Type of deposit tax is the tax you pay to the Indian government to legalize the documents needed to complete the purchase of your home. On the other hand, francization only takes place after paying stamp duty and includes the process of sealing these legal documents as confirmation of the stamp duty paid. This is why e-stamping has become popular on online franking, as it is a safer and more inviolable method of paying stamp duty. The transaction can be easily carried out online with the Internet bank. Those who have not activated the online bank can use a challan bank to pay stamp duty. Difference between stamp duty and the payment of excise tax Img Source: www.karnataka.com you had to find a bulk envelope/document. Have you noticed that there is no stamp on it and that you would instead find an inscription on the name of the stamp on the document? It`s re-edation. Only certain banks and representatives are authorized to take over and accept stamp duty. In addition, banks have a fixed quota of francisation one day after which they cannot disclose the documents. Franking is the process of stamping ownership documents.
It is a seal that indicates the payment of stamp duty. With Franking, authorized institutions and agencies such as banks set a fee or unit value on the contractual document. For this activity, franker machines are used in state registrars. Source of img: www.smbceo.com franking of a document must be performed after all the necessary material is entered on a simple sheet of paper and before signing. An application must be completed with the details of the Francisation. Before executing the contract (signing documents), you must take it to an authorized bank or frankie agency. In other words, the francization tax is a tax that must be paid to the bank or agency for the stamp of real estate securities that serve as a legal proof for the payment of stamp duty. No, TDS is not applicable to frankier fees, as the Central Direct Taxes Council (CBDT) has granted an exemption from the source tax deduction (TDS) for certain payments made by companies/individuals in banking financial services. Franking is the process of stamping a property document using a charter machine. The process will only be facilitated by banks and authorized agents who can affix your legal documents or affix a certain unit value that proves that stamp duty has been paid for the transaction.
The Francisation fee must be paid to the authority for the stamp of your paper. Royalties are generally 0.1% of the total. Agencies concerned Stamp duty is paid at the time of registration with the Deputy Chancellor of Insurance, who is responsible for the location of your home. The stamp duty payment is on you as a buyer of the property. Remember that non-payment of stamp duty will result in a penalty, so be sure to arrange money before signing the agreement. When it comes to francization, only banks or agents who have official government authorization can add the stamp of francization to your deed of sale and real estate credit contract. Typically, these services are only available for a few hours of the day and banks have made a limit on the amount of francisation work on a given day. So make sure that you or your broker ensure that these formalities are completed within the chosen time frame.