Property stamp duty is a tax levied by the government on the transfer of ownership of real estate property. It's typically paid by the buyer and is based on the property value or purchase price. The amount varies by jurisdiction and is often used to fund government programs and services.
Stamp duty is important because:
1. It serves as a revenue source for the government.
2. It helps regulate property transactions and prevent fraud.
3. It can influence the housing market by affecting affordability and demand.
4. It can provide incentives for certain types of property ownership and development.
The stamp duty rate in India varies by state and is typically calculated as a percentage of the property value or purchase price. It ranges from 2% to 7% in most states, with some states having higher rates for luxury or high-value properties. It's important to note that the stamp duty rate may change frequently, so it's advisable to check the current rate before completing a property transaction in India.
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