Before registering your property, know these 4 ways, you can save lakhs of rupees

Breaking News, Digital Desk- Getting a property registered is a big job. It involves a lot of paperwork. A hefty property registration charge also has to be paid. This charge can be 5-7 percent of the total property amount. If you are going to register a property worth Rs 50 lakh, then you can save Rs 2-5 lakh to Rs 3.5 lakh in some easy ways.

The biggest amount of money in the entire budget of buying a house is spent on registration. If some money is saved in this, it will be a plus point for you. That money will be used somewhere else. You can invest this money in interior decoration. So let's know 4 ways to save property registration charges.

1-Pay registry charge on market value-

It is often seen that the market value of a property is low while the circle rate is high. Higher stamp duty will be charged on higher circle rate while lower stamp duty will be charged on market value. In such a situation, you can save the cost on stamp duty by appealing to the registrar or sub-registrar. 

This provision has been made under the State Stamp Act. If an appeal is made to the Registrar to levy stamp duty on market value, then the sale deed will remain pending until registration is done. The Registrar or Sub Registrar sends your case to the DC who assesses the stamp duty according to the market value. In this case, if you are the buyer, you will get the benefit of saving in stamp duty.

2-Registry of unpartitioned land-

A report states that the facility of registration of undivided land is available in future construction or under construction projects. In this case, the buyer makes two agreements with the builder. 

Sale agreement and construction agreement. The sale agreement is for the undivided share of the property, that is, the buyer's share in the common area. This includes the price of the land and the price of the construction to be made on the land.

Buying unpartitioned land is cheaper because there is no registration charge for the built-up area. Suppose the cost of an apartment to be built is Rs 50 lakh and the price of the unpartitioned land in its land parcel is Rs 20 lakh, then registration charge and stamp duty of this Rs 20 lakh will have to be paid.

3-Rebate to women buyers-

If a woman is involved in the purchase of a property in joint or single purchase, then in many states there is a discount on stamp duty and registration charges. These include Haryana, Delhi, Punjab, Rajasthan and Uttar Pradesh. 

According to the Delhi government, if a land is registered in the name of a man, then 6 percent registration charge has to be paid on it and 4 percent registration charge has to be paid in the name of a woman. Along with this, you can save a maximum of 1.5 lakh tax in a year on the expenses incurred on registration of residential property.

4-Benefit of Local Stamp Act-

Land is a state subject, so the income from its registration also belongs to the state. The law of each state may be different from the other. Therefore, before registration, you must know the stamp act of that state. 

Sometimes the registration charge is reduced by the state government. Get the registration done at the time when there is a discount on it. In Maharashtra, Punjab and Uttar Pradesh, there is no stamp duty if the property is gifted to a blood relative. By keeping this rule in mind, you can save registration charges.