Stamp Duty And Property Registration Charges In Kerala

Purchasing property in India involves more than just the cost of the property itself. Homebuyers need to factor in additional expenses like stamp duty and property registration charges.

Stamp duty serves as a legal tax levied by state governments on property transactions, legitimizing the transfer and ensuring the legality of the documents involved. It validates the transaction, making it admissible in court, and provides crucial evidence of ownership and title.

On the other hand, property registration involves officially recording the property transaction with the government. It establishes legal ownership, ensuring a clear and marketable title for the buyer.

Their proper implementation ensures transparency, prevents tax evasion, and maintains an organized, regulated real estate market, promoting consumer confidence and facilitating a structured and accountable property transfer process in the country.

In this article, we will delve into the specifics of stamp duty and registration charges in Kerala.

Stamp Duty And Registration Charges In Kerala In 2023

The stamp duty in Kerala is calculated as a percentage of the property's market value or transaction amount. In 2023, the Kerala stamp duty and registration percentage is as follows:

• Men: 7% and 2% registration charges
• Women: 7%  and 2% registration charges
• Joint (Man + Woman): 7%  and 2% registration charges
• Joint (Man + Man): 7%  and 2% registration charges
• Joint (Woman + Woman): 7%  and 2% registration charges

The Kerala stamp duty and the Kerala land registration fees apply uniformly to both men and women, with no special concession granted based on gender.

Read More: Stamp Duty And Registration Charges In Delhi

How To Calculate Stamp Duty And The Land Registration Fee In Kerala

If the property consideration value is INR 40 lakhs and the fair market value is INR 50 lakhs, the stamp duty and registration charges will be calculated based on the latter, which is INR 50 lakhs in this case.

So, as per the Kerala land registration fee calculator and stamp duty percentage, here is the complete breakdown:

• Fair Value of the Property: INR 50 lakhs
• Stamp Duty (8% of Fair Value): INR 4 lakhs
• Registration Charges (2% of Fair Value): INR 1 lakh

Total Stamp Duty and Registration Charges: INR 5 lakhs

Factors Affecting Stamp Duty In Kerala

• Age of the Buyer: The age of the buyer is a significant determinant of stamp duty charges in Kerala.
• Usage of the Property: The intended use of the property, whether for residential or commercial purposes, can influence the stamp duty and registration charges.
• Location of the Property:The location of the property within Kerala can also impact the stamp duty charges.

New home buyers in Kerala can avail of a deduction of up to INR 1.5 lakhs on stamp duty and registration fees under section 80C, Income Tax Act, 1961, applicable to new properties, excluding plots, commercial properties, or property resale.

Documents Required For Property Registration In Kerala

When registering a property in Kerala, several documents are needed. These include:

• Sale deed
• Assessment of MC or mutation
• Ration Card/Voter ID/Driving License
• Aadhaar Card/PAN Card
• No objection certificates
• ID proof of two witnesses
• Map plan and description
• A photograph of the property

Online Procedure For Registration And Payment Of Stamp Duty In Kerala

Property registration in Kerala can be done either offline by visiting the registrar’s office or online through the official government website.

The online process is as follows:

• Visit The Registration Department Website: Access the Registration Department's official website of the Government of Kerala and navigate to the 'online applications' option.
• Login And Fill In The Information: Enter the required details, such as name, role, district, etc., and submit the information.
• Token Registration And Time Slot Selection: Look for available tokens for online registration and select a convenient time slot for document submission at the Sub Registrar's office.
• Fill in Mandatory Fields And Choose Transaction Type: Complete all mandatory fields, choose the transaction type, and proceed to apply for an e-stamp if the payment is more than Rs 1 lakh.
• Enter Details And Self-Verification: Enter claimant and executant details, property and building information, and complete the process of self-verification.
• Payment And Transaction Verification: Pay the stamp duty and enrollment fee online. Verify the transaction and secure the transaction ID and contact details.
• Access E-Stamp And Submit Documents: Access the e-stamp details, and note down the serial number and GRN. Set a time slot to submit the documents at the sub-registrar’s office.
• Submit Documents Offline: Visit the sub-registrar’s office on the scheduled day and time to submit the required documents.

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Conclusion

Understanding stamp duty and registration fees is essential when purchasing a house.  If you are considering a home loan, SMFG Grihashakti offers home loans up to INR 5 crore with flexible repayment terms of up to 30 years and competitive interest rates. We streamline your approval process with minimal documentation requirements to expedite your decision-making.