What is e-stamping and how is it done?

 Whether you purchase a property or sell it, to successfully complete the exchange, you need to pay a stamp obligation on it. Those of you who have been through the process of paying it in the conventional manner, will understand how tedious and time expending it tends to be. With e-stamping, quite a bit of these problems can be solved. In this article, we will tell you everything you need to think about e-stamping in India. 

For what reason is a stamp paper required? 

Purchasing, selling or even leasing your property or creating deeds (so, all exchange related activities), require you to pay a stamp obligation on property to the central or state authorities. Anyway, how would you pay it? Such payments to the government are done through the purchase of a stamp paper of different values, as decided by the authorities. Once you make the payment, it is evidence that the government has been paid the required fee. It additionally goes about as a future reference for you. 

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Some frequently-asked questions pertaining to stamp obligation are: 

Where would it be a good idea for me to pay the stamp obligation? 

Under which locale does the exchange fall? 

What amount stamp obligation would it be a good idea for me to pay? 

The process may appear simple yet you should realize that there are three different ways to pay the stamp obligation. However, not all states may have all the three facilities listed below: 

E-stamping 

Non-legal stamp paper 

Franking machine 

For those of you who are technologically keen, e-stamping, additionally called electronic stamping is the simplest process. 

E-stamping in India 

Beginning July 2013, the Indian government, in an offer to reduce instances of counterfeits and errors, introduced the e-stamping office. The Stock Holding Corporation of India Limited (SHCIL) is the Central Record Keeping Agency (CRA) for all e-stamps used in the nation. Be it user registration or organization, from applications for e-stamping to keeping up these records, the SHCIL is authorized to do these. It additionally has authorized collection centers or ACCs (scheduled banks) which then issues certificates to those requesting it. 

How to get your documents e-stamped? 

Step 1: Visit the official website of the SHCIL. In case your state permits the e-stamping office, it will shows on the website. Citizens can pay stamp obligation online and print the e-Stamp certificates from the convenience of their home for the NCT of Delhi, Karnataka, Himachal Pradesh, UT of Ladakh and Chandigarh. Due to the COVID-19 pandemic, the SHCIL has reinforced that where the office is available, citizens should make use of it. 

Step 2: Select the state from the dropdown list. In the example, we have selected NCT of Delhi. 

Step 3: You should fill an application. On the homepage, go to the 'Downloads' tab and select the application that you require. Suppose, the relevant application is the one where the stamp obligation payment is less than Rs 501. Basically download the structure and fill it. 

Step 4: You should present this structure alongside the payment, for the stamp certificate. 

How might I pay stamp obligation for e-stamping? 

You can pay the stamp obligation with money, check, demand draft, pay order, RTGS, NEFT or even a record to account transfer. At an ACC, you can pay in real money, or use or a check or DD. 

How to pay stamp obligation online for e-stamping? 

Step 1: New users of SHCIL can tap on 'Register Now' to proceed. 

Step 2: Fill in the required data. Choose a User ID, secret phrase, security question and fill in your financial balance details. 

Step 3: Upon affirmation through an initiation connect sent to your registered email address, you can use your user ID and secret key to access the services. 

Step 4: Login to the online module by utilizing your activated User ID and Password. 

Step 5: Select the state (for example, 'Delhi') starting from the drop menu. Then select 'Nearest SHCIL Branch' choice and provide required details like First Party Name, Second Party Name, Article No, Stamp Duty Paid By and Stamp Duty Amount, to generate an Online Reference Acknowledgment No. of any sum for payment through Net Banking/Debit Card/NEFT/RTGS/FT. 

Step 6: Citizens are required to do a print of the Online Reference Acknowledgment No. what's more, visit the nearest Stock Holding Branch to take a last print out of the e-stamp certificate. 

How to verify an e-stamp? 

On the homepage, you will discover a choice called 'Verify e-stamp'. Snap on it to continue. Essentially enter the state, certificate number, type of stamp obligation, date of issuance and session ID and snap on 'Verify'. 

Significant things to think about e-stamping 

A duplicate of an e-stamp certificate won't be issued. 

You can get a refund for an e-stamp request once it is cancelled, just when you approach a SHCIL office. 

In Maharashtra, stamp obligation can be paid online not through SHCIL yet through electronic secured bank treasury receipt (eSBTR)- an online payment service.