Stamp duty rules are different according to where you live. Use this calculator to help you find the correct rate.
An important cost that you must think about when purchasing a home is stamp duty. Getting a new home could be the biggest purchase that many individuals can make. The totals concerned can imply that the amount of stamp duty could be an issue.
Stamp duty is a tax imposed by the state on several forms of transactions. These transactions include transfers and contracts for a real estate sale (known as transfer duty), policies of insurance, documented gifts, home loans, goods rental, and motor vehicle licenses.
The cost of stamp duty a person pays varies with respect to the property value for purchase, and it is determined by the government of the State from which you are buying it. Establishing the total you need to pay for can be baffling because every state follows an approach that is different from the other. Above that, there are exemptions for first-time home buyers, different rates to follow when purchasing a land, and sometimes there’s a separate cost for mortgage duty to pay.
The stamp duty calculator takes into account the state of your purchase, the value of your property, property type, and your type of purchase. It also takes into account if you are a first time home buyer and if you are purchasing from abroad. Simply provide the information being asked for on the field provided. The calculator will automatically compute for you an estimate of the amount you have to pay for stamp duty, mortgage registration, and transfer fees.