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Importance Of Using A Stamp Duty Calculator
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Stamp duty indicates a form of tax that is imposed on all legal documents in relation to the purchase of property. The types of property can include freehold or leasehold from agricultural, non-agricultural, independent houses, flats or even commercial units.As per the Indian Stamp Act 1899 and the Bombay Stamp Act 1958, this tax stamp is needed to be part of the document to assert its legal validity. In other words, the stamp duty will ensure that any document that contains the stamp duty will be legally functional.
However, the value of the stamp duty differs from state to state. Each state has a different value on the land, with different laws related to it. This in turn, will affect the value of the stamp duty. In order to calculate the exact value of the stamp duty, you can use a stamp duty calculator. This financial tool will help you in a lot of ways, which is why it is important to use it when purchasing any land. Let us take a look at why this tool is important in any land purchase:
Penalty in delay of payment
As mentioned previously, the stamp duty is an important and imperative tax imparted by the government. This tax must be paid by the purchaser when any property has been purchased. However, since the value of the land differs from state to state, the value of the stamp duty will also differ. One must know the different values in order to make the necessary payment for stamp duty. Any delay in the payment will lead to a penalty of a rate of 2% every month on the remaining amount. In addition to this, the maximum penalty that can be levied on the unpaid amount is 200%. Therefore, to avoid such a situation, one can easily use the stamp duty calculator to calculate the appropriate amount for the appropriate land purchase in any state. In this way, one can avoid any penalty when it comes to the payment.
The stamp duty is a legal verification under government regulations. When an individual purchases a property, the stamp duty amount is calculated as per the market value or the agreement value. In this case, the higher value is taken into accordance. If the documents related to the purchasing process of the property are properly verified as per the procedure of the stamp duty process, these documents can be used as a legal evidence in any court of law. However, a wrong stamp duty value can render the document null and void. In order to get the correct value for the correct property value, the stamp duty calculator can be used. This calculator is designed to include the value of property in every state. In other words, you can get a 100% appropriate value to any calculations you make in accordance to any property in India. Thus, in this way, your documents is legally verifiable in any court.
It is imperative to pay stamp duty when you buy a property. If it is not paid, then document cannot be registered and hence cannot be considered legal and valid. Without the payment of this stamp duty, you will not be able to officially register your property in your name, even when it is transferred to another individual. Therefore, use this calculator to get the exact value you will need to pay to get the stamp duty done on you documents.
Author Bio :
The author is a seasoned writer on finance topics and she articulates aspects that are important to people availing the home loan facility. She writes about a variety of topics covering the home loan documents, rates & the uses of stamp duty calculator that help to make the best decision.
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