In India, it is mandatory to pay stamp duty and registration charges in the process of purchasing and selling property. This fee is charged to record property documents in government records. However, many times there are problems in cases related to the registry, such as not getting the registry money back. In this article, we will discuss this topic and know what are the rules under Property Registry Law and what should be kept in mind.
Registry money will not be returned: Property Registry Law
It is mandatory to pay stamp duty and registration fee during the registry. But if for some reason the property deal is canceled or there is no registry, then the registration fee is not refunded. This is the rule set by the government. However, partial refund of stamp duty is possible in some states, but it has to follow strict procedures.
Main points related to registry and stamp duty
| point | Description |
| Stamp duty | The value of the property can range from 3% to 10% |
| Registration fee | 1% of the total market value of the property |
| Possibility of refund | Partial refund of only stamp duty possible only |
| Documentation required | Original Agreement and Cancellation Deed Compulsory |
| Deadline | 6 months to 2 years in some states |
| Legal advice | Beneficial to consult a lawyer |
What are stamp duty and registration fees?
Stamp duty and registration fee is a fee to be given to the government by the person purchasing the property. This fee is fixed by the state government and varying in different states.
Important things for stamp duty:
- Location: In which state or city is the property located.
- Owner’s gender: Women get discounts in many states.
- Type of Property: Residential or Commercial.
- Uses: Personal or professional use.
Legal provision related to registry
If a person is unable to register even after paying or cheats the person selling property, then action can be taken under Indian law.
Main Legal Measures:
- Section 420: Applied in cases of fraud.
- Section 126 (Transfer of Property Act): Related to cancellation of gift deed.
- Section 80C: Tax exemption on stamp duty.
Stamp duty refund process
If stamp duty has been paid but not registered, then in some states an application can be applied to get it back.
Application process:
- Apply to the registration department of the state.
- Submit the original agreement and cancellation deeds.
- Only up to 98% of stamp duty is refunded.
- It is necessary to submit all the documents correctly.
Property Registry Law: Why responsibility for yourself?
In cases related to the registry, people often decide without knowing, causing them to suffer losses.
Noted things:
- Check all the documents thoroughly before purchasing the property.
- Take the help of a professional lawyer.
- Calculate stamp duty and registration fee in advance.
Property Registry Law: What to do and what not to do
What to do:
- Carefully check all the documents.
- Pay stamp duty and registration fee on time.
- Avoid purchasing any disputed property.
What not to do:
- Do not pay without checking the document.
- Do not trust fake agents.
- Do not capture the property before the process is completed.
conclusion
Understanding the rules related to registry and stamp duty is necessary for every property buyer. If you follow these rules and have the right information, you can avoid many troubles.
Disclaimer:
This article is written only for the purpose of giving information. Please take legal advice before taking any decision. News like “Registry’s money will not be back” is based on truth, but the rules of every state may be different.
