Defining E-stamping
When buying or selling a property, you have to pay stamp duty charges on the property to the government. This process was traditionally done physically but now there is an option of conducting this process online with the help of e-stamping.
What is E Stamping?
E-stamping is referred to as an online method of paying non-judicial stamp duty on the concerned property to the government. This has made the stamp duty and franking process much more convenient than the traditional methods.
E-stamping is considered to be the most convenient way of paying the stamp duty charges but many people are still doubtful about the procedure and safety of this method. However, this process is highly preferred over the traditional process as it makes the payment easier without much hassle.
It is necessary to obtain an e-stamp paper or certificate which can be generated by filling an application form, after which the certificate is generated by the Stock-Holding Corporation of India Limited (SHCIL), the Central Record Keeping Agency (CRA). The application form can be downloaded easily from the official website of SHCIL.
There are also a number of methods available for making the payment towards the stamp duty. The payment can be done in the form of cheque, cash, demand draft, pay order, NEFT or an account to account transfer.
Benefits of e-stamping
There are a number of advantages and benefits of e-stamping which makes it a preferable choice over the traditional methods of stamp duty payment. Some of the benefits are as follows: - E-stamping is a much quicker payment method and the e-certificate can also be generated in a few minutes from the SHCIL website. - The authenticity of the e-stamp certificate can be checked online which also makes it a safe procedure. - There are very less chances of your e-stamp certificate getting duplicated because the e-stamp certificate has a Unique Identification Number (UIN).
