• Stamp Duty for Flats

Present rates of stamp duty for residential premises in Mumbai above Rs. 5,00,000/- is Rs.7650/- plus 5%

• Stamp Duty for Shops/ Galas/ Office Premises and Garage

The rate of stamp duty for shops/galas/office premises and garage even if just used for car parking is 5% in Mumbai.

• Procedure for Stamp Duty

When the flat purchaser desires to enter into an agreement, the stamp duty amount is calculated for him/her as per the agreement value or market value, whichever is higher. Once the stamp duty amount is given to the flat purchasers, they need to get the pay-order, which will be addressed in favour of “SUPERINTENDENT OF STAMPS, Mumbai”. The pay-order is given for franking of the agreement. Later, the said agreement is duly filled and signed by the respective parties.

The stamp duty paid document has to be registered under the Indian Registration Act with the sub-registrar of Assurances, of the jurisdiction where the property is situated. The basic purpose of registration is to record the ownership of the flat. Until the title deeds in your name are registered or recorded, you are not officially the legal owner of the house.

Compulsory Registration of Documents – Section 17 of the Registration Act, 1908

• Registration Procedure

For registration, the original document printed on one side along with two photocopies of the original; have to be submitted to the registering officer. The registration procedure also requires the presence of two witnesses and the payment of the appropriate registration fees.

• On Completion of Procedure

A receipt bearing a distinct serial number is issued. The following requirements for completing the registration are usually stated on the receipt:

• Market value of the property

• Income-tax clearance; i.e., N.O.C. under Section 269 UL (3) issued by the appropriate authority constituted under chapter XX-C of the Income Tax Act, 1961, if the same is applicable

• Registration Fee

  The registration fee currently fixed for registering documents relating to property transactions is approximately 1% of the market value or agreement value, whichever is higher, subject to Maximum of Rs.30,000/-. The registration fee for the following immovable property transactions is levied on the market value of property on which stamp duty is charged:

  1. Conveyance
  2. Exchange
  3. Gift
  4. Partition
  5. Transfer of lease by way of assignment
  6. Sale
  7. Power of attorney given for consideration
  8. Authorization to the attorney to sell the property