Property Registry: When you buy a property, 5 to 7 percent of the cost of the property is spent in the process of getting it registered. But there are some ways with the help of which you can save a lot of money on the registry.
New Delhi. If you buy a house, shop, plot or land etc. property, then legally you become its owner only when it is registered in your name. That’s why whenever you buy a property, the biggest and most important task is to get it registered. But in the process of getting the land registered, another 5 to 7 percent of its cost is spent. That’s why people are always looking for ways to save money on registry.
Suppose you buy a property worth 50 lakh rupees, then you have to spend 2.5 to 3 lakh rupees in its registry. However, there are some ways that you can save a lot of money on registry. Here we are telling you about these methods.
Save on stamp duty
Many times it is seen that the market value of a property is low while the circle rate is high. In this case, you will have to pay more stamp duty at the time of registration. But stamp duty will have to be paid less on the market value. In this case, you can save the expenditure on stamp duty by appealing to the registrar or sub-registrar. It has been provided under the State Stamp Act that if an appeal is made to the registrar to recover the stamp duty on the market value, the sale deed will remain pending for registration. In this way you can save money on stamp duty.
Save money with local stamp act
The income that is generated from land registry etc. goes to the state. Many times the registration fee is reduced by the state government. In such a situation, when a discount is being given in it, you can save a lot of money by getting the registry done at that time. In states like Maharashtra, Punjab and Uttar Pradesh, stamp duty is not levied on gift of property to a blood relative. However, the rules regarding this may be different in other states. Therefore, before the registry, you should know the Stamp Act of your state.
Women buyers can avail discount
Stamp duty and registration charges are exempted in many states if a woman is involved in the purchase of property in joint or single purchase. This includes Haryana, Delhi, Punjab, Rajasthan and Uttar Pradesh. According to the Delhi government, if a land is registered in the name of a man, then 6 percent registration charge has to be paid on it and 4 percent in the name of a woman. With this, you can save up to 1.5 lakh tax in a year on the expenditure incurred on the registration of residential property.
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