Stamp duty and registration charges need to be paid to the state government to register your property under the Registration Act, 1908. This is compulsory to safeguard your property from fraudulent activities or disputes. Lands, apartments and houses are subject to property taxes and have to go through the registration process. So, while buying a property, you should consider including registration charges and stamp duty fees in the cost of property.
This post gives you all the information about stamp duty in Pune, the rates, calculation and online payment process. Read on!
Stamp duty in Pune is a percentage of a plot’s value paid to the government as per the Maharashtra Stamp Act, 1958. It is a mandatory fee and is collected under the Registration Act. The Government of Maharashtra levies and revises stamp duty rates recurrently.
To boost the real estate business, the State Government had reduced the rate to 2% from 5% within a short period (September 1 2020 to December 31 2020). Furthermore, the rate was revised to 3% on residential assets from April 1 2021.
If you want to know about the latest stamp duty and registration charges in Pune, this table will help you get all details:
|Owner Type||Stamp Duty Rates||Registration Charges|
|Male||6% — 5% stamp duty +1% LBT (local body tax)||Property worth above Rs. 30 lakh — Rs. 30,000Property below Rs. 30 lakh — 1% of property’s worth|
|Female||5% — 4% stamp duty + 1% LBT||Property worth above Rs. 30 lakh — Rs. 30,000Property below Rs. 30 lakh — 1% of property’s worth|
|Female and male (joint)||6% — 5% stamp duty +1% LBT||Property worth above Rs. 30 lakh — Rs. 30,000Property below Rs. 30 lakh — 1% of property’s worth|
|Both female (joint)||5% — 4% stamp duty + 1% LBT||Property worth above Rs. 30 lakh — Rs. 30,000Property below Rs. 30 lakh — 1% of property’s worth|
|Both male (joint)||6% — 5% stamp duty + 1% LBT||Property worth above Rs. 30lakh — Rs. 30,000Property below Rs. 30 lakh — 1% of property’s worth|
Among the variable factors for stamp duty, a property’s location is also a deciding element. Therefore, how stamp duty rate in Pune varies in accordance with locality is discussed below:
|Locality/Type of Area||Stamp Duty %|
|Within the limitation of Gram Panchayat||4%|
|Within boundaries of Panchayat/Municipal Corporation/Rural area under MMRDA (Mumbai Metropolitan Region Development Authority)||5%|
|Within boundaries of the Municipal Corporation or Cantonment area||5%|
The type of property deed is also a deciding factor for stamp duty rates in Pune:
|Type of Deed||Stamp Duty %|
|Power of attorney (PoA)||Municipal areas- 5%Gram Panchayat- 3%|
|Gift deed given to family members, residential or agricultural property||Rs. 200|
The calculation for stamp duty and registration charges differs from state to state. The Government of India determines the tax rate and, any delay in payment will lead to a 2% penalty every month on the outstanding amount. Along with the discussed factors, circle rate also plays an integral part in the calculation.
The following illustration will help you understand the process more easily.
Suppose Anita buys a flat in Pune of 700 square meters. Circle rate of the property is Rs. 65,000 according to its locality.
Considering the given data, value of the property will be —
Carpet area x Circle rate = 700 x Rs. 65,000 = Rs. 4,55,00,000.
Given the rate of stamp duty is 5%, Anita will have to pay Rs. 4,55,00,000 X 5% = Rs. 22,75,000 as the stamp duty fee. Total worth of the property is more than 30 lakh. Thus, registration fee will be Rs. 30,000.
The manual calculation can be time-consuming. Therefore, there is an option for you to use a stamp duty calculator for Pune. Here is how to use the calculator and save your time.
Step 1: Visit the official IGR Maharashtra website and open the stamp duty calculation page.
Step 2: Select the type of deed you own, i.e., gift deed, lease deed, and PoA.
Step 3: Choose your local authority, municipal corporation or cantonment. If you choose a municipal corporation, you have to choose area or locality under the corporation (other than Mumbai and Nagpur).
Step 4: Enter ‘Market Value’ and ‘Consideration Amount’ to get stamp duty estimate in your region.
Paying stamp duty in Pune online is easy. All you need to do is register yourself and proceed to the payment process. Here’s how to register on the stamp duty payment portal:
Follow these steps to register and pay stamp duty in Pune online:
Click on https://gras.mahakosh.gov.in/echallan/ to visit the official website.
Select ‘New User Registration’. Enter your name, address and other details.
Enter a Username and create a password that contains one capital letter, one number and one special character.
Save to create your account.
Login with your username and password. Click on the payment option and use any payment method (debit card, netbanking, etc.) to complete the payment. A receipt will be generated. You can now proceed with property registration process.
To pay stamp duty in Pune offline, you can use either of these two procedures:
You have to carefully consider these pointers before paying stamp duty in Pune:
Government of Maharashtra imposes stamp duty charges on real estate properties like houses, lands, leasehold and freehold units, etc. The different parameters affecting stamp duty are as follows:
The stamp duty and registration charges are eligible for tax deduction as per Section 80C of the IT Act, 1961. However, only individuals and Hindu Undivided Families can get tax deduction facilities.
One must meet these conditions to avail the facilities:
You should check the calculations and stamp duty in Pune beforehand. Otherwise complications can occur at the last minute. The registration charges for Pimpri-Chinchwad are the same as for Pune.
Ans. To get stamp duty refund in Maharashtra, visit the IGR Maharashtra portal and fill in the required information. A refund token is allotted after completion. After that, you will have to submit an application offline in a sub-registrar’s office.
Ans. Yes, it is mandatory for the parties involved to visit the sub-registrar’s office for biometric identification.
Ans. A circle rate or ready reckoner rate is the minimum valuation of a property registered when the transfer of ownership takes place. It is also used to decide the market value of a property.
Ans. Stamp duty and GST are two different taxes, but both are indirect taxes. Therefore, GST is not included in the stamp duty fee.
Ans. You can pay stamp duty either on the market value or the consideration amount, whichever is higher.
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