Taxes to be Paid While Purchasing the Property

In India, real estate industry is one of the most heavily taxed industries. When you purchase a property in addition to amount paid to the seller, you are also responsible for paying various taxes to the local government authorities of every city while registration and developer of the property should be paid during construction which comprises about 35 percent to 45 percent of the cost of the property.
You probably know the common taxes such as property tax, service tax and so on, but the fact is, there are many other taxes to be paid while purchasing a property. Read on for some of the taxes and estimate the taxes you will have to pay while purchasing.
Registration costs: Registration is the process of recording the documents with a registering officer or competent land Cadastre and it is the last stage of the agreement between the seller and buyer of the property. The document is the final agreement which is signed between the two parties and then, the buyer will be the legal owner of the property. The content of the documents is registered to prevent the fraud transactions, for the purpose of protection of evidence, title assurance and publicity of documents.

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