Jammu and Kashmir: Stamp Duty and Registration Charges in 2024

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Introduction

Except for agricultural land, in municipal areas of J&K anyone is free to purchase property, even if he is not a resident of the state. The move follows the withdrawal of J&K’s special status granted under Article 370 of the Constitution on August 5, 2019, and the bifurcation of the state into two Union Territories (UTs) of J&K and Ladakh.

Jammu and Kashmir: Stamp Duty and Registration Charges in 2024

Table of Contents

As in other Indian states, stamp duty and registration charges are required for property purchases to be registered in one’s name. This article explains the amount you will pay for Jammu and Kashmir stamp duty and registration charges.

Stamp Duty and Registration Charges in Jammu and Kashmir

J&K can be counted as one of the states where stamp duty and registration charges are comparatively low. Especially for women. Although 1.2% of the property value is charged as a registration fee in Utah, this rate applies only to the registration of sale deeds. If the type of deed is different, i.e., gift, exchange, surrender, etc., the rates will vary.

OwnershipStamp duty as % of the property valueRegistration charge as % of the property value
Men7%1.2%
Women3%1.2%
Man + woman5%1.2%
Man + man7%1.2%
Woman + woman3%1.2%

Stamp Duty and Registration Charges for Men in J&K

In May 2018, former chief minister Mehbooba Mufti abolished the 5% stamp duty levied on women on property purchases, exempting them from this duty entirely. The move aims to encourage ‘families to register their properties in the names of their sisters, daughters, wives, and mothers’.

The goal of the initiative is to boost the real estate sector in Jammu and Kashmir and encourage greater investment in residential property. However, after the bifurcation of the state into two UTs in 2019, stamp duty for women in J&K is 3% of property value, and for men, it is 7% of property value.

Example of Stamp Duty Calculation in Jammu and Kashmir

In J&K you can spend Rs. Now, let’s consider an illustration of the process for calculating stamp duty and registration fees for the purchase of a property valued at Rs. 50 lakhs.

  • If the property is being registered in the name of a woman:
  1. Stamp duty applicable: 3% of property value = Rs. 1.50 lakhs.
  2. Registration Charge Applicable: 1.2% of property value = Rs. 60,000.
  3. Total Stamp Duty and Registration Charge: Rs. 2.10 lakhs.
  • If the property is registered in the name of a male:
  1. Stamp duty: 7% of property value = Rs. 3.50 lakhs.
  2. Registration Charge: 1.2% of property value = Rs. 60,000.
  3. Total Stamp Duty and Registration Charge: Rs. 4.10 lakhs
  • If the property is registered jointly in the names of couples:
  1. Stamp duty: 5% of property value = Rs. 2.50 lakhs
  2. Registration Charge: 1.2% of property value = Rs. 60,000.
  3. Total Stamp Duty and Registration Charge: Rs. 3.10 lakhs.

J&K Stamp Duty Calculation 2024 Example with Table

Let’s explore the stamp duty calculation in Jammu and Kashmir (J&K) for the year 2024. An example, along with a table to illustrate the process:

Registry of property value of Rs 50 lakh for different types of buyers

Property value of Rs 50 lakhsStamp dutyRegistration fee
WomanRs 1.5 lakhRs 60,000
ManRs 3.5 lakhRs 60,000
Woman + manRs 2.5 lakhRs 60,000
Woman + womanRs 1.5 lakhRs 60,000
Man + manRs 3.5 lakhRs 60,000

Rebate on Stamp Duty for First-Time Homebuyers in J&K

In April 2022, the Jammu and Kashmir administration announced a significant reduction in stamp duty for first-time buyers or leaseholders of fixed residential properties in the Union Territory. The stamp duty cut applies to those who purchase or lease fixed residential properties, apartments, houses, or residential plots for more than 20 years from any government agency, development authority, or RERA-approved project developer.

The initiative is intended to stimulate the real estate industry in Jammu and Kashmir and promote increased investment in residential property. The administration said the reduction in stamp duty would not only benefit first-time buyers but also developers and government agencies. The reduction in stamp duty is expected to increase interest in residential property and more people are interested in investing in this sector.

The stamp duty cut is a welcome relief for those looking to buy or lease residential property in Jammu and Kashmir, as stamp duty is often a significant expense. With a 50% reduction in stamp duty, first-time buyers or lessees can save a significant amount of money. This makes it easier for them to invest in residential property. Overall, this initiative will have a positive impact on the real estate sector in Jammu and Kashmir.

Conclusion

These rates are subject to change based on specific locations in J&K and any updates on government policies. Openplot brings you the latest, insightfully analyzed information from local authorities and legal experts for accurate information.

Also read: Chennai Real Estate: Stamp Duty and Registration Charges in Chennai

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