Stamp Duty and Registration Charges in Bangalore
Stamp duty and registration charges are essential taxes imposed during property transactions to validate ownership transfers and contribute to state revenue legally. In Bangalore, India’s Silicon Valley, these fees are particularly significant due to its status as a top housing destination with a booming real estate market.
This blog will explore the latest rates and regulations for stamp duty and registration charges in Bangalore for 2024.
What are stamp duty and registration charges?
Stamp duty and registration charges are mandatory taxes the government collects during property transactions, such as buying or transferring ownership. These fees are essential for legally validating the transaction and are a significant source of revenue for the state.
The amount you pay for stamp duty and registration depends on various factors, including the sale price or market value of the property, its location, and its age.
Factors determining stamp duty rates of a state
Stamp duty rates differ from state to state and are usually calculated as a percentage of either the transaction value or the property’s market value, whichever is higher.
Each state sets rules for stamp duty, considering several factors, including the property’s market value, type, age, location, and even the buyer’s gender.
Stamp duty and registration charges in Bangalore, Karnataka: Current rates in 2024
Stamp duty for men in Bangalore, Karnataka 2024
| Property Cost Category | Stamp Duty Rate |
| Above Rs 45 lakh | 5% |
| Rs 21 lakh to Rs 45 lakh | 3% |
| Up to Rs 20 lakh | 2% |
Stamp duty for women in Bangalore, Karnataka 2024
| Property Cost Category | Stamp Duty Rate |
| Above Rs 45 lakh | 5% |
| Rs 21 lakh to Rs 45 lakh | 3% |
| Up to Rs 20 lakh | 2% |
Registration Charges in Bangalore, Karnataka 2024
| Property Cost Category | Registration Charges |
| Above Rs 45 lakh | 1% of property value |
| Rs 21 lakh to Rs 45 lakh | 1% of property value |
| Up to Rs 20 lakh | 1% of property value |
Stamp duty and registration charges on Commercial property in Bangalore, Karnataka
In Bangalore, the stamp duty for properties like business complexes, hospitals, and schools is 5% of the higher value between market and sale price. There’s also a 10% cess and a 2-3% surcharge based on the location. The registration fee is 1% of the higher value.
Stamp duty and registration charges on Industrial properties in Bangalore, Karnataka
In Bangalore, the stamp duty for industrial properties like factories is 5% of the higher value between the market and sale price. There’s a 10% cess and a surcharge of 2% in urban areas or 3% in rural areas. The registration fee is 1% of the higher value.
Surcharge on stamp duty in Bangalore
Apart from property registration charges in Bangalore, property buyers must pay a 2% surcharge and a 10% cess on the stamp duty for properties over Rs 35 lakh. In rural areas, the surcharge increases to 3%.
Stamp duty on other legal instruments in Bangalore, Karnataka
In a significant update, the Karnataka government increased the stamp duty on various legal documents following the passage of the Karnataka Stamp (Amendment) Bill on December 11, 2023. Here’s a rundown of the new rates:
- Adoption Deeds: Stamp duty has doubled from Rs 500 to Rs 1,000.
- Affidavits: The cost now ranges from Rs 20 to Rs 100.
- Powers of Attorney: Increased from Rs 100 to Rs 500; for more than five but fewer than ten authorizations, it’s now Rs 1,000, up from Rs 200.
- Divorce Papers: Stamp duty on these documents has risen from Rs 100 to Rs 500.
- Certified Copies: Fees have increased from Rs 5 to Rs 20.
- Trusts: Registering trusts now costs Rs 2,000, up from Rs 1,000.
- Conveyance Deed of Amalgamation of Companies: Stamp duty has been raised to 5% from the previous 3%.
How to calculate Stamp duty and registration charges in Bangalore in 2024?
Here’s a simple way to calculating stamp duty and registration charges:
- Identify the property type (residential, commercial, industrial).
- Consider the location (urban or rural).
- Determine the property value (transaction or assessed value, whichever is higher).
- Apply the appropriate stamp duty rate.
- Add 1% of the property value as registration charges.
How do you pay stamp duty in Bangalore online?
To pay stamp duty in Bangalore online, follow this process:
- Visit the state’s Integrated Financial Management System online.
- Under Services, select ‘Generate Challan.’
- Enter your details and choose ‘Stamp Duty and Registration’ for department type.
- Select ‘Stamp Duty’ and ‘Sale Agreement’ as sub-purposes, enter the duty amount, choose a payment method, and complete the captcha.
- After submitting, you’ll get a challan valid for 90 days.
How do you pay stamp duty in Bangalore offline?
Here is a step-by-step process to pay stamp duty in Bangalore offline:
- Visit your local sub-registrar’s office with all necessary documents.
- Ensure both the buyer and seller and any required witnesses for property mutation are present to sign the documents.
- For stamp duty charges over Rs 2,000, which cannot be paid online, purchase impressed stamps from the treasury or authorized vendors. Alternatively, use a cheque or demand draft from a nationalized bank.
- After paying the stamp duty and registration charges, the office staff will verify your property documents.
- Upon successful verification, the property registration certificate will be issued.
- H3: Type of property is taken into consideration to calculate stamp duty
Conclusion
Understanding stamp duty and registration charges is essential when purchasing an apartment in Bangalore. This quick guide provides up-to-date information on the 2024 rates, helping you plan your budget more effectively. Whether you’re a first-time buyer or an investor, these charges play a significant role in your decision-making process.
When considering properties like Nambiar Millenia or other premium developments in Bangalore, be sure to check the latest stamp duty and registration rates, as they vary based on the property type and location. Additionally, factor in any surcharges or cess that may apply to specific properties, ensuring you have a comprehensive view of the overall costs involved.
FAQs
What is the stamp duty for apartments in Bangalore?
Stamp duty for apartments in Bangalore typically ranges from 3% to 5%, based on the property value.
How to calculate apartment registration charges in Bangalore?
Registration charges for apartments in Bangalore are generally fixed at 1% of the property’s total value.
What is the stamp duty in Bangalore for sale agreement?
Stamp duty for a sale agreement in Bangalore is usually 0.1% of the agreement value or consideration amount.
Is there any reduction in stamp duty in Karnataka in 2024?
There are no official announcements about a reduction in stamp duty in Karnataka for 2024.
