जमीन रजिस्ट्री पर देना होगा टैक्स, यहां देखें रेट लिस्ट Registry Tax Increased

Registry Tax Increased – When you buy a land, flat or house, just paying the price of the property is not enough. You also have to pay a fee to get the registry done in the government records. This fee is called registry tax or stamp duty and registration charge.

This is a kind of income for the government and every state collects it according to its own. That is, this tax can be 5% somewhere and up to 8% somewhere.

What is the new change now?

1. Some states have recently increased the registry tax. Now you will have to pay more tax on buying land or house. For example:
2. In many districts of Uttar Pradesh, this tax has been increased from 6% to 7%.
3. In Madhya Pradesh, it has increased from 5% to 6%.
4. In Delhi NCR, 6% stamp duty is already applicable, but the exemption given to women is now being limited.
5. This means that if you buy a property worth Rs 50 lakh, then earlier you had to pay a tax of Rs 3 lakh, now it has increased to about Rs 3.5 lakh.

Why did the government take this decision?

1. Now you must be wondering why the government suddenly needed to increase the tax? So the reasons for this are as follows:
2. Fall in government revenue - There was a slowdown in the real estate sector, due to which the tax received by the government had reduced.
3. Trick to increase revenue - Governments consider stamp duty as an easy source of income.
4. Investment had decreased in the recent past, seeing which the government has tried to cover the deficit by increasing the tax.

Direct impact on the pocket of the common man

Now who will be affected the most by this? Middle class and lower middle class. Already rising inflation, expensive home loans, and construction cost have troubled the common man. On top of that, now the registry tax has also increased.

People thinking of buying a small house will also think twice now. Those who were earlier in a position to pay Rs 1-2 lakh in advance, will now have to arrange up to Rs 3-4 lakh.

What will be the impact on the real estate sector?

Anyway, the real estate sector has faced many shocks in the last few years - like demonetization, GST, RERA and then Covid. Now when the market was recovering a bit, the registry tax was increased.

This may reduce the number of new buyers. Builders will have difficulty in selling their projects and new projects may get delayed. Simply put, the pace of real estate may slow down again.

Will the exemption given to women still remain?

Earlier, in many states, women used to get a 1% to 2% discount in stamp duty to encourage them to buy property. But now some states have either removed or limited this discount.

This means that if a woman is buying property in her own name, she will have to pay the same tax that men have to pay. This can affect the financial independence of women.

Is there any way to avoid tax?

1. Look, registry tax cannot be completely avoided because it is legally applicable. But you can get some relief by taking some small measures:
2. Compare the circle rate and market rate.
3. Keep the registry charge in mind while negotiating property.
4. If there is any discount on buying property in the name of a woman, then take advantage of it.
5. Before buying, definitely check the website of the registration department of the concerned state.
6. This new decision of the government can be a bit heavy for the general public. Now you will have to do more planning before planning to buy property. Especially if you are calculating EMI and advance, then definitely include the increased rate of registry tax.
7. It is wise to get complete information before buying, decide the budget and have a clear plan for all the expenses.