Stamp Duty & Registration Charges in Goa | Kotak Mahindra Bank

18 JUNE, 2021

Have you recently bought a home in Goa or have you started to consider investing in one? If you have, you are probably just realizing that the price of house is not the only charge associated with buying a house. The most common charges that homebuyers must pay on purchasing a property are stamp duty and registration charges. It is mandatory and there’s no way to skip it. When it is your first time investing in real estate, you shall find several such expenses linked with buying a house.

Stamp duty is a fixed percentage of tax that State governments levy based on the market value of your property. This tax is charged on the transfer of assets from the seller to the buyer and varies from one state to another. On paying the stamp duty, your property documents become legally valid. But registration charge is a sum you pay to get the land or property registered in your name and this can differ based on region as well.

How Is Stamp Duty in Goa Calculated?

Usually, stamp duty is a fixed percentage of the market value of the property. However, the stamp duty charges depend on several factors related to the property you are purchasing and the buyer, which is you. So, look at the aspects that play a role in deciding the stamp duty in Goa:

  • Location of the property - Based on whether the land is located in the city, rural region, suburbs, etc. the stamp duty shall vary as the location decides the municipal limits.
  • Gender of the buyer – Some States often offer some concession to female homebuyers
  • Age of the buyer - Though this can differ according to each State, senior citizens can avail discounts in certain regions.
  • Type of property - The type of property such as an apartment or an independent house also decides the stamp duty charges.
  • Usage of the property - Depending on the usage of the property for commercial or residential purposes, the stamp duty rates can vary.

 

The stamp duty charges in Goa are the same for men and women. Learn about the stamp duty and property registration charges applicable in Goa:

 

Value of Property

Stamp Duty Charges

Registration Charges

Up to Rs 50 Lakh

3.50%

1%

Between Rs 51 Lakh and Rs 75 Lakh

4%

Between Rs 75 Lakh and Rs 1 Crore

4.50%

Above Rs 1 Crore

5%

 

How Can You Pay Stamp Duty in Goa?

There are three methods for making stamp duty payment in Goa, which you can understand below:

 

  • E-stamping - This is an online mode of completing stamp duty payment by visiting the official page of Stock Holding Corporation of India Limited (SHCIL). You shall find the option of ‘E-stamp Services’ on the homepage for e-stamping and paying the registration fees.
  • Paper-based method - For this, you need to purchase non-judicial stamp papers from an authorised vendor. The terms are then printed on the paper.
  • Franking - In case of franking, you take your documents to an authorised franking centre such as a bank or an agent. It is the process of getting the documents stamped.

 

Property registration process in Goa

  • Show the drafted copy of the property document to be approved by the sub-registrar.
  • The document will be assessed and approved after review
  • The Stamp Duty will be calculated for the property.
  • The documentation and related details will then be entered into the GAURI software of the state government
  • A receipt for the entry will be generated.
  • You will have to pay the registration fees through the e-challan.
  • The final registration formalities will be completed.
  • The records of the registration will be scanned and archived.
  • The original property document will be then given to the owner of the property.

 

Frequently Asked Questions (FAQs)

Do women homebuyers get any concession on stamp duty or property registration charges in Goa?

No, the stamp duty and registration charges in Goa are same irrespective of the buyer’s gender.

Can you avail any tax benefits on stamp duty and property registration charges?

Yes, you can claim tax benefits on the stamp duty and registration charges under Section 80C of the Income Tax Act.

What documents are required for stamp duty and property registration charges in Goa?

You can keep the following documents ready while paying your stamp duty and property registration charges in Goa:

  • Proof of identity for the buyer and seller
  • Seller’s proof of ownership of property
  • Sale deed
  • No Objection Certificate
  • Proof of identity of any two witnesses
  • Power of Attorney

 

Thus, it is important to know about the stamp duty and registration charges if you are planning to buy a house in Goa with home loan.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.