Get Complete Information On Online Stamp Duty & Registration Charges In Mumbai

 

Stamp Duty and Registration Charges In Mumbai

Stamp Duty and Registration Charges In Mumbai


Stamp Duty is a one-time property tax that needs to be paid while buying a property. It is levied by the state government when a property is transferred from the seller to the buyer. 


In more technical terms, Stamp duty is a state levy imposed on the agreement document executed between the seller and the buyer which is registered at the registrar. 


The stamp duty is payable under the Indian Stamp Act 1899, but the responsibility for setting up the stamp duty is shared between the Central and State Governments. Therefore, the stamp duty charges in Mumbai are payable under the Maharashtra Stamp Act 1958 and are governed by the state government. 


Since stamp duty is one of the important legal aspects of the property buying or flat buying process it is beneficial to have detailed information.


Why Stamp Duty Is Important?

The stamp duty is applicable in all types of property transactions whether it be residential, commercial, or land. 


The Stamp duty is important in the real estate translation because-

  • Only after paying the stamp duty, you become a legal owner of the property. 

  • The receipt of acknowledgment of the stamp duty is considered as proof of ownership. 

  • The stamp duty rates influence your overall buying budget.


Factors Affecting Stamp Duty Charges

The stamp duty is a one-time charge paid during the real estate transaction. Stamp duty depends on the various factors such as-


  • The Market Value Of The Property

  • Location

  • Gender Of The Buyer 



The Market Value Of The Property

The stamp duty is always charged as a percentage of the market value of the property. In Mumbai, the stamp duty charges are 5% of the market value of the property. 

For instance, If the Market Value Of the property is Rs. 1 Crore, then the stamp duty charged in the case will be Rs. 5 Lakh. 

However, if the agreement value is more than that of the market value, in such cases the stamp duty will be charged on the agreement value. We will have an example covering how exactly the stamp duty charges are applied. 


Location

Location is one of the important factors that decide the exact percent of the market value charged as stamp duty. Depending on the jurisdiction of the location the stamp duty varies. 

In Mumbai,  there are different stamp duty charges for the localities within the municipal limits, areas within MMRDA, and within gram panchayat limits. 


Gender Of the Buyer

Most of them charge less percentage of Stamp Duty if the property is owned by a female.  The intention is to promote the security of independent women.  For example, in Mumbai, the stamp duty charges for women are 1%  lesser than that for male property buyers. 




How to Pay Stamp Duty Online In Mumbai


To Pay Stamp Duty & Registration Charges In Mumbai following are the important prerequisites:


  • PAN Card Details of Both the Parties 

  • Flat/Survey Number

  • Market Value- You can have this calculated from the Sub-Registrar Office. 

  • Applicable Stamp Duty & Registration Charges Amount


Stamp Duty In Mumbai Online



Step 1: Visit gras.mahakosh.gov.in.


Step 2: Then Click On The “Inspector General Of Registration”


Step 3: It will take you to the Department of Registration and Stamps. Then click on the pay without Registration.


Step 4: Now, Click on Citizen Option and Click on Make Payment to Register Your Document


Step 5: And select from the three options: Pay Stamp Duty, Registration Charges.


Step6: Then fill in the important details such as the District, Registrar Office, And the Stamp Duty Amount, etc.


Step 7: Select The Payment Option and Proceed.


Step 8: Check the Generated Draft Challan, if the details are correct then click Proceed.


Step 9:  Select the payment Method either as Internet Banking or ATM Debit Cards


Step 10: After the payment, You will be redirected to the Copy of the Challan.



Summing Up:

  • You need to pay the stamp duty charges while buying a new property.

  • Stamp Duty depends on various factors such as The Market Value Of The Property, Location, Gender Of The Buyer.

  • The Stamp duty is always calculated as a percentage of the market value/agreement value (whichever is higher).

  • In Mumbai, the stamp Duty charges are 5% for males and 4% for female property buyers. whereas the registration charges in Mumbai: For Properties above Rs. 30 Lakh it is 30000 And for properties below Rs. 30 Lakh it is 1% of the market value.








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