Guidelines for purchasing and registering property in India
Property registration in India by law is under Section 17 of Indian registration act 1908. The law provides for the registration of various documents, to ensure the conservation of evidence preservation of fraud and assurance.
Effectively, it means that all sale transactions of immovable property have to be registered. The term ‘immovable property’ includes land, building and any right attached of these properties which may even include direct purchase from the developer or secondary sale.
Registration of property needs documentation, payment of fees, stamp duty and signing documents of both the buyer and seller. The registration is mandatory it effectively means that all the transaction of sale proceeds of Rs 100 has to be registered.
PROCEDURE OF REGISTRATION OF PROPERTY: The property document need to be registered, should be submitted to the office of sub-registrar for the assurance of jurisdiction to the property
1. Aadhar card.
2. Passport-size of both seller and purchaser.
3. Copy of the original sale deed that has been verified.
4. Copy of NOC according to the land ceiling Act.
5. Copy of the latest property register card.
6. Copy of Municipal tax bill.
7. Construction completion certificate.
8. Paper of agreement between the seller and the original purchaser.
If the property is not registered then it cannot be produced in any court of law as a piece of evidence since unregistered property has no legal validity. In case your property is acquired by the government, you won’t be entitled to compensation if the property has not been registered.
Stamp duty charges and property registration in India.
Stamp duty is a tax imposed by a government body on the parties handling the property transfer. The charges are collected by state and central government. The investor must not pay the stamp duty charges on the agreement of sales that falls under the India stamp duty act 1899, section 3.
Now all the taxes are replaced with GST which are sales tax, indirect tax and value-added taxes.
Time limit, fees for property registration
The documents should be submitted in the four months starting with registration date, required fees should be given with documents itself.
Calculation of stamp duty and registration fees
Different standards are used in different states for the calculations of stamp duty and the fees. The entire property is considered in the calculation. Ahead of the assembly polls, the Maharashtra government has unique led a slew of measure to boost the flagging realty sector in the state.
It is charged on the current ready reckoner rates or current market value or consideration value of a property, whichever is higher. Additionally, all the factors listed down below also play a role in determining the stamp duty on a particular property.
1. Check the encumbrances with sub-registrar
2. Final drafting of the deed by the lawyer
3. Credibility of the property and the builder
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