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WHAT IS THE STAMP DUTY RATE IN UTTAR PRADESH?

2018-07-10 14:34:27
WHAT IS THE STAMP DUTY RATE IN UTTAR PRADESH?

Today, typically, stamp duties apply to so much lower than the broad class of 'financial transactions’. They are doing stay on properties, though they are levied once property is transferred or oversubscribed, and, to boot, many countries levy taxes on mortgages and different instruments securing loans against property. Stamp duties area unit unbroken in place as an inexpensive revenue stream for the state, through taxes, and to stay individuals from speculative investments in property.

While transferring the title of your property to a different person, you may be charged property stamp duty. This can be a fee that's levied by the government on the documents you wish to register your property stamp duty and Registration Charges differ from one state to a different. You managed to pay stamp duty whereas registering a property because it is obligatory underneath section 3 of the Indian Stamp Act, 1899.

The state government collects stamp duty to validate the registration agreement. A registration agreement with a stamp duty paid attach to it acts as an instrument to prove your possession of the property within the court while not paying stamp duty charges, one cannot claim the property to be his/her own de jure. Thus, it's vital to pay the total stamp duty charge.

Uttar Pradesh Stamp Act, 1899

 Stamp duty collected by the State is a very important supply of revenue. Over the last century, there are many changes, rules and amendments created to the Indian Stamp (Uttar Pradesh Amendment) Act. A number of the foremost recent and vital amendments and changes to the Indian Legislative Act with regard to Uttar Pradesh are the Uttar Pradesh Stamp (Amendment) Act in 1948 and 1952.

A notification issued in 2013 licensed the employment of e-Stamping within the State of UP. This was followed by a notification issued in 2016 saying the e-payment facility of stamp duty within the State to ease the method of property registration in province. Within the same year, the UP Government conjointly hiked registration and stamp duty charges for home consumers from five percent to seven percent (an increase of 2%) in Noida and Greter Noida (7% was the nominal charge for the remainder of the State of UP). A rebate of Rs 10,000 (on the 7%) is given if the property is transferred to a female owner. UP allowed the payment of stamp duty through internet banking.

Stamp duty to be paid for wedding registration, couples with Aadhaar cards (linked to their individual mobile numbers) needn't to contact the sub-contracting workplace below the premise based mostly registration system. This is often being promoted as Aadhaar based mostly Hindu wedding Registration. The residency of either one among the spouses as expressed on the Aadhar card must be inside the territory of Uttar Pradesh. The price for registration is Rs ten per day from one month before the date of wedding and Rs twenty per month from the date of wedding.

Factors that Determine Charges for stamp duty:

·         Maturity of the Property: The maturity of the property plays a vital role in determining the stamp tax charges an individual may be needed to pay. As stamp tax charges area unit calculated as a share of the overall value of the property, previous buildings typically attract less tax charges and new buildings attract a high charge. This is often as a result of the value of previous buildings would have depreciated.

 

·         Age of the Owner: Most state governments have sponsored stamp tax charges for senior voters. So, the age of the owner plays a crucial role in deciding the charge.

 

·         Gender of the Owner: Like senior voters, women in our country additionally get a deduction on stamp tax charges if the property is registered in her name. Men pay concerning rupees two hundredth additional to urge their property registration documents sealed in comparison to women.

 

·         Purpose: Business buildings attract a high stamp tax fee in comparison to residential buildings. This can be principally as a result of business buildings would wish tons of amenities, floor area, and security measures.

 

·         Location: If your property is found in a very municipal area or an expensive geographical area, be ready to pay a high stamp tax. If your property is found in Panchayat limits or suburbs of the city, you may finally end up paying less to urge it sealed.

 

·         Amenities: Did you recognize that the govt. can charge you for each additional agreeableness you've gotten your premises while registering the property? The govt. encompasses a list of over twenty amenities that you simply can ought to pay additional for if you've got them on your property. A number of the amenities area unit lifts, swimming bath, library, club, gym, community hall, and sports space.

 

Stamp Duty Charges in Uttar Pradesh

Stamp papers have entirely unexpected stamp worth and each variety of record or deed should be on a stamp paper of a stipulated value. This worth is predicated on the sort of deed or document, location (within the State of Uttar Pradesh) and/or worth of the transaction/property, and should be sealed accurately to form the aforesaid document de jure valid and enforceable in a very court of law.

 

Sr. No.

Type of Deed

 Payable

1

Sale Deed

7%

2

Gift

Rs 60-125

3

Lease

Rs. 200

4

Will

Rs. 200

5

General Power of Attorney

Rs. 10-100

6

Special Power of Attorney

Rs. 100

7

Conveyance

Rs. 60-125

8

Notaries Act

Rs. 10

9

Affidavit

Rs. 10

10

Agreement

Rs. 10

11

Adoption

Rs. 100

12

Divorce

Rs. 50

13

Bond

Rs. 200

 

                                                                  

 

 

 

 

 

 

 

Modes to Pay in Stamp Duty in Uttar Pradesh

Stamp Duty can be bought and paid for in Uttar Pradesh in the following ways:

Sr. No

Mode

Availability

1

Traditional Stamp Paper

Yes

2

e-Stamp Paper

Yes

3

Franking

Yes

4

Adhesive Stamps

Yes

5

Notary Stamp

Yes

6

Revenue Stamps

Yes

7

Agreement Stamps

Yes

.

 

                                                                                                   

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