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Stamp Duty and Property/Flat Registration Charges in Thane
Every purchaser needs to pay certain stamp duty and registration charges in Thane to buy a property. This duty, along with all registration fees, is important for the registration process of your property against your name.
Property registration is essential to ensure the security of your property from any illegal fraud or dispute. It is mandatory to pay the stamp duty and registration fees as per Section 3 of the Indian Stamp Act.
What Are the Stamp Duty and Registration Rates in Thane?
As per latest the news, the Maharashtra Budget for Financial Year 2023-24 announced that the State government will continue to provide a 1% rebate on stamp duty to women homebuyers. The move is expected to encourage more women of the State to become property owners. Therefore, if you are planning to purchase a property in Thane, below are the current stamp duty and registration charges imposed by this State.
Gender |
Stamp Duty Rates | Registration Charges |
| Male | 7% (Stamp duty 5% + Local Body Tax (LBT) 1% + metro cess 1%) | For properties above ₹30 lakh - ₹30000. For properties below ₹30 lakh - 1% of the property value. |
| Female | 6% (Stamp duty 4% + Local Body Tax (LBT) 1% + metro cess 1%) | For properties above ₹30 lakh - ₹30000. For properties below ₹30 lakh - 1% of the property value. |
| Joint (Male + Female) | 7% (Stamp duty 5% + Local Body Tax (LBT) 1% + metro cess 1%) | For properties above ₹30 lakh - ₹30000. For properties below ₹30 lakh - 1% of the property value. For properties below ₹30 lakh - 1% of the property value. |
| Joint (Male + Male) | 7% (Stamp duty 5% + Local Body Tax (LBT) 1% + metro cess 1%) | For properties above ₹30 lakh - ₹30000. For properties below ₹30 lakh - 1% of the property value. |
| Joint (Female + Female) | 6% (Stamp duty 4% + Local Body Tax (LBT) 1% + metro cess 1%) | For properties above ₹30 lakh - ₹30000. For properties below ₹30 lakh - 1% of the property value. |
Calculating stamp duty is not a struggle if you know the duty bracket you fall under. It is determined based on either the circle rate or the property’s value, whichever is higher.
The Department of Registrations and Stamps fixes a price per unit area of the property. In Maharashtra, including Thane, it is referred to as Ready Reckoner Rate. Now the stamp duty will be calculated on the market value if it is higher than the circle rate and vice versa.
Here is the calculation of stamp duty and registration charges in Thane -
|
Reckoner Rate |
₹6,500 per sq. m |
|
Flat Size |
1,000 sq.m |
|
Total Value |
₹65,00,000 |
|
Stamp Duty (male+male) |
5% of ₹65,00,000= ₹3,25,000 |
|
Local Body Tax |
1% of ₹65,00,000= ₹65,000 |
Therefore, the total stamp duty charge will be ₹3,25,000 + ₹65,000 = ₹3,90,000
The registration fees are fixed in case of a property valued over ₹30 Lakh. But below is the calculation of a property valued under ₹30 Lakh:
|
Property Cost |
₹2,50,000 |
|
Registration Fees |
1% of ₹2,50,000 = ₹2,500 |
What Are the Steps to Use a Stamp Duty Calculator in Thane?
You can use a stamp duty calculator in Thane to save your time and effort in calculating manually. Follow the simple steps to calculate your payables -
- Step 1: Go to a stamp duty calculator page of your choice and select your state as Maharashtra.
- Step 2: Select your gender as male or female. If you are buying the property in joint ownership, choose the option “joint” and both of your gender.
- Step 3: Put the amount in the “property price” section and click on calculate to see the stamp duty.
Note: This page will show you only the stamp duty. You must add the Local Body Tax separately to calculate your total stamp duty charges.
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How to Pay Stamp Duty and Registration Fees in Thane?
You can pay your stamp duty and registration charges in Thane both online and offline.
Online Procedure
- Step 1: Visit the official portal of Maharashtra Stamp Duty and click on “Pay Without Registration”.
- Step 2: You will be redirected to another page where you will have to enter all the information carefully.
- Step 3: Select the payment gateway and choose your preferable bank.
- Step 4: Submit the form and print the challan. You will have to present the challan at the time of the deed’s transaction.
Offline Procedure
You can pay stamp duty and registration charges in Thane by visiting the Stamp Duty and Registration Department. You can also opt for franking, which is paying by visiting any government-designated bank or post office.
What Are the Factors Affecting Stamp Duty Charges in Thane?
The factors affecting stamp duty charges in Thane are as follows:
- Gender of the Owner : Your stamp duty charges vary upon what gender you are. In Thane, stamp duty for women is 1% less than the same for men. Additionally, if you are buying your property in joint ownership, the rate of stamp duty will vary upon the gender of your partner.
- Equipment and Facilities: Properties that are highly equipped with modern amenities will have a higher stamp duty and registration charges in Thane. Therefore, most of the flats with swimming pools, elevators or other facilities hold higher stamp duty charges.
- Age of the Property: A newer property, without any doubt, will hold higher stamp duty charges than the older ones.
Are Tax Benefits Available on Stamp Duty and Registration Charges?
Under Section 80C of the Income Tax Act 1961, expenses on stamp duty charges are eligible for a tax deduction. The maximum deduction limit on any transaction related to stamp duty charges is ₹1,50,000. However, keep in mind that -
- You can claim a tax deduction on stamp duty charges while filing an income tax return.
- You can only claim a deduction in the year on which you paid these expenses.
Stamp duty is a must if you want to buy a property not only in Thane but anywhere across the county. The facilities like online calculation and payment make your job already quite easy. So keep in mind the points mentioned above and pay your stamp duty and registration charges in Thane responsibly.