Friday, February 20, 2015

4 modes to pay Stamp Duty and registration fee for your property transactions

There are four modes to pay Non-Judicial Stamp Duty and registration fee for your property transactions. You will have to select the mode of payment on the basis of the amount of stamp duty you are required to pay. The modes of payment are as follows:
  1. Franking
  2. GRAS
  3. ESBTR
  4. Stamp Paper

Out of the aforementioned stamp duty modes, franking is useful only when your stamp duty amount is less than Rs. 4,999 (Four Thousand Nine Hundred and Ninety Nine Rupees). If your stamp duty amount is more than that then you look towards other modes.


Franking

Franking is simply a government stamp which is printed on a Paper. You could pay a maximum amount of Rs. 4,999 (Four Thousand Nine Hundred and Ninety Nine Rupees) by franking,

you are required to deposit the stamp duty amount with the bank where franking service is available and get the page of your Agreement/Deed or other pertinent document franked. Please remember that signed documents are not accepted for franking.

GRAS (Government Receipt Accounting System)

To pay through GRAS, your stamp duty amount should be more than Rs. 5,000/- (Five Thousand Rupees). This service is available in selective branches of few banks. Stamp duty amount less than Rs. 50,000/- (Fifty Thousand Rupees) could be paid in cash while more than that amount has to be paid through NEFT or RTGS.

You are required to fill your personal identification and property details on GRAS website and take a print of the filled form. This form is known as challan. Further you are required to submit the challan with the relevant bank authorities and they will do the needful.

There is also a provision to complete the whole process online, if you are well versed with net banking. If you wish to complete your payment online then please select "e-payment" as your payment mode and continue towards payment.

List of Banks where GRAS service is available:

  • Andhra Bank
  • Bank of India
  • Bank of Maharashtra
  • IDBI Bank
  • Punjab National Bank
  • State Bank of India
  • State Bank of Hyderabad


ESBTR (Electronic - Secured Bank & Treasury Receipt)

To pay through ESBTR, your stamp duty amount should be more than Rs. 5,000/- (Five Thousand Rupees). This service is available in selective branches of few banks. Stamp duty amount less than Rs. 50,000/- (Fifty Thousand Rupees) could be paid in cash while more than that amount has to be paid through NEFT or RTGS.

You are required to fill your personal identification and property details on the site of selected banks which provide the services. Take the print out of the filled form and submit it to the selected bank branch, the bank authorities will do the needful.

List of Bank links where ESBTR service is available:

  • Bank of Maharashtra
  • IDBI Bank
  • Punjab National Bank


Stamp Paper

Once the most convenient way of paying stamp duty has now been reduced to being a cumbersome process. The new government formalities require that the stamp vendor record every detail about stamp purchaser and the transaction, the details are then mentioned at the back of your stamp paper.

The buying process being time consuming may invoke choicest of curses, however do keep in mind, that it is an attempt by the government to introduce some transparency in the buy/sale process of stamp Papers.

Now a days, some sub registrar offices insist on stamp duty payments by other means, hence make sure to confirm with the registrar's office first before investing in Stamp Papers.

Conclusion: These are the methods of Stamp Duty and Registration Fee Payment. Choose wisely and ensure that you have understood the various modes and processes completely before trying the same. In case you have any doubts and queries regarding the procedures, kindly mail us at nirrtigo@nirrtigo.com and we will do our best to address them. Thank you for reading.

This is a guest post by Sarvesh from Legal Counter

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