Pune News | Only 2 days left in Pune for the registration of stamp duty for those paying advance stamp duty
Pune: Pune News | As thousands of people pay their stamp duty before March 31 to register their deeds assuming that the ready reckoner rates will increase. The purpose of doing it is to save the surcharge and tax on stamp duty. The registration deed has to be done within four months from the date of payment of stamp duty so for those who have already paid stamp duty 31st July will be the last date for registration so now only two days are left for the registration.
In the month of April there is an increase in stamp duty. Therefore, while purchasing the property tax has to be paid on the purchase as per the increased rate of ready reckoner. So as per government rules some people pay stamp duty in advance to the sub-registrar in order to avoid incurring additional tax in future transactions. However, the registration must be done within four months after payment of this fee. Those who paid the stamp duty by March 31 were required to register the deed by the end of July. Also those who have not registered their registration will be able to register within six months. However, a penalty amount will need to be paid for the same.
Penalty to increase every month
As per the Registration Act, if the deed is not registered within four months after the payment of stamp duty then a fee of 2.5 percent is levied in the first months, 5 percent in the second month, 7.5 percent in the third month and 10 percent in the fourth month. A maximum fee of 10 percent is levied as penalty.
Appeal by Registration & Stamp Duty department to do registration within 10 months
The deeds must be registered within the next four months after payment of stamp duty before 31st March before the ready reckoner rates increase. If the registration is not done within these four months then the registration can be done in the next six months by paying the fine. However, the registration cannot be done after that period, said the officials of the Registration and Stamp Duty department.
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