Stamp Duty and registration charges are some of the preliminary requirements for purchasing a property. Stamp duty is a tax that is levied on a single purchase of property and it has to be physically impressed on the document concerned showing that the stamp duty has been paid.
Stamp Duty Calculation differs from state to state but they are usually 5-7% of the market value of the property. Stamp duty in Mumbai had been reduced to 2% till March 2021 due to the pandemic, but now reinstated back to 5% from April 2021. It also depends on the kind of property, commercial or residential, number of floors, and location. It is payable on sale deeds, conveyance deeds, and power of attorney papers. It should be paid on or before the date of executing a document. It can be paid through money order or DD within two months of the execution of the instrument.