In India as per registration act 1908 all the transactions made over Rs. 100 should be registered. If not so then the claim for such transaction can’t be made in the court of law. Thus to become a lawful owner of the property in India is not a simple process.
All the requisite documents need to be in place before claiming a property. Whenever you want to purchase some property in India you need to follow a particular process to claim the ownership and the process is as follow:
- Verification of the title of the property.
- Estimation of the value of the property according to the circle rates of your area in order to get a clear idea.
- Preparation of the stamp duty. Stamp duty is a tax levied on any transaction by which people create or extinguish any legal right.
- Getting the sale deed ready
- Payment of stamp duty and registration charges
- Approaching the sub-registrar office with two witnesses to get the deed registered.
The purpose of going through this process is to record the execution of the documents. Only after registering the document you become the legal owner of the property in India. By getting the property registered one gets tax deduction under section 80c. Also disputes related to property gets resolved quickly. Also registration immunes the property from encroachment.