Stamp duty charges are a
one-time fee that you pay along with your application fee for a
residential property purchase. Also, it is the amount that you pay on
a sales deed or property document while you purchase a house. You can
make use of a stamp
duty calculator while
you calculate your charges.
How to calculate your stamp
The charges range between 3%
and 10% of the market value of your property. While you purchase a
property, the amount of stamp duty depends on various factors such as
The location of your property
Your age and gender
Type of property
Number of floors occupied
The market value of your
While you use a stamp
duty calculator, you
will have to share your property value and your state to estimate
your stamp duty charges.
For example: If you reside
anywhere in Kerala and the value of the property you are about to
purchase is Rs. 5 Crore, then you will pay Rs. 42,50,000 (8.5% of the
property value according to your location) as stamp duty charges.
Any document with stamp duty
is considered to be a legal document, and you also get to enjoy tax
benefits under 80C of the income tax act. Under this section, you can
claim a deduction of up to Rs. 1.5 Lakh. Also, the stamp duty charges
paid for a home loan
allows you to enjoy tax benefits under the mentioned section and
within the specified limit.
Besides the above, you can pay
your charges for stamp duty on home loan using the online method or via franking,
e-stamping or physical stamp paper.