Stamp Duty For Sale Agreement In Tamil Nadu
With 4 per cent registration fees and 7 per cent stamp duty, Tamil Nadu has one of the highest registration and stamp fees among Indian states. It is important to register the construction contract at the same time as the sale agreement of the undivided share of the state. In May 2020, TN`s registration service clarified that new and ready-to-use housing and buildings will not have to pay stamp duty and registration fees. This applied only to the first sale of the land and only the undivided share of the land (UDS) would be subject to stamp duty and registration fees, not to the super-built area. CREDAI spoke to Chief Minister Edappadi Palaniswami and Deputy Prime Minister O. Panneerselvam (who holds the housing portfolio) in favour of a reduction in registration and stamp duty to 6%, without the reference value, which has already been reduced by 33%, being changed. Stamp duty and registration fees remain the same for men, women and common buyers in Tamil Nadu. The downward trend continued in May, June and July. The increase in turnover due to stamp duty and registration fees is the substitute for real estate demand. However, it is also stated that there are no barriers to the registration of a separate construction contract, as provided for in the circular of 28 October 2013.
In early 2020, the coronavirus pandemic and the resulting blockage were broken into. However, as of August 2020, sales have recovered, reflecting the revenue generated by real estate listings in August, which amounted to 793 affr. Sources also indicate that another 17,000 registrations were registered this year in August, compared to the same period in 2019. “For the building where the certificate of completion was obtained, the sub-registries insist that the deed of transport or the certificate of sale of UDS in the land also includes the sale of built-up land. The closing deed has nothing to do with the title of the land. According to consistent jurisprudence, it is stipulated that what is transmitted only for registration purposes should be taken into account by citing the judgments rendered in the bench of the Department of the High Court of Madras,” the letter states and for clarification. Stamp duty must be paid on all documents registered in India under the Registration Act. The rate of stamp duty varies from state to state and would depend on the type of transaction carried out such as sale, lease, gift, mortgage, etc. In this article, we look at stamp duty rates in Tamilnadu. However, he called for an 11% reduction in registration fees and stamp duty. In April 2019, stamp duty and registration fees had increased by almost 97% to EUR 23.61, compared with EUR 761.81 in April 2019. You will need the stamp permit, your PAN card, proof of administrative identity of all parties, including witnesses, two photographs in passport format, noc, no tax certificate, sales certificate, POA, Pattadar Passbook, etc.
On May 11, the Inspector General of Registration adopted a decision stating that “when a document is submitted only for the registration of a (first) sale of an undivided title, the filers are advised not to require the registration of the building in the subject of the sale document or to insist simply because the certificate of completion was issued by the competent authority of the project.” Lord.