Stamp duty charges in Lucknow
If you are planning to buy a property in Lucknow, keep in mind that you must pay stamp duty and registration charges, which combined will become a considerable amount of money. The city has come into its own as an urban landmark, and has quickly emerged as a popular real estate hub for residents of Uttar Pradesh.
What are the stamp duty charges in Lucknow?
In Lucknow, like in many other parts of the country, stamp duty charges vary based on the gender of the owner. Male owners must pay 7% of the total value of a property as stamp duty. Female owners must pay 6% of the property value as stamp duty. Homes jointly owned by a male and a female member draw 6.5% stamp duty, and homes jointly owned by two females draw 6% stamp duty.
Let us look at the factors that determine stamp duty charges in Lucknow
Gender of the owner
In Lucknow, women pay lower stamp duty than men. In fact, owners also get a rebate on stamp duty to be paid when a home is jointly owned by a male and a female.
Age of the property
Stamp duty charges are directly proportional to the value of a property. Therefore, properties that are newer and more expensive attract higher stamp duty in comparison to properties that are cheaper and more affordable.
Age of the owner
Senior citizens in Lucknow and everywhere else in India are required to pay lower stamp duty than individuals in their prime.
Type of property
Commercial properties in Lucknow, like everywhere else in India, attract higher stamp duty than residential properties.
Location of property
Properties located in central Lucknow are more expensive and therefore, attract higher stamp duty. On the other hand, properties located on the outskirts of the city are more affordable and attract lower stamp duty.
Buildings with a higher number of amenities, such as a swimming pool, gym, etc., draw higher stamp duty than buildings with basic amenities.
How are property registration charges calculated in Lucknow?
Registration charges in Lucknow do not vary based on the gender of the owner. In other words, it does not matter whether you are a male or a female, you must pay 1% of the total value of a property as registration charges. In other words, if you are buying a property worth Rs. 1 Crore in Lucknow, you must pay Rs. 1 lakh as property registration charges.
How is stamp duty calculated in Lucknow?
Stamp duty to be paid in Lucknow varies based on the gender of the owner. Male owners must pay 7% of the property value as stamp duty and female owners must pay 6% of the property value as stamp duty. For example, if a man buys a property worth Rs. 50 lakh, he must pay Rs. 3.5 lakh as stamp duty. However, if he buys the same property in his wife's name, he must only pay Rs. 3 lakh as stamp duty. If stamp duty calculation confuses you, you can use a stamp duty calculator to calculate stamp duty and registration charges in Lucknow.
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