Stamp Duty and Property Registration Charges for Punjab – Stamp Duty is a tax, similar to income tax, collected by the government. Stamp duty is payable under Section 3 of the Indian Stamp Act, of 1899. Stamp duty is, therefore, a tax that is evidence, as it were, of any purchase or sale of a property between two or more parties. Stamp papers, which have to be bought either in the name of the seller or buyer are valid for 6 months, provided the stamp duty is paid without any delay. A more modern version of the tax no longer required an actual stamp. If you want to know more about Stamp Duty and Property Registration Charges for Punjab, this blog by Gupta Document Center is all you will need.

As per the latest update on Stamp Duty in Punjab, 2023, the Punjab government has decided to waive an additional 3% stamp duty in Punjab on property registration in urban areas until December 31, 2023. The decision was made during a council of ministers meeting led by the Chief Minister (Bhagwant Maan) of Punjab. With this blog you will get all the information about the Stamp Duty and Property Registration Charges for Punjab. This will provide relief to those purchasing properties in urban areas. Meanwhile, it’s still difficult to purchase property in Ruler areas with high stamp duty. Current charges are explained below in the table.

Stamp Duty and Property Registration Charges for Punjab

Stamp Duty Charges in Punjab

The Punjab government collects 7% stamp duty and 1% registration charges. From the stamp duty charge, 1% is to fund water supply and environment improvement schemes in the northern state while another 1% is meant for the Punjab Infrastructure Development Board. So, after the Punjab government hiked the stamp duty by 1% to fund water supply and environment improvement programs in urban areas of the state, stamp duty on property registration here has increased to 7%. It is important to know about the Stamp Duty and Property Registration Charges for Punjab. In Punjab, a percentage of the stamp duty is charged as the social infrastructure cess and environment improvement programs.

Note: If there is a mutual exchange of a property in a family, the executors will have to pay Rs 900 as stamp duty. If a property is transferred to a blood relation, no stamp duty liability arises. For example when people buy freehold properties by paying stamp Duty and completing registration free, then it is their lifetime claim on the property.

Gender	Stamp Duty	Registration Charges
Male	7%	1%
Female	6%	1%
Joint (Male + Male)	7%	1%
Joint (Male + Female)	6%	1%
Joint (Female + Female)	5%	1%

Stamp Duty is also chargeable on the following instruments:

Certain written agreements to lease
Written leases of land and buildings situated in Ireland
Instruments that transfer shares or stocks of Irish companies (Stock Transfer forms)
Instruments that transfer property as a gift
Certain written agreements or contracts to transfer property
Certain written agreements to lease
Instruments that relate to Irish property or something done or to be done in Ireland,
Levies (including life and non-life insurance premiums, pensions, health insurers, and contributions to the Insurance Compensation Fund)
Electronic transfers of shares, stocks, and marketable securities through CREST
Cheques and other bills of exchange.

Pay Stamp Duty And Registration Charges Offline In Punjab

You can visit the Authorised Collection Centre (ACC) or the Central Record Keeping Agency (CRA) and manually fill up the e-stamping application form. In this mode, Several payment methods are accepted at these offices, including,

CASH
NEFT/RTGS
DEBIT CARD
CREDIT CARDS
CHEQUE

You can choose the payment method that is most convenient for you to pay the Stamp Duty and Property Registration Charges for Punjab.

Online Payments of Stamp Duty and Registration Fees in Punjab

The Punjab government allows homebuyers to pay their home and land registration fees in Punjab online through the official website of Stock Holding Corporation of India Limited (SHCIL). It is the authorized agency for e-stamping. These are the steps to follow:

Visit to SHCIL’s official website
Browse through the given options and select ‘e-stamping’.
Select your state ‘Punjab’ from the drop-down list of Indian states.
Fill in the application form with the necessary details
Click on ‘Download’.
Print this form and take it to the nearest SHCIL branch.
Pay at the branch using cash, cheque, RTGS, NEFT, demand draft, or account transfer.
The office will generate a certificate of e-stamp necessary for property registration in Punjab at the registry office.

Eligibility for Tax Benefits with Stamp Duty and Property Registration in Punjab

By knowing Stamp Duty and Property Registration Charges for Punjab you can easily carry out the registration process. If the homebuyer has paid the registration charges and stamp duty within the assessment Year, then he/she will be eligible for the tax benefits. The tax benefits on stamp duty and registration charges apply only to residential properties. Commercial properties or any other types of properties do not qualify for these specific benefits. If a property is co-owned by two individuals, both owners can individually claim the tax benefits on stamp duty and registration charges. This allows both co-owners to enjoy the deductions based on their share in the property.

Few Factors that Affect Stamp Duty in Punjab.

Gender
Age
Property type
Property’s location
Amenities

Key Points to Consider Before Paying Plot Registration Charges in Punjab

All the assets available for stamp duty must be stamped before registration.
Stamp papers should be in the name of the individual involved in the transaction.
You can pay Punjab stamp duty by franking. For this, you will need a franking agent such as a bank, etc.
According to this method, the transaction details are printed on paper, and individuals submit it to the banks along with stamp duty charges. The bank then stamps on the agreement using a franking machine.
The issued stamp paper’s date must not be more than 6 months from the date of the transaction.

Conclusion

With this blog prepared by Gupta Document Center, you will not face any difficulty in paying Stamp Duty and Property Registration Charges for Punjab. The blog has all the information about stamp duty and property registration charges in Punjab and its major cities. We have also discussed the online and offline modes of payment for stamp duty or property registration. If you want to get more information you can reach out to the experts at Gupta Document Center.