In today’s digital world, many transactions are shifting to the electronic dimension. In many ways, the whole idea of ownership has transitioned from physical to virtual, as digital contracts, virtual currencies, and e-Stamping become increasingly common. e-Stamping has emerged as an essential tool for securing property rights and financial transactions.
What is e-Stamping?
e-Stamping is an electronic method of paying non-judicial stamp duty. The online process replaces the traditional paper stamps with a more secure and tamper-proof digital process. It helps make real estate transactions more transparent, efficient, and legally valid across diverse Indian states. An e-Stamp is issued as a tamper-proof certificate that can be used for various transactions, including property sales and lease agreements. StockHolding, a subsidiary of IFCI Limited, is the authority that validates e-Stamp verification in 24 states and union territories. It is a Central Record Keeping Agency (CRA) for the collection of stamp duty. e-Stamp certificate would include the following information:
- Certificate Number (UIN): The unique ID printed on the e-Stamp.
- State: The state or union territory issuing the certificate.
- Stamp Duty Type: The category of documents the certificate covers, like a sale deed or a lease.
- Certificate Issue Date: The date when the e-Stamp was issued.
- e-Stamp verification Code/Session ID: Also known as session ID, it is a six-character alphanumeric code.
What is the Use of e-Stamping in Property Transactions?
Ensuring authenticity is critical in property transactions. These transactions involve a significant sum of money and a long list of legal formalities. Anyone who has tried to buy an apartment or register a land sale would probably have to manage multiple fees, fill out endless forms, and stand in long queues at government offices. Traditional stamp paper processes have been marred by issues like duplication and fraud.
Fortunately, the scenario is changing, especially with the introduction of e-Stamping. It allows you to handle one of the most complex aspects of property transactions digitally. e-Stamping is an efficient, secure, and government-recognised solution that is transforming the way property registration and stamp duty payments are handled. Whether buying, selling, or leasing property, having a good understanding of e-Stamp verification would help make the process of real estate transactions smoother.
How to Verify an e-Stamp Certificate Online?
Online e-Stamp certificate verification is necessary to ensure your property transaction is legal and free from fraud. You must simply follow these simple steps to confirm the authenticity of your e-Stamp:
- Identify the Issuing State or Union Territory: Check your e-Stamp certificate for the name of the state or union territory that issued it. This information would help you find the correct official portal.
- Visit the Official e-Stamping Portal: Depending on the state or union territory issuing the e-stamp certificate, you must visit its designated e-stamping website. For most states, StockHolding will be the issuing authority, so you can check out its official website.
- Find the Verification Section: Look for the option titled “Verify e-Stamp Certificate” or similar on the portal.
- Enter Relevant Details: You must fill out specific information from your e-Stamp certificate.
- Review the Displayed Details: After you enter the relevant details, it is imperative to double-check them to avoid any chances of errors. You should compare the submitted details with your original document to ensure all information matches perfectly.
- Use QR Code or Barcode Verification: Many e-Stamps also include a QR code or barcode that can be scanned for swift verification. You may simply have to use your smartphone scanner to instantly verify the e-stamp certificate on the portal.
What are the Best Practices for e-Stamping?
Using e-Stamps for property documents is secure and convenient. However, to ensure your transactions are smooth and hassle-free, you must avoid some common mistakes and follow certain best practices. Here are the best practices to follow: –
- Document Verification: Before e-Stamping, you must verify the document you are uploading and make sure it contains all necessary details.
- Stamp Duty Calculation: It is prudent to calculate the stamp duty amount required for the document accurately.
- Payment Accuracy: Double-check your payment details to steer clear of any errors during the payment process and see to it that the payment is successful.
- Record Keeping: You should maintain a record of e-Stamp certificates and their corresponding documents for future reference.
- Valid Certificate: Ensure you use a valid e-Stamp certificate with a validity period.
In many ways, the e-Stamping process has transformed property transactions in India. Whether buying, selling, leasing or gifting property, e-Stamping makes sure that your deal is legal, secure, and efficient. You can obtain an e-Stamping application form from the official website of Stock Holding Corporation of India Limited (SHCIL). Its official website has a dedicated section for e-Stamping services from where you can download the required application form. e-Stamping would help you avoid the risks associated with fake stamp papers, long queues, or confusing procedures.
Author bio:
The author is a subject matter expert in the real estate market. He has worked in tandem with real estate professionals and has vast knowledge of the industry.
