Does registration of any sale deed or transfer document attract payment of statutory levies/duties?

Yes, but the amount varies from state to state. State may also collect levies/cess,which would be in addition to the stamp duty.

Is it compulsory to register sale/transfer documents?

Yes. Sale/transfer documents of any immovable property whose value exceeds Rs 100 must be compulsorily registered.

Such documents have to be registered in the jurisdictional office of the registrar of assurances or sub-registrar as provided under the registration rules of the state.

How can stamp duty and registration fees be paid?

Stamp duty can be paid by a pay order/demand draft and registration charges in cash or pay order/DD in favour of the jurisdictional sub-registrar concerned.

Embossed stamp papers are available at all nationalised banks.

In a sale of immovable property, who has to bear the stamp duty cost?

Unless there is an understanding between the seller and the purchaser, the purchaser pays the stamp duty.

However, in the case of exchange of properties, both parties have to bear the stamp duty equally and it is payable on the property which is of higher value.

In whose name should one purchase the stamp paper?

The stamp paper has to be bought in the name of one of the parties whose names appear in the intended document for which the stamp paper is being bought.

A document on a stamp paper will be treated as not stamped and, therefore, defective if the party's name is different.

What are the tax benefits on housing loan?

The exemption limit on annual interest of a housing loan has been increased from Rs 30,000 to Rs 75,000, which means an effective reduction in income tax of around Rs 25,000 for somebody in the highest tax bracket.

The exemption is only valid for housing loans taken after April 1, 1999 and the construction should have been completed by April 1, 2001.