Proposal to Reduce Stamp Duty
The decision to accept the proposal to reduce the stamp duties on various transactions is a piece of good news for real estate buyers. It is mutually beneficial for both customers and the government. It reduces the burden of higher registration charges for customers, and increases the revenue for government.
Stamp duty (tax on property) on gift deeds from relatives has been reduced to 1% from 5% and family members reduced from three to one percent. Stamp duty on partition deeds from relatives reduced to 1% from 3% and from family members reduced to 0.5 percent from 1%.
To make sure that mortgage without possession in favor of government or UDA or local bodies are in compliance to building/layout rules, government has fixed a standard amount at Rs. 5000 in place of earlier 0.5 percent. The “other than above” has been kept unchanged at 0.5 percent.