Wednesday, January 5, 2011

Uttarakhand to reduce stamp duty to boost revenue

In view of the low registration of property due to tendency of property owners to avoid heavy stamp duty, the Uttarakhand Cabinet today decided to amend the Indian Stamp Act to set new rates, chief secretary Subhash Kumar said here today.

Briefing mediapersons after the Cabinet meeting chaired by Chief Minister Ramesh Pokhariyal, Mr Kumar said that, according to the new proposals, the stamp duty on Release Deed had been reduced from six per cent to 0.25 per cent 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 forproperty worth up to Rs 10 crore.

For properties of more than Rs 10 crore, the stamp duty would go up to maximum of Rs 3 lakh.

For 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 theproperty.

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 property worth more than Rs 10 crore, the upper limit of stamp duty has been put at Rs 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.

NNN

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