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All About Stamp Duty In Thane And Its Registration Charges

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Mar 29, 2023

Stamp Duty In Thane

Property registration is required to safeguard your property and avoid legal disputes. According to Section 3 of the Indian Stamp Act, purchasers must pay stamp duty and registration fees in order to complete the registration procedure. The Department of Stamp Duty and Registration in the state where the property is located determines the percentage of these levies.

Thane stamp duty and registration costs are fees that property buyers must pay when registering a property in Thane. The Maharashtra Department of Stamp Duty and Registration determines the proportion of these levies for various sorts of customers.

Stamp Duty And Registration Charges In Thane

The current stamp duty rates in Thane for men, females, and joint property owners are listed below.

Stamp Duty In Thane	Stamp Duty in Thane Rates	Property Registration Charges in Thane
Stamp Duty in Thane for Male	7 per cent (includes 1 per cent metro cess and 1 per cent local body tax)	Properties above Rs.30 Lakh: Rs 30,000 Properties below Rs.30 Lakh: 1 per cent of property value
Stamp Duty in Thane for Female	6 percent (includes 1 per cent metro cess and 1 per cent local body tax)	Properties above Rs.30 Lakh: Rs 30,000 Properties below Rs.30 Lakh: 1 per cent of property value
Stamp Duty in Thane for Male + Female	7 per cent (includes 1 per cent metro cess and 1 per cent local body tax)	Properties above Rs.30 Lakh: Rs 30,000 Properties below Rs.30 Lakh: 1 per cent of property value
Stamp Duty in Thane for Male + Male	7 per cent (includes 1 per cent metro cess and 1 per cent local body tax)	Properties above Rs.30 Lakh: Rs 30,000 Properties below Rs.30 Lakh: 1 per cent of property value
Stamp Duty in Thane for Female + Female	6 percent (includes 1 per cent metro cess and 1 per cent local body tax)	Properties above Rs.30 Lakh: Rs 30,000 Properties below Rs.30 Lakh: 1 per cent of property value

Key Factors Affecting Stamp Duty And Registration Charges In Thane

* Age of Property: The age of the property is one of the most important criteria influencing the amount of stamp duty and registration charges in Thane. Stamp duty in Thane is often greater for newly erected homes than for older properties.
* Property Location: Stamp duty and registration expenses in Thane are greater for properties located in luxury regions than for those located in typical affordable locations.
* Gender of the Owner: Another important aspect influencing the amount of stamp duty in Thane is the gender of the property owner. Male property owners pay a larger percentage of stamp duty and registration fees than females.

* Usage of the property: The reason for which a certain piece of property is utilized also influences the amount of stamp duty in Thane. Stamp duty and registration fees are greater in Thane for properties utilized for commercial purposes than for residential uses.
* Facilities & Amenities: Stamp duty in Thane is computed based on the property's circular rate. Because well-equipped houses are more valuable, the amount of stamp duty and registration taxes in Thane is likewise higher.

Stamp Duty And Registration Charges In Thane Calculation

Stamp duty and registration taxes in Thane are computed depending on the property rate or the circle rate of a given piece of property, whichever is greater.

Circle rates in Thane are also known as Ready Reckoner Rates in Thane.

In Thane, the ready reckoner rate is the minimum value set by the Maharashtra Department of Registrations and Stamps for a certain land tract. For example, you acquired a 1,000-square-foot property at a ready reckoner cost of Rs.5,000 per square foot. The property will be worth Rs.50,000,000. Because Thane's stamp tax is 7%, you must pay 7% of the entire property value, or Rs.3,50,000, as Thane's stamp duty.

Now that the property is worth more than Rs.30 lakh, the property registration fees will be Rs.30,000.

Stamp Duty And Registration Charges In Thane: Exemption & Rebate

Stamp duty and registration charges in Thane are tax deductible under Section 80C of the Income Tax Act. The maximum amount that may be claimed per transaction is Rs.150,000. However, there are a few critical points to bear in mind.

* Only when filing an income tax return may taxpayers claim the tax deduction.
* Taxpayers can claim the Section 80C deduction only in the year in which the costs were incurred.

Source: www.timesproperty.com