All You Need to Know About Stamp Duty in India

Ans: The stamp duty value differs from state to state based on multiple factors, such as the market value of the property, gender of the homebuyer, circle rate, and locality.

Ans: Yes. One can claim a tax deduction on the stamp duty and registration fees under section 80C of the Income Tax Act 1961, up to INR 1.5 lakhs.

Ans: Stamp duty is to be paid by the buyer. However, in the case of an exchange, the stamp duty is to be borne by both buyer and seller.

Ans: Many online portals have stamp duty and registration charges calculators where the property buyer can calculate the stamp duty applicable based on state and property value.

Ans: No. Stamp Duty is a mandatory tax levied by the government of India on the legal recognition of certain documents involved in the transaction during the registration of the purchased property.

Ans: There are certain parameters that qualify an individual for tax exception on stamp duty. Anyone can claim it after the possession of the property.