Stamp Duty and Property/Flat Registration Charges in Chennai

Purchasing a property in the respective state is a smart way of securing assets. However, every property buyer is obligated to pay a specific amount to the State Government to gain ownership.

For instance, a resident of Chennai has to pay applicable stamp duty and registration charges in Chennai.

However, this amount can vary according to property size, location and purpose. Keep reading to learn more about the stamp duty and registration charges

The state collects the highest stamp duty and registration charges compared to other Indian states. The stamp duty rates are around 7% in Chennai.Hence, for a property worth ₹ 1 Lakh, an individual may have to pay a stamp duty of up to ₹ 49,000. While, registration charges are 4%.

Present Registration and Stamp Duty Charges in Chennai

Let’s check the registration and stamp duty charges in Chennai based on gender.

Individuals can find a stamp duty calculator and registration charge calculator on financial websites or private websites. This tool is free to use and offers precise results within seconds.

The steps to use this smart tool are as follows-

• Step 1: Visit the website offering a stamp duty online calculator.
• Step 2: Click on region type such as city corporation, panchayat, municipal corporation, etc.
• Step 3: Enter the property value and market value to get applicable stamp duty in that area.

Let’s check how to pay property registration fees and stamp duty charges for resale property in Chennai.

The steps to pay registration fees and stamp duty in Chennai online are as follows.

Step 1: Visit the official SHCIL or Stock Holding Corporation of India Limited website and select the state from the menu.

Step 2: Individuals must download the specific form from the download tab and follow e-stamping guidelines.

Step 3: After selecting the e-stamping option, a new page will appear on the screen , where you need to select ‘online payment’.

Step 4: For registered users, login with ID and password. Or else, click on “Register now” to register.

Step 5: Select the state as Tamil Nadu and fill out the application form and click on “Download”.

Step 6: Fill in the form and submit it along with relevant documents to the nearest branch of SCHIL branch

Step 7: The challan number and a receipt will be given to an individual.

Individuals who aren’t comfortable with online methods can check these offline processes.

The steps to pay registration fees and stamp duty in Chennai offline are as follows-

• Individuals can pay stamp duty and registration charges in Chennai by going to the sub registrar’s office and paying the required fee.
• They can visit the nearest Stock Holding Corporation of India Limited office and pay the charges.

Individuals may need to bring two witnesses to complete this procedure.  The sub-registrar will give the registration document after verification.

Know more about what's covered in Digit's Property Insurance policy?

Here are a few essential points you need to consider before paying stamp duty in Chennai -

• The stamp paper should have the name of the house buyer and other parties involved in the transaction.
• Individuals must remove adhesive stamp during registration.
• Assets applicable for stamp duty must be done before final registration.
• The date of issued stamp paper must not be more than six months from the transaction date.
• The property must be registered within four months of execution of the sale agreement in Chennai.

Let’s check the factors that impact stamp duty and registration fees in Chennai.

Residents of Chennai can claim tax exemptions on stamp duties and registration charges payment. Section 80C of the Income Tax Act 1961 allows tax deductions up to ₹ 1,50,000 on the expenses concerning registration fees.

However, commercial houses, resale property and residential plots are not eligible for this tax deduction. Individuals can claim tax exemptions only on new properties.

These are some essential details on stamp duty and registration charges in Chennai. Individuals should keep a tab over the Government updates to streamline their payment accordingly.