BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a tax that is payable from all taxable profits of any company
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an indirect type of taxation imposed on the manufacture, sale or use of certain types of goods and products
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a tax of the property price above £125, 000 when you buy residential property
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a tax set by local authorities to meet their budget requirement
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Detailed explanation-1: -Dear Sir, Stamp duty value means any value adopted by any authority of the Central Government or a State Government for the purpose of payment of stamp duty for the immovable property. As per Section 80EEA stamp duty value of the house property should not exceed 45 lakhs.
Detailed explanation-2: -Yes, all the charges put together can come up to 7% to 10% of the total market value of the property or more than that. In most states in India, 5% to 7% of the total market value of the property is charged as stamp duty while 1% is charged as registration fee.
Detailed explanation-3: -These expenses are mandatory and all new property owners have to pay for these, in order to complete the transfer process. Stamp duty charges constitute up to 10% of the property value whereas registration charges account to usually 1% of property value.
Detailed explanation-4: -Stamp duty is a legal tax payable in full and acts as an evidence for any sale or purchase of a property. The levy of stamp duty is a state subject and thus the rates of stamp duty vary from state to state. The Centre levies stamp duty on specified instruments and also fixes the rates for these instruments.