Thursday, 7 May 2015

CALCULATION OF STAMP DUTY

The Government of Karnataka collects the stamp duty on the FIRST purchase of flats/apartments from Owners, Promoters, Developers etc. and the stamp duty is calculated as follows, based on the value of the flat being purchased:


1
If the value does not exceed Rs.3.00 lakhs
2% of the value (Rs.6,000/- for Rs.3.00 lakhs)
2
If it exceeds Rs.3.00 lakhs but does not exceed Rs.5.00 lakhs.
Rs.6,000/- plus 3% on the amount exceeding Rs.3.00 lakhs (Rs.12,000/- for Rs.5.00 lakhs)
3
If it exceeds Rs.5.00 lakhs but does not exceed Rs.10.00 lakhs
Rs.12,000/- plus 6% on the amount exceeding Rs.5.00 lakhs (Rs.42,000/- for Rs.10.00 lakhs)
4
If it exceeds Rs.10.00 lakhs.
Rs.42,000/- plus 8% on the amount exceeding Rs.10.00 lakhs (Rs.1,06,000/- for Rs.18 lakhs)

Infrastructural development stamp duty of 5% on the above stamp duty is also charged. In addition to the above if the property is located in city corporation or city municipal council 2% extra stamp duty on the value of the flat/apartment is also charged.

Example: Value of the flat is say Rs.5.00 lakhs.

1
Stamp duty  Rs.6,000/- plus 3% on the amount exceeding Rs.3.00 lakhs (Rs.5,00,000–Rs.3,00,000/-=Rs.2,00,000/-) at 3% = Rs.6,000/-
Rs.12,000/-
2
Infrastructural stamp duty @ 5% of the above
Rs.600/-
3
Additional stamp duty in case of properties in corporation / city municipal areas 2% of the value of the property
Rs.10,000/-

TOTAL STAMP DUTY
Rs.22,600/-

In case of properties located outside Bangalore regional development authority stamp duty on properties exceeding Rs.10,00,000/- is calculated as follows:

1
Rs.42,000/- plus 7% on the amount exceeding Rs.10,00,000/-
2
Infrastructural stamp duty @ 5% on the above stamp duty
3
Additional stamp duty  of 2% in case of a property located in corporation / city municipal areas.

Registration charges:
Registration charges is payable at 2% of the value of the flat/ apartment purchased. 




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