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Tata Capital > Blog > Some Determining Factors for Which a Stamp Duty Over a Property Depends On

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Some Determining Factors for Which a Stamp Duty Over a Property Depends On

Some Determining Factors for Which a Stamp Duty Over a Property Depends On

When you’re purchasing a house, there are several additional costs you need to take care of. One such expense is the stamp duty charge. Stamp duty is a form of indirect tax charged by the government on all property transactions as per Section 3 of the Indian Stamp Duty Act, 1899.

The Stamp Duty charges vary from one state to another and are based on various stamp duty factors. What are they? Let’s find out.

Age and gender of the owner

The stamp duty charges depend upon the age of the owner. Typically, senior citizens have to pay lower stamp duty on a purchased property.

In addition, female property holders are allowed a reduction in stamp duty in several states. Moreover, if you buy a property jointly with a woman as the primary owner, you will be eligible for this concession as well.

 Additional Read: How Are Stamp Duty Rates Determined in Property Transaction Cases?

Location of the property

Whether the property you want to buy is within the city, a metropolitan, or a rural area, impacts the stamp duty charges you will pay. For instance, a property located in an urban area comes with a higher stamp duty than a suburban or rural area. The charges differ for a property considered within the municipal limits of a city as compared to properties outside this limit.

Age of the property

Stamp duty charge is levied on the total value of the property. Since older properties are less expensive than newer properties, they attract lower stamp duty charges. You can calculate the charges according to the age of the property using a stamp duty calculator.

Purpose of the property

The purpose for which you are buying the property is also one of the many factors determining stamp duty.Stamp duty charges on commercial property is always higher than those on residential properties. This is because commercial properties have more amenities than residential properties.

Type of property

Depending upon whether you are buying land, an independent house, or a flat/apartment, the stamp duty charges will vary. For instance, apartments attract higher stamp duty charges than independent houses.

Additional Read: Stamp Duty on Property Purchase in Top Indian Cities

Amenities offered

In several states, the amenities you are receiving with the property also directly influence the stamp duty charges. Here, amenities like a swimming pool, gym, library, club, parks, etc., are taken into consideration to calculate the charges. A property with more amenities will attract higher stamp duty charges as compared to a building with lesser amenities.

How is stamp duty calculated?

It is a set percentage of the total value of the property and is different in each state. It is calculated based on the current circle rate or present market value or consideration value of a property, whichever is higher. Moreover, the abovementioned factors also play a deciding role in calculating the stamp duty charges.

The bottom line

Financing your first house becomes easy with a reliable partner like Tata Capital. Our range of customised home loan features relaxed eligibility criteria and a simple online application process.

Besides, we offer the most affordable home loan interest rates and flexible repayment structure in exchange for minimal documentation.

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