Stamp duty can be claimed in the form of tax deductions under Section 80C of the Income Tax Act. A stamp tax calculator is useful for determining how much you can collect from income tax returns. Completion costs are the costs associated with the conclusion of a real estate transaction. The acquisition cost is 2% to 5% of the purchase price of the property. The cost of stamp duty is generally 5 to 7% of the market value of the property. Registration fees are generally 1% of the market value of the property. As such, these fees can run into the rupee lakhs. To avoid losing money when buying your home and when registering the property on your behalf, make sure that you also collect stamp duty and registration fees if you apply for the amount of the home loan. There are several factors that determine the exact amount of stamp duty you must pay. These are: ` The market value of the property` – type of real estate, with the number of floors – The intended use of the property, whether it is a place of residence or a place of activity – the location of the property – The age and sex of the owner What are the benefits of using a stamp tax calculator? In the case of a new property, you are required to pay a stamp duty levied by the state government. Stamp duty on your property is used to validate the property registration that is made on your behalf.
Stamp duty also legalizes the ownership document. If you do not pay stamp duty, you are not considered the rightful owner of the property in question. To check the amount of stamp duty you have to pay, you must enter this – The state in which you live – The total value of the property – Once you click Send, you will receive the amount of stamp duty that you must pay. The amount you have to pay varies from state to state, and in some countries, even by gender. THE IBHL stamp duty calculator helps you find the exact amount you need to pay as stamp duty in each state or city. In addition to stamp duty, there are also registration fees, taxes and surcharges. Overall, therefore, one could pay between 7 and 10 per cent of the market value of the property.