No it is different. Stamp duty on agreement sale of movable property increased from 2% to 3%. Stamp duty on gift among family members increased from Rs 1,000 to
(i) in BMRDA/BBMP/city corporation area properties: Rs 5,000 (ii) city or town municipal council/town panchayat area properties: Rs 3,000 (iii) properties in area other than the areas specified in items: Rs 1,000
Effective 1st June 2015, the service tax is currently 14 per cent of the 25 per cent of the total agreement value for properties below Rs 1 cr or 2000 sq. ft. area in size. For properties exceeding or equal to Rs 1 crore or more than 2000 sq. ft. area, the service tax is 14 per cent of 30 per cent of the total agreement value.
VAT is decided by the respective state. According to the latest Karnataka Value Added Tax (Amendments) Act of 2012, VAT is charged at around 5.5 per cent of the construction-related services.
In Bangalore, there are different classification of buildings based on which the parameters used to calculate the stamp duty and registration charges also differ.
In case of multi-storeyed apartments, the super built up area is used for calculating the stamp duty and registration charges. For plots, the square feet area of the plot is multiplied by the guideline value of the area, and in case of independent houses, the total constructed area is considered for calculating the total property value.
Stamp duty and registration charges in Bangalore are paid through the Karnataka State department of Stamp duty and Registration. Stamp duty can be paid through the following means:
a) Purchase of impressed stamps from treasury or authorized stamp vendors, ORb) Purchase of adhesive stamps, OR
b) Purchase of adhesive stamps, OR
c) Payment to the government through payment of DD/ pay order issued by any nationalised bank/scheduled bank or challan, OR
d) Instrument (document) can be written on plain paper and the stamp duty can be paid through DD/ pay order issued by any nationalized bank/ scheduled bank or challan within two months of the date of execution of the instrument, and certified by the jurisdictional District or Sub Registrar.
As per the ongoing rates, you will have to pay 5 per cent of the registered value of the property as stamp duty. In addition there is a 10 per cent cess and 2 per cent surcharge on stamp duty. Accordingly, buyers have to pay 5.6 per cent stamp duty in urban areas and 5.65 per cent in rural areas as the surcharge in such areas is 3 per cent. The registration charges is 1 per cent of the total or registered property value.
The current stamp duty fee in Bangalore is about 5.52 per cent and registration charge is 1 per cent of the total value of the property.and in village panchayat area it is 5.65 per cent.
The Stamp Duties and Registration charges in Karnataka are 5% and 1% respectively. Basically stamp duty is a type of tax collected the government of Karnataka under its jurisdiction for a transaction of a property. Registration charges is the fees required in getting the legal title registered in your name.