter the property value in the provided input box.
Alternatively, you can use the slider to adjust the property value by moving it left or right.
Automatic Calculation:
The app will automatically calculate the stamp duty based on the property value and the city's stamp duty rate.
The calculated stamp duty amount will be displayed on the Top of the screen.
4. Actionable Button:
At the bottom of the screen, there is a button labeled "TALK TO OUR Property Expert." Click this button to receive assistance or more information from a property expert. You can also Schedule a call back at your convenience.
Calculation the Stamp duty :
To calculate stamp duty, you need:
a) The property value
b) The city where the property is located
The calculation involves multiplying the property value by the applicable stamp duty rate for that State.
The exact rate varies by location, so it's important to know the specific rate for the city
For Example:
Property Value: ₹51,51,000
Stamp Duty Rate for Bangalore is : 6.60%
Steps to Calculate Stamp Duty:
Calculate the Stamp Duty Amount:
Stamp Duty Amount=Property Value × Stamp Duty Rate.
Stamp Duty Amount=₹51,51,000×0.066
So, the stamp duty for a property valued at ₹51,51,000 in Bangalore, where the stamp duty rate is 6.6%, is ₹3,39,966.