The tax imposed on the sale of property/ house ownership by the state government is known as stamp duty. The stamp duty varies based on the state or the area where the property is located. The duration of which will be dependent on the value of the house/ property. Stamp duty is the additional charge that you may incur while buying a property or a house. According to the latest revision of charges, the stamp duty for houses and properties is 2 percent on properties less than 20 Lacs, 3 percent on properties between 21 – 45 Lacs, and percent on properties priced above 45 Lacs. These are the revised rates as the state government slashed the stamp duty charges on property/houses between 21-45 Lacs from 5% to 3%. These changes came about to boost the sentiments of the real estate market in the state. However, this exciting rebate is only applicable to first-time property buyers in the city of Bangalore.
A target on department taxes has been set by the state government. This annual target set by the stamps and registration department of the city of Bangalore is Rs. 19000 crores. The implementation of a scientific guidance system through the K-GIS Technology of Stamps and Registration department has been set to implementation by the State Government to make this process of collection of State and Registration charges seamless. These revised rates are made constant for buyers whether they are male or female or whether it is the joint property between male and female or male and male or female and female. The registration charges for registering any property/ house in Bangalore is 1% of the property value across the various combination of ownership patterns.
How much is the stamp duty charge for the property in Bangalore?
5.6 percent on all properties above 45Lacs is the stamp duty in urban areas on the sale agreement, along with a 10 percent cess and two percent surcharge in the approximate Stamp Duty and Registration charges a property buyer is liable to pay in Bangalore. The government offers a simple and easy way to calculate the stamp duty changes in Bangalore by visiting Kaveri Online Services Portal Stamp Duty Calculator page and selecting the required fields in the drop-down menu. The buyer has to then select the region or the type in which the property is located. The options are BBMP, city corporation, municipal corporation, town panchayat, gram panchayat, or others, and then select the guidance price and then calculate. This portal put to use by the government is of great ease and help to the property buyers in Bangalore.
Here are some tips to keep in mind while calculating the stamp duty and registration fees in Bangalore.
In the metropolis Bangalore, the super built-up area is considered for calculation in multi-storied buildings; for plots, the entire square feet area of the property along with the guidance value is multiplied to arrive that the number to be calculated; and in independent houses, the total constructed area of the house is considered.
The stamp duty and the registration fees in properties or houses were recently revised in Bangalore under the Karnataka Stamp Act 1957 and the Table of Registration Fees under the Karnataka Registration Rules 1965. The stamp duty and registration fees of property registered in the metropolis of Bangalore ensure that there are no disputes and rule out all chances of litigation on the property.
