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Stamp Duty Property

If you want to know the market value of your property and the stamp duty amount on it, you need to contact the Ready Reckoner as follows:

You should know the division/village name and C.S. /C.T.S. number of your property.

From the Ready Reckoner, locate your valuation zone and sub-zone with the help of the division/village name and C.S./C.T.S. number of your property.

From the table know your rate per square meter, then multiply the rate with the built up area of your property in square meters. You will get a value. Reduce or increase this value for lift and depreciation as per the valuation factors given in the Ready Reckoner and you will get a market value. Find out the stamp duty amount applicable to you as per the market value.The office of the Superintendent of Stamps Department also does this procedure for you for a nominal fee.

The process through which we calculate the value of property and then its market value and ascertaining the proper stamp duty is called adjudication.

For adjudication, one can apply to the Collector of Stamps along with copy of the agreement containing the details of the property.

You should go for replacement value insurance if you want to reiterate. It is necessary that you make it clear that insurance companies have covered both your home and its contents under replacement-value insurance.

The adjudication fee payable is Rs.100.

In case of a signed document, adjudication must be done within one month otherwise two percent interest per month will be levied as penalty from the date of signature.

An adjudicated unsigned document is valid up to six months from the date of adjudication order up to December 31 of that year whichever is earlier. for more details visit www.propertykhazana.com or contact 9535000925