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Stamp Duty and Registration Charges in Mumbai

Stamp duty is a crucial document that helps you legally claim ownership over a property. Once a property is purchased, the buyer is required to register the property with the local governing authority and pay the stamp duty and registration charges.<br>

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Stamp Duty and Registration Charges in Mumbai

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  1. Stamp Duty and Registration Charges in Mumbai The stamp duty rates in Mumbai are governed under the Maharashtra Stamp Duty Act. Stamp duty is a crucial document that helps you legally claim ownership over a property. Once a property is purchased, the buyer is required to register the property with the local governing authority and pay the stamp duty and registration charges. In case the buyer fails to do so, a heavy penalty can be imposed on them by the local municipal corporation.

  2. Factors That Affect Stamp Duty There are four major factors that affect the stamp duty of a property. 1. Age of the property: The age of the property you're hoping to purchase can altogether diminish or expand the stamp duty you pay on it. The more established the development of the property is the more refund can be profit wear the stamp duty. 2. Type of property: The sort of property alludes to the utilization that the property will go through. For instance, private property will draw in lesser stamp duty charges when contrasted with a business property in Maharashtra.

  3. Stamp Duty Rates In Mumbai Ready Reckoner Rate In Mumbai In Mumbai, unlike many other cities in Maharashtra, property buyers do not need to pay the Local Body Tax. The stamp duty charges in Mumbai vary mainly according to the gender of the property buyer. The Ready Reckoner Rate (RR) is a price of property set by the local governing authorities. The RR in the different areas of Mumbai is: Source: www.clicbrics.com/blog/stamp-duty-and-registration-charges-in-mumbai

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