Present
stamp duty and registration procedure
It is one of the major revenue of government by people through the land
exchange. This is the legal way of transaction of property for that we want to
bring stamp paper for the amount of land purchase. First we want to settle the
price of land. Secondly to make an agreement on a stamp paper worth Rs 50 or
above by showing all our conditions regarding the transaction fully mentioning
the terms. If we desire to register the agreement , it is possible through
registrar office. The normal main matters we listed in our web site. We can do
the registration directly with out making an agreement at our discretion. After
checking and collecting all the documents we can move to document executing or
registration ,for that the stamp duty defers in panchayath ,municipal and
corporation area, which is given below. If we want to bring the
stamp paper of Rs 1 lakh or above we want to give a request to the sub treasury
office for the entire stamp paper which we require. This can obtain from any
treasury of kerala. As the prevailing rule there is no need of
direct presence of buyer but seller or his power of attorney must for
documentation. After documentation the registrar have the right to keep the
document for 90 days to note any complaints behind this transaction but in
normal case the original new document will be given to the buyer or who possess
the registration slip within 15 days. After that we have to give it to village
office for 'thandaper' registration (pokkuvaravu) then we can pay the tax in the
name of land owner.
At
per present rule, the rate of stamp duty in panchayat area is 10% plus
registration fee and surcharge 2 %. The total is 12%. For the registration in
municipal area 12 % plus registration and surcharge fee 2 %. The total is 14 %.
For registration within the Corporation area 13.5% is for registration &
surcharge fee 2 %. Total is 15.5 %.
Setting the norms of stamp
duty calculation
Different States levy different rates of stamp duty on
property transactions, paid by the purchaser of the property.
The duty is payable on the value at which the property is
registered, with purchasers generally under-reporting transaction values.
So, mostly in case of second or subsequent sale transactions,
there is usually a variance between the transaction value and the registration
value of the property.
There have been proposals from various quarters to reduce the
rates of stamp duty, so as to bring out greater transparency in property deals.
These include reducing stamp duty rates for the registration
of property.
It has been proposed that stamp duty rates on property
transactions should be slashed to 4-6 percent across States.
The Central Government is proposing that the stamp duty levy
should be imposed only on capital appreciation and not the entire transaction
value something akin to VAT.
If the proposal is accepted, buyers will pay stamp duty only
on the difference between the transaction value and the previous sale value of
the property concerned.
The incremental value of the transaction would attract stamp
duty and not the gross value of the property.
PREPARED
BY PIK WEBSITES GROUP
