What is the importance of E-stamp Punjab in real estate?

What Is E-Stamp Punjab?

The Board of Revenue of Punjab has introduced e-stamp Punjab to digitize the creation of the Challan Form 32-A, which must be completed in order to pay the necessary stamp duty and obtain the official stamp papers in Pakistan with any property purchasing and selling endeavors. This work is being done with the assistance (of PITB). In order to pay the stamping fees, people can go to any Bank of Punjab office.

All high-value judiciary and non-judicial stamping papers are subject to the e-Stamping procedure in Punjab, which has transformed a procedure that used to take at least two to 3 days into a speedy and effective service that can be accessed online.

What is the role of PITB in E-Stamp Punjab?

The initiative of e-stamp in Pakistan was started in 2016 to ensure the least amount of inconsistencies in the payments of stamp duties while maximizing convenience and openness. The traditional paper-based method was subsequently converted to an internet platform and gradually rolled out throughout Punjab, making it simpler than ever for real estate purchasers and sellers to obtain Challan 32-A without having to stand in long lines.

The Punjab Information Technology Board (PITB) has introduced a new method of collecting stamp duty through online e-stamping in Pakistan. By integrating new technology into the system to benefit the populace, the Punjab government is taking steps to support the country.

What Are Services Offered By E-Stamping Punjab?

Here are the services of e-Stamp Punjab:

• Generation of a New Challan Form No. 32-A
• Payment of Deficient Capital Value Tax (CVT), Registration, or Comparison Fee
• Calculation of a Property’s Value as per Deputy Commissioner (DC) Rates
• Reprinting of an Existing Challan 32-A
• Payment of Deficient Stamp Duty or Penalty on e-Stamps
• Verification of Your e-Stamping Process Online

Let’s discuss each of these services offered by e-Stamp Punjab in detail below.

Generation Of A New Challan Form No. 32-A

To access the Challan form, click the appropriate service link on the e-Stamping Punjab website. To acquire a downloadable version of Challan 32-A, complete the form’s three steps of the required information, as seen in the screenshot above. Using this technique, you can produce a challan for both judicial and non-judicial Form 32-A.

Payment Of Deficient Capital Value Tax (CVT)

You can look up your specific challan number to find out more about the necessary payments for the CVT, registration charge, or comparison fee through the use of e-stamp Punjab. Here is a general overview of Punjab’s CVT and Stamps Duty rates for your information.

How To Calculate Property’s Value

You must be aware of the property’s DC Rate if you intend to submit stamp duty for real estate investment. You must pay this duty to enroll a property with the regional registration authority that is different from the Federal Board of Revenue’s (FBR) rate of property taxation. You must complete the form for the DC cost for your land.

How to Print Existing Challan 32-A?

You must input your challan number in a provided box to acquire a copy of the form that can be printed. This will contain all the information, including the cost of the stamp paper in Punjab. You must use the Print option to obtain a printed duplicate of your Challan for payment after connecting a printer.

What Is the Penalty On E-Stamps?

You have to enter your unique e-Stamp number to find out how much more stamp duty needs to be paid or whether there are any penalties involved.

Online Verification For E-Stamping Process

You can get a detailed record of the documentary evidence, which includes DC valuation, deed detailed information, property/challan information, stamp details, agent details, and both seller and buyer details when you’ve got your stamp paper in hand. To do this, enter the stamp paper’s 16-digit stamp paper number further into Verification through the Web service. You can also use SMS to confirm your e-Stamp transaction by sending the keyword “eStamp” and the stamp paper’s 16-digit number to the number 8100.