Recently, stamp duty and registration charges in Bangalore were reduced from 5% to 3% for assets in the price segment under ₹ 21 lakhs to ₹ 35 lakhs.
Therefore, knowledge about stamp duty in Bangalore is essential if you wish to own property there.
Registration charges and Stamp duty in Bangalore are slightly different from other states and cities. Typically, the stamp duty is between 3% and 5% of the market value. Whereas, the registration charges are between 1% and 3%, depending on the market value. For instance, properties valued under ₹ 20 lakh, applicable stamp duty charges in Bangalore are 2%.
Whereas, if the property's value falls between ₹ 21 lakh - ₹ 35 lakh, the stamp duty is 3%. The stamp duty charge is 5% for properties valued above ₹ 45 lakhs.
Let us look at the current stamp duty and registration charges in Bangalore –
|
Gender |
Stamp Duty Rate |
Registration Charges |
|
Male |
5% , 3%, 2% if property value is above ₹ 45 lakhs, between ₹21-45 lakhs, and less than ₹20 lakhs respectively |
1% of total property value |
|
Female |
5% , 3%, 2% if property value is above ₹ 45 lakhs, between ₹21-45 lakhs, and less than ₹20 lakhs respectively |
1% of total property value |
|
Joint (Male + Female) |
5% , 3%, 2% if property value is above ₹ 45 lakhs, between ₹21-45 lakhs, and less than ₹20 lakhs respectively |
1% of total property value |
|
Joint (Female + Female) |
5% , 3%, 2% if property value is above ₹ 45 lakhs, between ₹21-45 lakhs, and less than ₹20 lakhs respectively |
1% of total property value |
|
Joint (Male + Male) |
5% , 3%, 2% if property value is above ₹ 45 lakhs, between ₹21-45 lakhs, and less than ₹20 lakhs respectively |
1% of total property value |
|
Areas |
Stamp Duty |
|
Urban areas |
5.6% (for properties more than ₹ 35 lakh) |
|
Rural areas |
5.65% |
In a scenario of transferring property through gift deed, the following stamp duty will be applicable:
|
Transfer Type |
Stamp Duty |
|
If the donor is not a family member of donee |
5% + Surcharge + Additional duty |
|
If the donor and done is a family member |
₹ 1000 + Surcharge + Additional duty |
Stamp duty is calculated based on property value and circle rates. Circle rate is the minimum value under which you cannot buy a property in India. Stamp duty is primarily levied on a higher circle rate or property value.
This means, if the circle rate is ₹ 55, 00,000 and property value is ₹ 60,00,000, stamp duty will be applicable on the greater value, i.e. ₹ 60, 00,000.
Let us now calculate stamp duty and registration charges in Bangalore for a flat -
|
Area |
Rate |
|
Circle Rate |
₹ 38,400 per sq. m |
|
Flat Size |
1, 500 sq. m |
|
Total Value |
₹ 5,76,00,000 |
|
Stamp Duty |
5.6 % of ₹ 5,76,00,000= ₹ 32,25,600 |
The property registration charges in Bangalore can be calculated as well:
|
Area |
Rate |
|
Property Cost |
₹ 5,76,00,000 |
|
Registration Charges |
1% of ₹ 5,76,00,000 = ₹ 5,76,000 |
An online stamp duty calculator can be used to skip the manual calculation and to save time. Here are the steps to follow –
Step 1 – Visit the stamp duty calculator page on Kaveri Online Service portal.
Step 2 – In the stamp duty and Registration fee calculator page
Step 3 – Then select Region Type – municipal corporation, city corporation, gram panchayat, town panchayat, BBMP, or other.
Step 4 – Fill the Indicative Consideration Amount and Indicative Market Value. However, if you do not know the market value , click on “Calculate market value” option.
Step 5 – Click on "Calculate", and the stamp duty charges in Bangalore will appear on the screen.
Payment for stamp duty and registration charges in Bangalore can be in the office of the sub-registrar through the following methods –
Here are the points to consider before paying the stamp duty charges in Bangalore –
Factors affecting stamp duty charges in Bangalore are –
|
Factors |
Effect on Stamp Duty Charges in Bangalore |
|
Property’s Age |
Older the property, lesser the stamp duty rates. |
|
Property Owner’s Age |
Senior citizens usually pay a lesser stamp duty charge. |
|
Location of Property |
Properties in urban localities have greater stamp duty rates than those in suburban or rural areas. |
|
Property’s Purpose |
Stamp duty charges are higher if the property is used for commercial purposes. |
|
Amenities |
If a property has more amenities, it charges a higher stamp duty. |
Yes, tax benefits are available on stamp duty and registration charges according to Section 80C of Income Tax Act 1961. Maximum tax deduction limit of this criteria is ₹ 1,50,000.
Here are some of the things one should keep in mind while applying for the tax benefits –
Stamp duty and registration charges provide legal assurance towards the buyer's property and generate revenue for the state. Current stamp duty and property registration charges in Bangalore decide the property's final value.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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