Suppose Satvir Singh bought an apartment in Ludhiana for Rs 50 Lakhs. Singh later realized that the value of the property, according to the flyers, was only Rs 40 Lakhs. Since the reported value of the property on the Rs sales station is 50 Lakhs, Singh will pay 7% of the Rs 50 Lakhs as a stamp duty and an additional 1% as registration fee. This corresponds to an additional outgo of Rs 4 Lakhs (Rs 3.50 lakhs as stamp duty and Rs 50,000 as registration fee). While you are buying the eStamp, it is necessary to give the purpose for which it is purchased. If it is purchased z.B for the execution of a lease agreement and the duration of the contract is 11 months, the eStamp is only valid from the date of execution of the 11-month contract. e-Stamping (a form of e-challan) is the automated online supply of stamp paper for the State of Punjab, a project of the Board of Revenue and Punjab Information Board (in partnership with the Bank of Punjab). E-stamp was purchased for registration in Punjab, but the registration fee plates were reduced. Thus, the same stamp cannot be used. At the same time, the official communiqué is still issued by Le Punjab Govt. Therefore, stamp papers must be refunded, please say if I bought the stamp papers above in May 2017, what is the refund procedure – maximum until I can request a refund. Can someone tell me when the stamp duty reduction notification will increase from 9% to 6% and when it will apply? Buyers should keep in mind that even if a property is purchased at a value below the prevailing reference value, stamp duty is only applied to the reference value. If the transaction is valued above the reference value, the stamp duty is calculated based on the closing value and not on the reference value.
LegalDesk.com is your solution provider for all your legal, administrative and registration requirements. We have also set up an API for stamp duty payment, which can be used in the same way by businesses and individuals, in Punjab or in another state in India. We can assist in the creation of documents such as sworn insurance, partnership agreements, leases, wills, trust, adoption certificates, power of attorney, gift certificates and many other documents.