In India, every State government levies a stamp duty on property transfers. The location, type of property, and ownership title are factors that determine the stamp duty fees. If you own a property in this suburb of Mumbai called Thane, it is mandatory to pay the stamp duty and registration fees in Thane under the Maharashtra Stamp Act of 1958. Only by paying the necessary stamp duty in Thane and the respective registration fees, the property buyer may register the sales deed document at the sub-registrar office.
Read on to know about Thane’s stamp duty and registration fees, including how to calculate them.
Maharashtra levies a stamp duty of 6% of the total property value on residential properties. This includes 1% local body tax and 5% stamp duty. In Maharashtra, however, female buyers receive some exemptions from the stamp duty that must be paid, paying only 5% in stamp duty fees. This includes 1% local body tax and 4% stamp duty. When a male and a female jointly own a residence, stamp duty must be paid at 6% of the home’s total worth. However, women-owned residential properties are only required to pay 5% of the property value in stamp duty fees.
One may want to revisit this data on the Maharashtra Government Portal regularly as the rates are liable to revision by the government. Any change is well-publicised through media as it happened post-Covid when the Government of Maharashtra decided to reduce stamp and registration fees to boost home sales.
A Conveyance Deed is a legal document that conveys some rights over an immovable property from 1 person to another. Stamp Duty is charged according to Article 25 of Schedule I of The Bombay Stamp Act, 1958. The registration fee is 1% of Market Value (MV) or Rs. 30,000, whichever is lower.
According to Schedule I – Article 5(g-a) (ii) of the 1958 Bombay Stamp Act, “If a person purchases one or more units in a project or scheme from a developer who then sells the units, the duty chargeable on each unit under this clause will be adjusted from the duty chargeable under article 25 (conveyance) after keeping a balance of Rs. 100, provided that the transfer or assignment is made within a year of the agreement’s date.
The minimal duty for the conveyance shall be Rs. 100 if no duty is required to be paid upon adjustment. For this clause, the unit should include a flat, an apartment, tenement, block or any other unit by whichever name it goes, as approved by the Competent Authority in the building plan.”
In accordance with Articles 25 and 34 of Schedule I of The Bombay Stamp Act of 1958, with effect from 01-05-2002, the amount of stamp duty should be computed at 2% of market value or as per Article 25, whichever is less, if any immovable property is gifted to a family member who is the donor’s spouse, brother, or sister, or to any lineal ascendant or descendant of the donor. In other circumstances, stamp duty is the same as applicable to conveyance deeds, as governed by Article 25. The registration fees are the same at 1% of Market Value (MV) or Rs. 30,000 whichever is lower. Also, registration is mandatory.
According to Articles 25 and 36 of Schedule I of The Bombay Stamp Act, 1958.
– For market value purposes, any consideration in the form of a premium, money advanced or to be advanced, or a security deposit by any name called must be treated as consideration passed on.
– The mentioned renewal time will be considered a part of the current lease.
The registration fees remain 1% of the value assessed for stamp duty of Rs. 30,000, whichever is lower.
According to Schedule 1’s Article 52 of The Bombay Stamp Act of 1958.
Registration fees is 1% of the property’s market value at the time of release, or Rs. 30,000 whichever is lower.
In accordance with Articles 25 and 5(g-a) and Article 48 of Schedule I of The Bombay Stamp Act of 1958,
Registration fees in Thane are as follows:
Refer to the table given below to get an idea of the present stamp duty and registration charges in Thane:
|Gender||Stamp Duty + Local Body Tax (LBT)||Registration charges|
|Male||6% (5% + 1%)||For properties more than 30 lakhs – Rs 30,000.For properties less than 30 lakhs – 1% of the property value.|
|Female||5% (4% + 1%)||For properties more than 30 lakhs – Rs 30,000.For properties less than 30 lakhs – 1% of the property value.|
|Joint (Male + Female)||6% (5% + 1%)||For properties more than 30 lakhs – Rs 30,000.For properties less than 30 lakhs – 1% of the property value.|
|Joint (Male + Male)||6% (5% + 1%)||For properties more than Rs 30 lakhs – Rs 30,000.For properties less than 30 lakhs – 1% of the property value.|
|Joint (Female + Female)||5% (4% + 1%)||For properties more than 30 lakhs – Rs 30,000.For properties less than 30 lakhs – 1% of the property value.|
Also Read: What Is Home Loan Stamp Duty And Why Is It Important For Property Buyers
To calculate stamp duty due, one needs to know which duty bracket they fall under. This is ascertained via the circle rate or the property’s value, whichever is higher.
