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For residential properties that do not fall
under the affordable housing category, the GST on loan interest India for purchasing
a flat will be 5%, and input tax credit (ITC) will not be applicable. If flat
owners pay a minimum of Rs. 7,500 towards maintenance fees, they must pay 18%
GST.
When applying for an ITR loan, form 16 for home loan is issued by a reputable employer like a listed company, government department, or established organisation, assures lenders of an applicant's genuine income and income stream's continuity.
You can obtain a home loan from banks or housing finance companies even if you haven't filed an income tax return (ITR) and your earnings are below the taxable threshold or don't know what is ITR.
So, what is margin money in loan? When you provide the margin money in loan, the lender will give you a receipt for the contributed amount.
The amount of margin money you are expected to pay for a home loan may vary depending on the lender and the loan terms.
Yes, you can pay a higher amount of margin money scheme than the actual requirement specified by the lender.
In India, purchasers of under-construction properties, such as flats, apartments, and bungalows, must pay a GST on flat purchase.
When purchasing an under-construction property in India, a GST on construction of residential house of 18% is levied on the construction value but only on the remaining amount after deducting the assumed land value of 33%.
Flat owners and residents of housing societies in India are subject to Goods and Services Tax (GST) on their residential property maintenance charges.
If you buy a flat ready to move in, you do not need to pay GST.
No, but to avoid the dampening effect of GST on under-construction flats, some builders consider booking amounts as 'loans' from the buyer's subsidiary company.
Yes, you can get a refund on cancelling the e-stamp certificate in Karnataka.
Is it possible to claim tax benefits for stamp duty and registration charges in Karnataka?
Yes, you can claim tax benefits on the stamp duty and registration charges under Section 80C of the Income Tax Act.
A penalty will be levied on the stamp duty and the document could be impounded when presented to any public officer, if the document is not duly stamped.
Hence, one should be aware of the stamp duty and registration charges before applying for a home loan and buying a house in Karnataka.
Additional Read: Stamping and Franking Charges on Home Loans in India: Know the Difference?
To access land records in Karnataka, follow these steps on the Bhoomi Karnataka portal:
● Visit the official Bhoomi Karnataka Land Records website at landrecords.karnataka.gov.in and click the Bhoomi icon.
● Click on "For Citizen Services- Click here" and then "View RTC and MR."
● Fill in the details such as district, taluk, hobli, village, survey number, surnoc, hissa number, period year, and owner details, and click on "Go."
● All the details of the land records will be displayed on the screen. The Bhoomi Karnataka portal has been instrumental in the digital management of Karnataka land records as part of the state government's digitization efforts.
Stamp duty and registration charges in Bangalore differ from property registration charges in Karnataka.
Here's a list of required documents for stamp duty in karnataka:
● Credit letters
● Lading bills
● Insurance policies
● Affidavits
● LLP registration
● Transfer of shares
● Rental agreements
● Debentures
● Promissory notes
● Settlement of immovable property
● Receipts
● AoA/MoA
● Exchange bills
● Construction of property
● Bonds
● Surrender of lease documents
● Will deed
● Proxies
● Adoption letters,
● Securities issued on loans
● Lease agreements and papers for the surrender of the lease.
You can use an online stamp duty calculator to find the amount of stamp duty you need to pay for your property.
In Punjab, property buyers can benefit from lower stamp duty charges if the property is registered in a woman's name.
Under Section 80C of the Income Tax Act, 1961, taxpayers in India can claim tax deductions of up to ₹1,50,000 on stamp duty and flat registration charges in Punjab.
● Tax deductions can only be claimed if the taxpayer is a legal residential property owner and pays the fees in the same year.
● Co-owners can also claim deductions, but complete or partial owners cannot.
● Property transfer within 5 years of purchase incurs tax in the assessment year of transfer.
The Income Tax Act 1961 allows taxpayers to claim deductions for expenses related to stamp duty and registration charges in Punjab under Section 80C.
To purchase land, one must check the property registration charges in Punjab before moving forward. Here is the process to register a plot of land in Punjab:
● Obtain an Encumbrance Certificate (EC) from the Sub Registrar's Office online or in person.
● Punjab's Revenue Department has provided free templates of registration documents on its website.
● Buy stamp paper based on government land value and register the land with the buyer, seller, and witnesses present on the scheduled date.
● Provide original identification and payment to the registrar, who will verify the details and sign the order.
● All parties must sign the registry and advise document areas to complete the Punjab registry charges process.
To calculate the registry rate in punjab for property registration, the following formula can be used:
Stamp Duty in Punjab = 5% of the property's consideration value + 1% of SIC (Social Infrastructure Cess) + 1% of the property's consideration value (PIDB).
If the Punjab property registration is being exchanged within a family, a stamp duty of Rs 900 will be charged.
The PF withdrawal for plot purchase is subjected to specific limitations under the EPF Scheme.
Many people have this question: is it good to withdraw PF for home loan? While it is possible to withdraw PF funds for buying a house, financial experts advise against it.
For EPF withdrawal for home loan UMANG App, link your UAN and phone number to your Aadhaar. Go to the search menu and select EPFO Service.
To ensure fair distribution of land, eliminate landlessness, encourage rural development, and improve the standard of living of the people of West Bengal.
Jomir Tothaya is the mobile application for Banglarbhumi. You can download it from the Play Store and access West Bengal Land Records and related services on your phone.
Yes, you can. But you must obtain permission to do so from Banglarbhumi. That’s the law. Once you get the go ahead, the rest is easy.
● Shri Jenu Devan, IAS - Superintendent of Stamps (Head of the Department)
Mobile: +91 79 23288575, 23288592
Email: [email protected]
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