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Buying a house is a big financial decision as it involves dipping into one\u2019s life savings and requies meticulous planning. Buying a house involves not just paying for the apartment, but also paying \u00a0associated taxes and duties like Stamp duty, Registration charges, Tax deducted at source (TDS) and Goods and Services Tax (GST).<\/p>\n
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<\/h6>\nA Stamp duty is a kind of tax which is levied upon by the state government when an immovable property is bought and sold by an individual. A stamp duty is charged as per the provision of The Indian Stamps Act . The stamp duty chargeable on the entire agreement value as mentioned in the Sales Agreement Stamp duty rate varies from State to State and it may also vary for different cities with a state.<\/p>\n
For example : As of today the Stamp duty rate\u00a0 for buying a real estate in the city of Mumbai is 5% and its 6% in Thane and Navi Mumbai. In a situation when the agreement value is less than the Ready Reckoner rates, stamp duty would be charged as per Ready Reckoner rates<\/p>\n
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Registration charges would also be levied on a real estate transaction along with the Stamp duty charges Registration charges are levied as per the provisions of the Indian Registration Act.<\/p>\n
Registration charges are levied to get the transaction registered with the Registrar. In Mumbai registration charges would be either 1% of the agreement value or Rs. 30,000\/- whichever is the lowest.<\/p>\n
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In real estate transactions involving properties worth more than 50 Lakhs, a TDS worth 1% of the agreement value\u00a0 needs to be paid to the Govt. of India. The onus of deducting the TDS lies with the buyer and the amount needs to be paid after deducting 1% of the agreement value as Tax deducted Source TDS.<\/p>\n
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GST is charged only in case of an under-construction property till the time Occupation Certificate (OC) is not received. GST rate for an under-construction property is 12% on the agreement value.<\/p>\n
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The Real Estate Management Institute- REMI<\/strong>\u00a0<\/a>is a leading educational institute in India that provides programs specially designed for the real estate industry. REMI was established with a vision to\u00a0\u2018Skill India to Build India\u2019<\/em><\/strong>\u00a0to contribute to industry development through training programs and to facilitate individual careers, as well as enhance leadership for existing real estate professionals.<\/p>\n REMI currently provides certification programs, executive courses and customized training workshops specially designed for the real estate industry. Our programs are run using the Socratic style of teaching, as we offer world-class best practices and a global curriculum to enable new entrants, early-stage professionals, entrepreneurs and leaders adapt to the evolving regulatory regime.<\/p>\n REMI is a pioneer in the field of real estate education in India having trained 2400+ People since our inception. REMI has over\u00a0320+ Corporate Association, 180+ Affiliated Visiting Experts<\/strong>\u00a0and offers\u00a0100% Internship and Placement<\/strong>\u00a0through a dedicated\u00a0Career Development Centre (CDC).<\/strong>\u00a0We are constantly exploring new dimensions and partnerships to help us stay ahead. Some of our partnerships include collaboration with\u00a0The Institute of Real Estate Management (IREM),<\/strong>\u00a0USA, Ganpat University in Ahmedabad, Practicing Engineers, Architects and Town Planners Association (PEATA), Habitat for Humanity,<\/strong>\u00a0among others.<\/p>\n Our flagship\u00a0Certifications in Business Management and Housing Finance (BMF 201)<\/a>,<\/strong>\u00a0the\u00a0Broker Certification Program (BCP 201)<\/a>,<\/strong>the\u00a0Owner Developer Program (ODP)<\/strong><\/a>\u00a0are just the tip of the iceberg. Our ability to curate industry-relevant programs with experts and thought leaders is our specialty. We currently offer\u00a030+ programs<\/strong>\u00a0for real estate.<\/p>\n","protected":false},"excerpt":{"rendered":" Buying a house is a big financial decision as it involves dipping into one\u2019s life savings and requies meticulous planning. Buying a house involves not just paying for the apartment, but also paying \u00a0associated taxes and duties like Stamp duty, Registration charges, Tax deducted at source (TDS) and Goods and Services Tax (GST).<\/p>\n","protected":false},"author":5,"featured_media":1794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,2],"tags":[],"yoast_head":"\n