Stamp duty is the charge that buyers in India have to pay at the time of property registration. A state levy, stamp duty rates are different from state to state. Along with the stamp duty, buyers also have to pay the registration charges. While some states charge a flat fee, others demand 1% of the transaction value as the registration charge.
Check out property prices in Luknow
Stamp duty and registration charge in Lucknow in 2024
Owner | Stamp duty as percentage of the property value | Registration charge as percentage of the property value | Stamp duty and registration charge in Rupees on a property worth Rs 10 lakh |
Man | 7% | 1% | Rs 70,000 + Rs 10,000 |
Woman | 6%* | 1% | Rs 50,000* + Rs 10,000 |
Man + woman | 6.5% | 1% | Rs 65,000 + Rs 10,000 |
Man + Man | 7% | 1% | Rs 70,000 + Rs 10,000 |
Woman + woman | 6% | 1% | Rs 50,000* + Rs 10,000 |
Source: IGRS UP
* Note: Women are offered a 1% reduction in stamp duty charges in UP. But, this rebate is applicable only up to Rs 10 lakh out of the total value of the transaction.
Stamp duty on other deeds in Lucknow
Documents to be registered | Stamp duty in Rs |
Gift deed | 5% of the property value
Rs 5,000 in case of gifting in family members |
Will | Rs 200 |
Exchange deed | 3% |
Lease deed | Rs 200 |
Agreement | Rs 10 |
Adoption deed | Rs 100 |
Divorce | Rs 50 |
Bond | Rs 200 |
Affidavit | Rs 10 |
Notary | Rs 10 |
Special power of attorney | Rs 100 |
General power of attorney | Rs 10 to Rs 100 |
Also read: Stamp and registration services on IGRS Uttar Pradesh
Stamp duty Lucknow calculation
Suppose that Mohit Sharma is buying a property of 800 sqft carpet area in a location where the circle rate is Rs 5,000 per sq ft. The circle rate-based value of the property would be 800 x 5,000 = Rs 40 lakh.
If the property is being registered at this amount, Sharma will currently pay 7% of this amount as stamp duty. This will amount to Rs 2.80 lakh.
If the property is being registered at an amount lower than that, Sharma will still have to pay 7% of Rs 40 lakh as stamp duty, since the property cannot be registered below the circle rate. If the property is being registered at Rs 50 lakh, Sharma will have to pay 7% of Rs 50 lakhs as stamp duty, amounting to Rs 3.50 lakh.
Sharma will also have to pay Rs 50,000 as the registration charge.
Benefits of investing in Lucknow real estate
Lucknow real estate, with its rich cultural heritage and modern makeover, has garnered great attention in the past half a decade. As the Coronavirus pandemic is likely to encourage more people to move to smaller cities and invest there, Lucknow is expected to be a key beneficiary of this trend.
See also: 5 posh areas in Lucknow
Lucknow has a thriving job market and a metro rail network, as well. Apart from large-scale developments at par with some of the fastest-growing Indian cities, it is only 500 kms from Delhi and with the new highways, one can travel this distance within five hours.
See also: Circle rates in Lucknow
FAQs
What is stamp duty?
Stamp duty is the charge that buyers have to pay to the state at the time of property registration. Along with this, buyers separately have to pay a registration charge to complete the legal formality.
What is the registration charge on property purchase in Lucknow?
Buyers have to pay 1% of the property value as the registration charge in Lucknow.
How much stamp duty has to be paid on joint property in Lucknow?
Stamp duty charges in Lucknow vary from 6% to 7%. If the property is being registered in the name of a husband and wife, 6.5% of the deal value will be charged as stamp duty.
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
sunita.mishra@proptiger.com