Every property transaction attracts a certain amount in form of tax from the buyer, which goes to the state government. This amount is known as stamp duty and registration charges. This amount is paid to get a property stamped and registered in legal records with the Government.

What are the current Stamp duty and registration charges in Mumbai?

Here is the applicable stamp duty in Maharashtra after March 2021. Individuals should check the list before paying taxes as the stamp duty in Mumbai region varies as per urban areas, gram panchayat, and MMRDA as well as type of deed.

Here is the applicable stamp duty in Maharashtra after March 2021. Individuals should check the list before paying taxes as the stamp duty in Mumbai region varies as per urban areas, gram panchayat, and MMRDA as well as type of deed.

For property sale documents, Stamp Duty Maharashtra is payable on whichever is higher- the consideration value of the property mentioned in the document or the ready reckoner rates/ circle rates that the government decides.

Residential or agricultural property gift sales agreement transferred to family members ₹200

Stamp duty calculations depend on several factors:

• Type of property: For example, stamp duty may differ for a residential property compared to a commercial one.
• Market value of the property: The property market value is also considered while calculating the stamp value.
• Location of the property: Stamp duty is calculated based on the ready reckoner rates, which differ for different locations within a given area. So, stamp duty can vary as per the location of the property.
• Age of the property: An old property dealing may attract lower stamp duty as compared to a new property
• Age of the buyer: If the buyer is a senior citizen, stamp duty rates may be lower for them.
• Gender of the buyer: Stamp duty rates are lower for women as compared to men when it comes to buying property in their name.

Since stamp duty and registration are overhead expenses, they are not covered by a home loan and have to be borne by the buyer out of their pocket.

There are certain conditions under which stamp duty is refundable:

• If the deal is canceled, the refund can be claimed within two years of the registration date.
• The original registration agreement and the original cancellation deed must be submitted to the refund application.
• The buyer can get up to 98% of the stamp duty paid.
• The registration charges will not be refundable

No . There is no GST on Stamp Duty in Maharashtra

Stamp duty in Maharashtra can be paid in 3 different ways:

• Stamp paper: Stamp duty can be paid via stamp paper, where agreement details can be written.
• Franking: The agreement is printed on paper and then submitted to an authorized bank. The documents submitted can be used to pay the stamp duty by processing them with the help of a franking machine.
• E-stamp: The stamp duty can be paid online via RTGS or NEFT. It is safe and convenient.

Under section 80C of the Income Tax Act, one can avail income tax deductions for payments against stamp duty, registration, and cess charges. However, note that the total IT deduction under Section 80C is not more than Rs 1.5 lakh.