It is very important to set a budget before buying a house or land. Most of the budget money is spent on the registry. If you are also preparing to get the house or land registered, then before that you should know some important things. Let us tell you how you can reduce the property registration charges while getting the house or land registered.
Check the power of attorney
Often the sale of land or property is done through power of attorney and due to this there are maximum chances of fraud. You must ensure that the property being sold to you is the one mentioned in the Power of Attorney. Apart from this, you should check all the documents related to the land.
Pay registry charges on market value
The market value of a property is low when the circle rate is high. You can save on stamp duty by appealing to the registrar or sub-registrar. Its provision has been made under the State Stamp Act. Also, note that the registrar or sub-registrar forwards your case to the DC who calculates stamp duty based on the market value and if you are a buyer, you will get the benefit of saving stamp duty.
How much rebate has to be given to female buyers
Many states exempt stamp duty and registration charges if women are involved in a joint or single purchase of a property. Haryana, Delhi, Punjab, Rajasthan and Uttar Pradesh are also included in these states. According to the Delhi government, if the land is registered in the name of a man, then 6 percent registration charge has to be paid on it and 4 percent in the name of a woman. Along with this, you can save more than 1.5 lakh tax in a year on the expenditure incurred on the registration of residential property.
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