Stamp Duty and Property/Flat Registration Charges in Pune
A property purchase remains incomplete without its registration and documentation in the owner’s name. Registration of a property is vital as it safeguards a buyer’s interest and property title when faced with a conflict. To legally transfer ownership, a person has to pay stamp duty and registration charges in Pune just as every other place in India.
Are you planning to purchase a property in Pune? If yes, go through this page to get the details of the charges levied by the government.
What Are the Stamp Duty Rates in Pune?
Stamp duty in Pune refers to a tax that plot buyers pay while registering their plot. It is mandatory for property owners to pay a percentage of their property’s value as stamp duty. The government collects this tax under the Registration Act, 1908.
The government of Maharashtra not only fixes the stamp duty charge in Pune but also revises it periodically.
As per latest news, to enhance the real estate sector in the aftermath of the COVID-19 pandemic, the Maharashtra government announced a reduction in stamp duty charges from April 1, 2021, to March 31, 2022. In addition, the stamp duty was reduced from 5% to 2% for transactions involving apartments and flats in the state's urban areas.
To help the real estate sector even more, the reduced stamp duty charges have been extended until March 31, 2023.
Read more about Property Insurance in India
Present Stamp Duty and Registration Charges in Pune
As mentioned above, home registration charges in Pune keep changing to decrease or increase demand. Here is a list of the latest stamp duty and registration charges in Pune. [1]
Stamp Duty as Per Gender in Pune
| Category | Stamp Duty Charges | Registration Charges |
| Male | 7% (Stamp Duty 5%+ Metro Cess 1 %+ Local Body Tax 1%) | For properties below ₹30 Lakh - 1%. For Properties above ₹30 lakh- ₹30000 |
| Female | 6% (Stamp Duty 4%+ Metro Cess 1 %+ Local Body Tax 1%) | For properties below ₹30 Lakh - 1%. For Properties above ₹30 lakh- ₹30000 |
| Joint (Male+Female) | 6.50% | For properties below ₹30 Lakh- 1%. For Properties above ₹30 lakh- ₹30000 |
Stamp Duty as Per Area Type in Pune
| Areas | Stamp Duty (% of the market value) |
|---|---|
| Within the boundaries of a Gram Panchayat | 4% |
| Within the boundaries of Municipal Corporation/Panchayat/Rural Area under the Mumbai Metropolitan Region Development Authority | 5% |
| Within the boundaries of Municipal Corporation/Cantonment area added to it | 5% |
Stamp Duty on Different Property Deeds in Pune
| Conveyance Deed | Stamp Duty |
|---|---|
| Power of attorney | Property situated in Municipal Areas- 5% Property situated in Gram Panchayats- 3% |
| Lease deed | 5% |
| Gift deed | 3% |
| Gift deed for agricultural/residential property, given to family members | ₹200 |
In case you want to purchase property in a different city nearby Pune, check the details below -
[3]
| City | Stamp Duty for Men | Stamp Duty for Women |
| Pimpri-Chinchwad | 6% - 5 % stamp duty and 1% LBT | 5% - 4% stamp duty and 1% LBT |
How to Calculate Registration Charges and Stamp Duty in Pune?
Property owners usually pay a fixed stamp duty rate on the property value. A plot’s current valuation is determined using the ready reckoner rate or circle rate of the area in Pune. Plot value can be calculated by multiplying the plot area with the ready reckoner rate.
In case a plot seller keeps the price less than the rate fixed by the government, the stamp duty will be measured using the ready reckoner rate.
Let’s calculate stamp duty in Pune!
Shyam has bought a flat at Aundh, Pune, having a carpet area of 400 sq. metres. The latest circle rate of Aundh is ₹42700/sq. metre.
| Circle Rate | ₹42700/sq. metre |
|---|---|
| Flat Size | 400 sq. metres |
| Total Value | ₹(400 x 42700) = ₹17,080,000 |
| Stamp Duty | ₹(5÷100×17,080,000) = ₹854,000 |
Calculating registration fees in Pune is not that difficult. Let’s check!
Here is an example of a property costing above ₹30 lakh -
| Property Cost | ₹50 lakh |
|---|---|
| Registration Fees | ₹30,000 |
| Property Cost | ₹20 lakh |
|---|---|
| Registration Fees | 1% of ₹20 lakh = ₹20,000 |
What Are the Steps to Use a Stamp Duty Calculator?
Isn’t manual calculation time-consuming? Don’t need to worry. Here are the steps to calculate stamp duty online –
- Step 1: Go to the stamp duty calculation page. Select the deed according to your choice, such as “Agreement to sale” and “Gift”.
