About Real Estate Rules
Latest knowledge about various rules and regulations in Real estate remain the most important factor for all smooth property dealings.The knowledge about local rules at state as well as district level too, are equally important. If we enter into any kind of property dealings such as lease, rent, buy or exchange of a property without proper knowledge of Real estate rules, there are all the chance of being tricked/duped. Moreover,in future there can be number of legal troubles or hassles as well. So before buying a property one has to go through a number of Real estate rules to avoid all sorts of legal hassles. The knowledge about the dos and don’ts or the Real estate rules will enable one to avoid all such legal hassles certainly. Normally the buyer is supposed to pay the tax known as stamp duty when he or she tempts to buy homes or apartments. This is not the same in the case of property exchange where both the buyer and the seller share this tax. So let’s try to know more about stamp duty.
Stamp Duty is the tax which must be paid full time and on time. Stamp duty is very similar to Conveyance, a legal document that effects in property transfer. The delay of paying the stamp duty may invite penalty minimum of 2% per month to the maximum of 200% of the deficit amount of stamp duty. Rate of stamp duty varies from 0 to 10 %. This is dependent on the states and cities. The stamp duty is a subject matter of the States. Therefore the stamp duty varies from state to state. Some states like Rajasthan, Kerala, Karnataka, Maharashtra, and Gujarat have their own legislation for imposing the stamp duty. While other states like Tamil Nadu follow the Indian Stamp Act – 1899. The Indian Stamp Act – 1899 is the basis of stamp duty. It demands the President’s prior consent of for any amendment to the stamp duty acts. The central government determines the stamp duty of a few instruments. So the stamp duty determiner is government- either central government or the state government. Stamp duty rate varies from state to state or city to city.In some states the stamp duty for registration in the name of females is less, therefore it is worth while to check this aspect and avail the offer and register a property in the joint name.
A duly paid stamp duty is necessary for the execution of a document. The Stamp Duty is determined in many ways. How Stamp Duty is measured is a matter of question and doubt. Stamp duty is normally related to the size of property. For all the properties worth more than 5000 a revenue stamp of 1 is to be affixed. All possible data like Carpet or built up area, number of floors in the building, name of the village/division, year of construction and C.S/C.T.S number of plots of land must be included in the legal agreement for reducing time consumption process. Real Estate rules help one to avoid all sorts of future troubles and other problems related to the property dealings. The stamp duty is determined according to the number of floors and the built up area measured in square meters. By giving misleading information one can escape paying the due stamp duty but this is only an invitation of future troubles to the property agreement and the property as a whole. So it should be avoided and the duty must be paid in full faith.