4.1.2011 (UNI) In view of the low registration of property due to tendency of property owners to avoid heavy stamp duty, the Uttarakhand Cabinet decided to amend the Indian Stamp Act to set new rates, chief secretary Subhash Kumar said here today.
Briefing the media persons after the Cabinet meeting headed by Chief Minister Ramesh Pokhariyal 'Nishank', Mr Kumar said that according to the new proposals, the stamp duty on Release Deed has been reduced from six per cent to 0.25 percent to the maximum of Rs 1000.
The Stamp duty on Partition Deed in the limitations of local urban bodies and Industrial Development Area, has been reduced from four per cent to one per cent and maximum of Rs one lakh for the property worth up to ten crore.
For the properties of more than Rs ten crore, the stamp duty would go up to maximum of Rs three lakh.
For the property in rural areas the stamp duty has been drastically reduced from four per cent to 0.25 per cent to the maximum of Rs 25,000 without any upper ceiling for the worth of the property.
For the settlement deed the stamp duty has come down from four per cent to 0.5 per cent for the maximum of one lakh till the property worth Rs ten crore.
For the property worth more than Rs ten crore, the upper limit of stamp duty has been put at three lakh.
The state government feels that the move would arrest the growing incidents of fragmentation of the hill land, help proper documentation of the properties and also increase the revenue.
The amendments would be made in the relevant act to incorporate the provision for electronic documentation, storage and reconstruction of destroyed documents.
In another important decision the Cabinet would bring in the Assembly the proposal to form Mandi Act in the state in which private participation was also envisioned at various levels which would help contract farming and private sponsorships to boost earning prospects for small hill farmers.
The Cabinet also decided to make various committees to select contract employees in various categories, including Professors, HoD, Assistant Professor, Junior Resident Doctors among others to fill posts in Medical Colleges in Haldwani and Srinagar.
The Cabinet also proposed to launch fresh bids for Bovine Science and Technical project in Rishikesh after incorporating certain suggestions of the bidders chosen earlier. UNI
Briefing the media persons after the Cabinet meeting headed by Chief Minister Ramesh Pokhariyal 'Nishank', Mr Kumar said that according to the new proposals, the stamp duty on Release Deed has been reduced from six per cent to 0.25 percent to the maximum of Rs 1000.
The Stamp duty on Partition Deed in the limitations of local urban bodies and Industrial Development Area, has been reduced from four per cent to one per cent and maximum of Rs one lakh for the property worth up to ten crore.
For the properties of more than Rs ten crore, the stamp duty would go up to maximum of Rs three lakh.
For the property in rural areas the stamp duty has been drastically reduced from four per cent to 0.25 per cent to the maximum of Rs 25,000 without any upper ceiling for the worth of the property.
For the settlement deed the stamp duty has come down from four per cent to 0.5 per cent for the maximum of one lakh till the property worth Rs ten crore.
For the property worth more than Rs ten crore, the upper limit of stamp duty has been put at three lakh.
The state government feels that the move would arrest the growing incidents of fragmentation of the hill land, help proper documentation of the properties and also increase the revenue.
The amendments would be made in the relevant act to incorporate the provision for electronic documentation, storage and reconstruction of destroyed documents.
In another important decision the Cabinet would bring in the Assembly the proposal to form Mandi Act in the state in which private participation was also envisioned at various levels which would help contract farming and private sponsorships to boost earning prospects for small hill farmers.
The Cabinet also decided to make various committees to select contract employees in various categories, including Professors, HoD, Assistant Professor, Junior Resident Doctors among others to fill posts in Medical Colleges in Haldwani and Srinagar.
The Cabinet also proposed to launch fresh bids for Bovine Science and Technical project in Rishikesh after incorporating certain suggestions of the bidders chosen earlier. UNI
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