You are not liable to pay only the value of your property while purchasing it. You must pay stamp duty and registration charges to register your property against your name. This saves you and your property from any legal inconvenience in case of any dispute or fraudulent activity.
Registering your property in the municipal record is mandatory under the Registration Act. Therefore, consider reading to get a clear idea of West Bengal stamp duty.
St-amp duty and registration fees in West Bengal constitute a percentage of your property’s value. Below is a list of current stamp duty and registration fees
|
Location of the Property |
Stamp Duty (Property Below ₹25 Lakhs) |
Stamp Duty (Property Above ₹40 Lakhs) |
|
Corporation area (Howrah and Kolkata) |
6% |
7% |
|
Notified area or Municipality Corporation or Municipal |
6% |
7% |
|
Areas excluded from the above-mentioned categories |
5% |
6% |
The table below has stamp duty and registration charges in West Bengal based on the deed or status of your property -
[2]
|
Instrument |
Stamp Duty |
Registration Fee |
|
This is similar for both males and females. Additionally, the registration fees across all places are the same, at 1% of the property value. |
₹5,000 |
Nil |
|
Power of attorney (where the market value of the property is between ₹30 lakh and ₹60 lakh) |
₹7000 |
Nil |
|
Power of attorney (where the market value of the property is between ₹60 lakhs and ₹1 crore) |
₹10000 |
Nil |
|
Power of attorney (where the market value of the property is between ₹1 crore and ₹1.5 crores) |
₹20000 |
Nil |
|
Power of attorney (where the market value of the property is between ₹1.5 crore and ₹3 crore) |
₹40000 |
Nil |
|
Power of attorney (where the market value of the property exceeds ₹3 crore) |
₹75000 |
Nil |
|
Partnership deed (up to ₹500) |
₹20 |
₹7 |
|
Partnership deed (up to ₹10000) |
₹50 |
₹7 |
|
Partnership deed (up to ₹50000) |
₹100 |
₹7 |
|
Partnership deed (exceeding ₹50000) |
₹150 |
₹7 |
|
Transfer of lease (government land in favour of family members) |
0.5% of the market value of the property |
Same as conveyance deed |
|
Transfer of lease (in all other cases) |
Same as conveyance on the market value of the property. |
Same as conveyance deed |
|
Gift deed (to family members) |
0.50% |
Same as conveyance deed |
|
Gift deed (apart from family members) |
Same as conveyance deed on the market value of the property |
Same as conveyance deed |
|
Sale agreement (where the market value of the property does not exceed ₹30 lakh) |
₹5000 |
₹7 |
|
Sale agreement (where the market value of the property is between ₹30 lakh and ₹60 lakh) |
₹7000 |
₹7 |
|
Sale agreement (where the market value of the property is between ₹60 lakh and ₹1 crore) |
₹10000 |
₹7 |
|
Sale agreement (where the market value of the property is between ₹1 crore and ₹1.5 crore) |
₹20000 |
₹7 |
|
Sale agreement (where the market value of the property is between ₹1.5 crores and ₹3 crore) |
₹40000 |
₹7 |
|
Sale agreement (where the market value of the property exceeds ₹3 crore) |
₹75000 |
₹7 |
Below you can see the West Bengal stamp duty in some of the major cities:
Location of the Property |
Stamp Duty for Property less than ₹1 crore | Stamp duty for Property Above ₹1 crore | Stamp Duty for Women | Registration Charges |
| Howrah | 4% | 5% | Same | 1% |
| Kolkata | 4% | 5% | Same | 1% |
| Siliguri | 4% | 5% | Same | 1% |
| Durgapur | 4% | 5% | Same | 1% |
| Kharagpur | 4% | 5% | Same | 1% |
West Bengal stamp duty is calculated either on the ready reckoner rates or consideration rate. However, you need to consider the rate which has the highest sum.
A ready reckoner rate is a minimum value to buy a property. Conversely, a consideration value is a total amount paid in any sale or purchase transaction as agreed between both parties.
For Example: If the value of your property is ₹60,00,000 and the ready reckoner rate is ₹50,00,000, the stamp duty will be computed with the higher value. Here is how-
|
Reckoner Rate |
₹6,000 per sq. m |
|
Flat Size |
1,000 sq.m |
|
Total Value |
₹60,00,000 |
|
Stamp Duty |
6% of ₹60,00,000 = ₹3,60,000 |
|
Property Cost |
₹60,00,000 |
|
Registration Fees |
1% of ₹60,00,000 = ₹60,000 |
You can simply choose an online stamp duty calculator instead of computing it manually. This saves both your time and effort. Follow the simple steps below to use an online calculator -
You can pay West Bengal stamp duty both online and offline.
The other ways to pay stamp duty are as follows-
below are some key points to keep in mind while paying stamp duty charges in West Bengal:
The factors that affect stamp duty in West Bengal include the following:
You can claim a tax deduction on stamp duty and registration charges, including other fees directly related to the transfer. The maximum amount of deduction is ₹1,50,000 according to Section 80C of the Income Tax Act 1961.
Both individuals and HUFs can claim this deduction on-
West Bengal stamp duty is a mandatory duty that can be paid completely. It is not legally rightful to pay less stamp duty during a property registration procedure. Undervaluing property for and estimating a low market value to escape stamp duty is a punishable offence.
You may have to bear a massive penalty along with imprisonment for a certain period. And you may lose your reputation if you are a real estate or commercial property holder. Therefore, ensure to register your property with proper registration fees and stamp duty in West Bengal.
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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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