Having revised the property registration charges and land values, the state government has revised the duty on transfer of property. According to the GO released by the Municipal Administration and Urban Development (MA & UD) department, the duty on transfer of property has been reduced in all municipal corporations, municipalities and panchayats throughout the state.
According to sources, the revised rates came into retrospective effect from 1 April’13. For urban areas, the duty has been reduced from 2% to 1.5% and for rural areas from 3% to 1.5%. Thus the duty has been fixed uniformly across the state at the rate of 1.5%.
In general, the registration and stamps department collects this duty from buyers on the value of property during registration along with stamp duty and registration charges. Tax on sale deeds goes to local civic body. The government also announced that it will reduce the stamp duty from 5% to 4%, which is yet to be official.
Source: DC, TOI