Why it is required to be paid?
Like other taxes, payment of stamp duty is the obligation that under no circumstances can be skipped by the person undertaking a property transaction. No partial payment in lieu of the same is accepted and full stamp duty as determined should be paid on time. Failure or delay in payment or partial payment attracts penalty which is charged @ @% on a monthly basis. Levy of penalty could increase to 200% of unpaid duty amount.
How stamp duty is determined?
Stamp duty is decided based on the consideration value specified in the property documents or true market value whichever is higher. For flat purchases, stamp duty is decided based on their land parcel in an apartment. In the case, when each of the flat covers an equal area, the stamp duty is to be paid for the area that is being transacted in the deal. Otherwise, transaction of a larger property portion in a multi-storey apartment attracts stamp duty in the same proportion.
How to discharge stamp duty obligation?
The process of stamp duty payment has been simplified in several states as they have introduced an online payment platform for the same. Else, in the offline mode, either of the parties involved in the property transaction can purchase stamp papers of an amount equivalent to their stamp duty obligation in their name. The amount in lieu of the stamp duty shall be paid at the sub-registrar office prior to or on executing sale deed for the transaction.