Introduction
Every real estate transaction in Pune involves the payment of stamp duty and registration charges. As these are mandatory taxes and constitute a significant portion of the total home purchase cost, it is crucial to avoid these levies. Here we bring you the latest stamp duty and registration charges in Pune in 2024.
Table of Contents
- Stamp Duty and Registration Charges in Pune
- Stamp Duty Charges for Resale Flats in Pune
- Stamp Duty for Various Works
- Stamp Duty for Different Areas in Pune
- How to Get a Stamp Duty Exemption in Pune?
Stamp duty and registration charges in Pune are applicable every time a property transaction takes place in the city. The home-buying process is incomplete until it is documented and registered in the buyer’s name.
It is necessary to register the property in the office of the sub-registrar and pay stamp duty and the registry fee. Because it protects the interests of the employer. Protects ‘property title’ in case of disputes and fraud.
On March 2023, Pune witnessed significant growth in income from registered properties. Check for the latest stamp duty and registration charges in Pune.
Stamp Duty and Registration Charges in Pune.
Stamp duty and registration charges form a vital part of the state’s revenue. Hence, the government increases and decreases the rates from time to time. Let’s know the current breakdown of stamp duty and registration charges.
| Buyer type | Stamp Duty rates | Registration Charges |
|---|---|---|
| Male | 7% (Stamp duty 5% + metro cess 1 + Local Body Tax (LBT) 1%) | For properties above Rs 30 lakh – Rs 30,000 For properties below Rs 30 lakh – 1% of the property value |
| Female | 6% (Stamp duty 4% + metro cess 1% + Local Body Tax (LBT) 1%) | For properties above Rs 30 lakh – Rs 30,000 For properties below Rs 30 lakh – 1% of the property value |
Stamp Duty Charges for Resale Flats in Pune
As per Section 3 of the Indian Stamp Act, 1899, payment of stamp duty and registration charges on property transactions is mandatory. These charges apply to both new and resale properties.
In Pune, stamp duty payable on the resale property is five per cent with a one per cent registration charge. Please note that in Maharashtra, the stamp duty payable for new and resale properties is different for males and females.
Stamp Duty for Various Works
The table given below contains the details of various deeds related to stamp duty in Pune.
| Type of deed | Stamp duty in Pune |
|---|---|
| Gift deed | 3 percent |
| Lease deed | 5 percent |
| Power of Attorney (PoA) | 3 percent for properties under gram panchayat |
| 5 percent for properties under municipal areas | |
| Gift deed in family (For residential or agricultural property) | Rs 200 |
Stamp Duty for Different Areas in Pune
Different regions in Pune attract different stamp duty and registration charges. Stamp duty for different areas in Pune is as follows.
| Pune areas | Stamp duty |
|---|---|
| Within gram panchayat limit | 4 per cent |
| Within the limits of any Panchayat or Rural area under MMRDA | 5 per cent |
| Within cantonment area or area of municipal corporation | 5 per cent |
How to Get a Stamp Duty Exemption in Pune?
To get the stamp duty exemption in Pune, home buyers have to submit the necessary documents to the concerned authorities. The required documents vary depending on the category of home buyers. For example, female home buyers will have to submit a copy of their PAN card. old age people are required to submit a copy of their age proof.
Conclusion
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Also read: Stamp Duty on The Rental Agreement in India