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Possession or the physical transfer of the property is often considered the final step while purchasing a property, but it is not sufficient. You also need to have legal evidence of ownership. For this, you will have to get the property registered in your name in the government records, with the seller documenting that the property is being transferred to you. At the time of registration, you will also have to pay a stamp duty which is a government tax levied on property transactions.
Stamp duty is collected based on property value at the time of registration. Stamp duty’s amount varies from state to state and property type—old or new. Since it adds up to the property cost, it is better to have a fair idea before you finalize your property deal.
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