- Step 2: Choose an option, like, Municipal Corporation or Cantonment. If you have selected Municipal Corporation, choose the area i.e., Municipal Corporation other than Mumbai and Nagpur.
- Step 3: Enter market value and consideration value of property to find out the stamp duty in that region.
How to Pay Stamp Duty and Registration Fees in Pune?
Online Procedure
- Step 1: Visit the overnment Receipt Accounting System website. Choose “Inspector General of Registration” and select “Pay Without Registration”.
- Step 2:Click on “Citizen” and select “Make Payment to Register Your Document” in the scroll-down list. Choose “Pay Stamp Duty and Registration Fee Together”.
- Step 3: Fill in the required information like registrar office, district, etc.
- Step 4: Choose the payment option, bank and give the captcha.
- Step 5: If you choose payment across banks, you should pay stamp duty in cheque or cash to the prescribed banks. You will get a challan after the transaction is over. Keep the Government Reference Number with you. You will also get information like PRN and CIN number of bank and Branch code.
Offline Procedure
You can pay registration charges and stamp duty in the following ways as well -
- Franking
- Stamp paper
Points to Consider Before Paying Stamp Duty in Pune
You must go through the following points before paying stamp duty in Pune:
- The assets available for stamp duty should be stamped the next working date from the day of execution or before registration procedure. In case of execution of property deed outside the division/territory, 3 months can be taken. Here, execution implies signatures of the parties making the agreement.
- The stamp paper date should not exceed 6 months from the date of transaction.
- A stamp paper should be in the name of the persons involved in the agreement.
- You can pay stamp duty using adhesive stamps. These stamps get removed at the time of execution to avoid reuse.
What Are the Factors That Affect Stamp Duty in Pune?
Maharashtra Government levies charges on properties like commercial spaces, residential flats, homes, leasehold land, freehold land, etc. Since there are various kinds of properties, the actual amount of registration fee and stamp duty in Pune relies on certain parameters.
[4]
| Factors | Effect on Stamp Duty Rates in Pune |
|---|---|
| Property Owner’s Gender | The government has kept lower stamp duty charges for female property buyers. The stamp duty on flat in Pune for women are 5% of the property’s market value. For men, these charges are 6%. However, the registration charges are the same for both women and men property owners. |
| Location of a Property | The stamp duty varies across locations and it changes depending on the areas of jurisdiction. The stamp duty charges are more for municipal areas when compared to the regions under the Panchayat limits. Additionally, the ready reckoner rates are determined on the basis of a locality. |
| Value of a Property | Stamp Duty and registration fees are charged as a percentage of the agreement value or Market value of a property. Hence, the greater the property’s agreement or Market value, the more will be the applicable stamp duty and the registration charges. |
| Ready Reckoner Rates | The property’s seller and buyer needs to pay higher taxes if the transaction occurs lower than the ready reckoner rate. |
Are Tax Benefits Available on Stamp Duty and Registration Charges?
As per Section 80C of the Income Tax Act, 1961, registration charges and stamp duty are permitted as a part of tax deduction. The section has allowed a deduction of up to ₹ 1,50,000 for these charges. Moreover, only individuals and Hindu undivided families can get tax benefits.
The tax deduction is applicable under the following conditions -
- A person can claim tax deduction in the year when the expenses are paid.
- A person is a legal owner of the plot and property construction is over.
- Resale property, residential plot and commercial property are not applicable for tax deduction.
- In case of joint ownership, co-owners could claim a deduction on tax returns. The tax deduction depends on their share in a plot. However, a taxpayer possessing partial or complete property ownership cannot avail of this tax exemption.
Whether you are a homebuyer or an estate developer in Pune, you need to check the stamp duty rates and their calculations to avoid last-minute complications.
FAQs About Stamp Duty and Property Registration Charges in Pune
What are the documents required for property registration in Pune?
You need to attach the following documents during the registration of your property -
- 2 passport-sized photos
- Original copy of the deed along with 2 photocopies
- Identity proof, namely, voter ID card, driving licence, PAN card, passport, etc. (both for buyer and seller)
- Challan of stamp duty payment
- Payment transaction details
- Tax payment receipt and Khata certificate
What is the ready reckoner rate?
A ready reckoner rate is a fixed rate of an immovable plot regulated and assessed by a state government, wherein the plot is located. Here, the term ‘immovable plot’ denotes land, commercial property and residential property.
Does stamp duty include GST?
No, stamp duty and GST are separate taxes. They do not influence each other.