Stamp Duty and Property Registration Charges in Chennai

What Are the Stamp Duty And Registration Charges in Chennai?

Stamp Duty and Registration Charges in Chennai for Different Genders

Individuals should know that the stamp duty and registration charges in Chennai are similar for urban and rural areas. These charges remain similar for all genders.

The table explains the concept better.

Buyer

Stamp Duty

Registration Charges

Men

7% of the market value of a property

1% of market value of a property

Women

7% of the market value of a property

1% of market value of a property

Joint owners

7% of the market value of a property

1% of market value of a property

Stamp Duty on Different Property Deeds in Chennai

Take a look at the current stamp duty and registration charges in Chennai as per document classification in the table illustrated below.

Documents

Registration Fee

Stamp Duty

Gift

4% of a property’s market value

7% of a property’s market value

Sale

4% of a property’s market value

7% of a property’s market value

Mortgage with possession

1% (limit is up to ₹ 2 lakhs)

4% of the loan amount

Exchange

4% of a property’s market value

4% of the loan amount

Mortgage

1% on the loan amount

1% on the loan amount

Partition among family members

1% on the market value of the property( up to ₹ 4,000)

1% on the market value of the property (up to ₹ 25,000)

Cancellation

₹ 50

₹ 50

Sale Agreement

1% on the money advanced

₹ 20

Construction of a building

1% on the cost value of construction

1% on the cost value of construction

Non-family partition

1% on the market value of the property

4% on the market value of the property

Power of attorney of immovable property

₹ 10,000

₹ 100

Power of attorney to sell movable property

₹ 50

₹ 100

Power of attorney (when given to a family member)

₹ 1,000

₹ 100

Power of attorney for consideration

1% on the consideration

4% on the consideration

Settlement in case of family members

1% on the market value of the property

1% on the market value of the property

Settlement in other cases

4% on the market value of the property

7% on the market value of the property

Deposit of Title Deeds (Memorandum)

1% on loan amount

0.5% on loan amount

Let’s check how to calculate registration and stamp duty charges for residential and commercial property in Chennai. This will help in understanding this concept better.

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How to Calculate the Registration And Stamp Duty Charges in Chennai?

Individuals should know that the market value of a property significantly impacts the stamp duty and registration charges in Chennai. Here the market value refers to the Government based guideline value. The zone or location of the property also impacts this price.

Let’s look at an example to understand the calculation of stamp duty and registration charges in Chennai for resale flat or transfer of a property.

An individual bought a property in Chennai with the guideline value of around ₹ 5 lakhs.

The Chennai stamp duty charges will be –

Stamp Duty Charges

7%of ₹ 5,00,000 = ₹ 35,000

Registration Charges

1% of ₹ 5,00,000 = ₹ 5,000

Total of Stamp Duty and Registration charges

₹ 35,000+ ₹ 5,000= ₹ 40,000

Here the total stamp duty and registration charges are needed.However, a manual calculation can be time straining and filled with errors. It is beneficial to use a convenient tool such as online stamp duty and registration calculator.

How to Use a Stamp Duty Calculator in Chennai?

How to Pay Stamp Duty and Registration Fees in Chennai Online?

How to Pay Stamp Duty and Registration Fees in Chennai Offline?

Points to Consider before Paying Stamp Duty in Chennai

What Are the Factors That Affect Stamp Duty and Registration Charges in Chennai?

Factors that affect stamp duty in Chennai are as follows -

Factors

Effect on Stamp Duty Rates and Registration Charges in Chennai

Age and Gender

Senior citizens have to pay a lower stamp duty charge in Chennai. This factor affects the expenses significantly. However, there are no concessions for women property buyers in Chennai. Men, Women and joint homeowners are bound to pay 7% stamp duty.

Property location

Stamp duty charges are usually higher in urban areas, while properties outside these areas enjoy lower stamp duties. However, this factor is subject to Government guidelines.

Property age

The stamp duty charges depend on property age. Individuals should know that older properties are less expensive than newer ones.

Basic amenities

Properties surrounded with basic amenities such as elevators, swimming pools, etc., have higher stamp duty. These facilities uplift the property value.

What Are the Tax Benefits on Stamp Duty and Registration Charges in Chennai?

Frequently Asked Questions