Stamp Duty On Property To Be 5%
May 2010:
The Centre is set to overhaul the over 100 year-old Indian Stamps Act to inject more uniformity among the states in the way the stamps and registration duties are charged by them, besides rationalising rates and curbing evasion. At present, there is wide disparity among states both in the manner of this impost payable on legal documents as also the rates. In 2008-09, states had collected about Rs 45,000 crore as stamp and registration duties and property tax. According to the draft Bill for amendment put out by the Union finance ministry, the impost on transfer of immovable properties would now be around 5%, a narrower band as compared to 5-9% at present.
Source: Business Standard | Back to Realty News