The Department of Registrations and Stamps has fixed/ascertained a price/unit area of the property which is known as the Ready Reckoner Rate in Maharashtra, including Thane. Now, stamp duty is computed based on the market value if, in case, it is higher than the circle rate or vice-versa.
There are also stamp duty calculators for Thane available online, which can be used easily and thus save on time and effort involved in making calculations manually.
Let’s understand this with an example:
|Reckoner Rate||Rs.7,000 per square metre|
|Flat Size||1,000 sq m|
|Stamp Duty (male + male)||5% of Rs.70,00,000 = Rs.3,50,000|
|Local Body Tax||1% of Rs.70,00,000 = Rs.70,000|
The total stamp duty charge would be Rs.3,50,000 + Rs.70,000 = Rs.4,20,000
You can pay stamp duty and property registration charges in Thane both online and offline.
Step 1: Visit the official portal of Maharashtra Stamp Duty
Step 2: Click on ‘Pay without Registration’
Step 3: Enter all the relevant and required information correctly and select the preferred mode of payment gateway.
Step 4: Submit the form and print the challan. The challan receipt needs to be shown as a proof of payment.
By visiting the Stamp Duty and Registration Department physically too, one can easily pay the stamp duty and registration charges in Thane. Payment can also be made by visiting any government-designated bank or post office.
Once the payment has been made, challan can be generated online by following the given steps:
Step 1: Visit https://gras.mahakosh.gov.in/echallan/
Step 2: Click on the tab which says ‘Inspector General of Registration’
Step 3: Click on the search challan option and fill in the required information
Step 4: Click on the GRN to get a copy of the challan and click on verify to get an update on the status of registration
To purchase a property in Thane, each buyer must pay specific stamp duty and registration fees. This duty along with the registration fees is essential for the registration of the property against your name. To protect your property from any illegal situations, fraud or dispute, property registration is necessary.
According to Section 3 of the Indian Stamp Act, payment of the stamp duty and registration fees is mandatory. Each state government further defines the clauses that govern the Stamp Duty Act for the particular state. After or during the execution of the sales deed document, you must pay the stamp duty and registration fees when purchasing a property in Thane. Only after registering the paperwork at the registrar’s office and paying the necessary stamp duty and registration fees in Thane do you acquire legal ownership of the property in Thane.
The Income Tax Act of 1961’s Section 80C allows tax deductions for expenses related to stamp duty fees. A citizen of India can deduct from any transaction involving stamp duty fees, up to Rs. 1.5 lakh while filing the income tax return for that particular financial year. Note that the deduction can be claimed only in the year in which the payment for these expenses is made.
The Maharashtra government permits you to request a stamp duty refund within 6 months after the registration date, and within this time, the government may withhold up to 1% of the stamp duty, with a minimum withholding of Rs. 200 and a maximum withholding of Rs. 1000. If the deal was cancelled, you have up to two years from the registration date discussed to request a refund.
Follow the steps below to register a property in Thane:
Step 1: Visit www.gras.mahakosh.gov.in
Step 2: If you have previously registered, enter the login information. If you’re a new user, select ‘new user registration’ and save your information.
Step 3: Fill in the property’s details (such as the location, etc) and any other pertinent information as applicable.
Step 4: Select a payment gateway after entering all the necessary information. On the website, a list of all nationalised banks is available.
Step 5: Make the payment after choosing the bank. Additionally, print the payment receipt for your records.
Also Read: Stamp Duty And Registration Charges In Pune: Calculation & Online Payment Process
To purchase property one must pay the necessary stamp duty charges and registration fees which validates your transaction from a legal standpoint and the receipts which act as evidence of ownership of property or assets in the Thane district of Maharashtra. The official government records indicate the property registration thereby safeguarding the buyer’s interest by registering the property formally.
The availability of tools like online payment and online calculators makes your job fairly simple and convenient. Conclusively, paying your stamp duty and registration fees in Thane responsibly by keeping in mind the information will help you avoid the penalties thus involved.
In case you are planning to purchase a property in Thane and are in need of a home loan, download the Navi app. With Navi Home Loan, you can get home loans up to Rs.10 crore at competitive rates starting from 7.39% p.a.
Ans: The Registration and Stamp Duty Charges in Thane are to be paid during or before executing the Sales Deed document.
Ans: One is liable to pay a penalty of 2% of the applicable stamp duty and flat registration charges in Thane upon failure to make the required payments. This penalty can go up to 200% of the main stamp duty as registration charges.
Ans: Stamp duty and registration charges in Thane can be paid either online or offline. For online registration of stamp duty and registration charges in Thane, one can visit the https://gras.mahakosh.gov.in/echallan/ website.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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