Stamp Duty & Registration
Owning a home of your own is a dream that all of us wish to fulfil. When you are planning to invest in real estate . It becomes more important for you to know all the legal details to buy flats. However, with the increasing price and value in properties per day, it is becoming hard to buy a property, especially at an early stage of your life. And while you are ensuring that you have enough finances to cover the expense, stamp duty and registration charges are often overlooked upon. This poses an issue in your financial plans. Stamp duty and registration charges are a type of tax that is levied by the State government in order to register a property in any state in India such as Patna. Stamp duty and registration charges can vary from state to state all over India. Firstly, in order to understand the stamp duty and registration charges in Patna. You need to know what these charges are and how they work
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What is Stamp Duty?
Stamp Duty is a type of tax or fee that is charged by the state government in an agreement or a transaction that is documented. In other words, it is a tax that you need to pay for getting a document, depending on the document or a percentage of the agreed value mentioned in the document.
Stamp Duty can include conveyance deed, power of attorney, and more. It came into existence after the Indian Stamp Act, 1899 was passed. After you pay the amount, the documents or property acquired become legally valid. Stamp Duty can vary from state to state, in this article we will be looking at the calculation of stamp duty in Patna.
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What is the Registration Charge?
Registration Charge is a fee that you need to pay after completing the payment of stamp duty. After the document that you have acquired is paid for, the document goes through a registration process. And in that process, you have to pay a fee. This procedure is under the Indian Registration Act, 1908. You do this procedure in order to record the document. So that you get ownership of the property. Along with the stamp duty & registration charge. There is one more important legal documentation is required called property mutation. Also, we cannot ignore property mutation in Bihar.Is Stamp Duty Refundable?
No, stamp duty is not refundable.Is Stamp Duty Claimed as Tax Deduction?
Yes, stamp duty can be claimed as tax deduction under Section 80c of the Income Tax ActDoes Stamp Duty Include GST?
As of now, stamp duty is separate from GST and have no effect on each other.What are the stamp duty and registration charges in Bihar?
The stamp duty charges in Bihar for all buyers are 6 %, and the registration charges are 2%.Can a buyer pay stamp duty and registration charges online?
Yes, all buyers can pay registration and stamp duty fees online in Bihar by visiting the official web portal of the state government http://registration.bih.nic.in/.What is the MVR rate in the Bihar?
MVR or Circle Rate in Bihar is the minimum rate for setting up stamp duty of land or property at any particular area or location. MVR is the minimum price of apartments or land fixed by the state government through which stamp duty is leviedHow to check MVR Value in Bihar?
The State has provided the details at the official portal to check the minimum value of the land at the minimum value register service. The minimum value of land could be determined or calculated by selecting the details pertaining to circle code, thana no., Sub-Registry Offices or District Sub-Registry OfficesWhether the stamp duty can be claimed back?
The people who are eligible for a refund could reclaim Stamp Duty. If a person has a house of residence and purchases a new residential house without selling the old one and then selling his previous one within the period of 3 years could reclaim stamp duty.How can I acquire a land deed in the Bihar?
The properties are registered at the Sub-Registrar's office, for which one has to make an application and get it registered. The copy of the deed could be made available at the Sub-Registrar office, where it was registered by making an application to provide the certified copy of the sale deed after completion of the waiting period.What is Dakhil Kharij?
Dakhil Kharij, or property mutation, is a process where the name of the previous owner of the property is removed from the state government's records, and the name of the new landowner is registered.How to apply for property mutation or Dakhil Kharij?
For applying for Dakhil Kharij, users have to apply at biharbhumi.bihar.gov.inWhat are the necessary documents required for registering at the Bhumijankari portal?
The necessary documents required for registering on the Bhumijankari portal are:a. One copy of the Sale Deed Bihar
b. Plot map
c. Government-issued ID proofs of both the seller and buyer
d. A copy of the stamp duty payment challan
e. PAN cards of both the buyer and seller