Property Knowledge Rules : Whenever we buy any land or plot, we do not have ownership rights on it until we have a registry in our name. It is very important to have land registry as per the legal process.
Property Knowledge Rules
When registry has become so important, then you should also know that if a person gets the registry done in his name, then for this he has to go through a lot of process. And he has to spend 4% to 5% of the cost of his house or plot.
Most of us want to save this four to five percent expense while getting the land registered.
However, some people might be feeling that four to five percent is very less, but for example, suppose you are buying a property worth Rs 1 crore.
If you have to get it registered, you will have to spend approximately ₹5 to ₹7 lakh extra.
Now the biggest question that arises is how to handle this expenditure. So the best way to do this is whenever you buy a property, buy it in a woman’s name instead of a man’s name.
If property is purchased, there are states where huge rebate in stamp duty and registration fee is available.
For example, in states like Delhi and Uttar Pradesh, you have to pay only two to three percent tax on buying property in the name of a woman.
If you get the registration of residential property done using this method, then you can get relief from tax of around Rs 2 to 2.5 lakh on that too.