You will need to pay the following taxes at the time of registering the property:
- TDS on any amount exceeding Rs 50 lakhs for the purchase of immovable property excluding agricultural land.
- Stamp duty on registration
- GST is applicable if the property you are purchasing was conceived and constructed before it was offered to your possession. If you are purchasing a ready-to-use property then GST is not applicable.
- TDS- 1% on the amount exceeding Rs 50 lakhs.
- Stamp duty depends on the state and municipal laws. For TN it is 11% on UDS and 2% construction agreement.
- GST @ 5% if the project is under construction.
Same set of documents as above. The agreement must record the title flow, the various permissions taken and the terms agreed to by the parties.
A title deed is a document that proves the right of a person to an immovable property. A person can acquire an immovable property by various means and a properly stamped and executed document evidencing the transaction is a title document. For example a sale deed, a release deed, a relinquishment deed, a gift deed, a family settlement deed, a partition deed, a will all are evidence of how a person has acquired an immovable property and may be called title deeds.
No. You cannot sell a property without proper registered document(s). A registered document is the authenticity and guarantee of the ownership over the property. Neither should one sell a property without proper registered documents and neither should one purchase a property wherein the seller does not have registered document of his/her ownership in the Property
The original property document to be registered along with a copy is to be presented with the concerned Sub- Registrar by the Seller. Both Seller and the Purchaser are present before the concerned Sub- Registrar who admits the execution of the document. The sub- registrar after making the due inquiry registers the documents and returns the original document to the concerned party.