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Stamp Paper in USA

In India there is a clear and concise 5 step process required for the purchase of new land. While most of these steps involve acquiring, preparing and filing the necessary paperwork, one of them also involves covering the stamp duty which is imposed on all new property sales. This tax equals 5% of the total value of the property and it is best solved using stamp paper so, even though stamp paper in USA is no longer widely used, it still represents an easy and accessible way for the Indian people to deal with a common issue.

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Stamp paper in USA is nowhere near as significant and as widely used as it was in the past. It used to be the best way available to pay for certain taxes and cover expenses which were incurred whenever land or property was bought and sold or other major purchases were made. Now the frequency of use has been diminished, but just because stamp paper in USA is no longer a huge commodity does not mean that it is not still a big part of business transactions in other parts of the world. India is a prime example of this where it is still used to pay taxes. This is especially evident in the case of new property purchases.

It is actually quite bizarre that stamp paper in USA is not preferred anymore. It can be a huge timesaver in a situation which can be very stressful and will require a lot of footwork and waiting around. In order to successfully file a claim in order to purchase a new piece of property, an Indian has to acquire several documents such as a “No Objections Certificate”, a Property Card and an Income Tax Clearance Certificate in some cases. Only then can he file his application at the Sub-Registrar of Assurances where it will be processed.

If everything goes well, all the applicant has to do now is wait. It takes around 30 days for his request to go through and after that he will be the new owner of the property he purchased. This is a major benefit since now the state officially recognizes him as the legal party which is responsible for that particular land, but it also means that he is free to sell it or rent it whenever he wants in order to maximize his profits.

It makes no sense for stamp paper in USA to stop being widely used. In any situation involving the purchase of a new piece of property, whether it is in America or India, there is always the likelihood of issues appearing along the way. These can be either minor or major and can take a long time to resolve. Thus, using stamp paper to cover the duty on the land is a simple way to fix one minor problem and to save some time. That way, the would-be new owner can focus his attention on other issue such as performing a thorough investigation of the property in order to make sure that there are no flaws with it such as an undisclosed mortgage or multiple owners.

The world of business transactions is a fickle one and there are always new trends being developed. The use of stamp paper in USA might not be popular now, but it can always rise up again. America can follow the example of India which still successfully uses stamp paper in all property transactions in order to cover the taxes involved. It is fast and efficient and it manages to streamline the entire process so that business goes smoother.