The TN (Tamil Nadu) Government has announced a ‘Samadhan' (Settlement ) scheme, a conciliatory measure, to settle stamp duty disputes between its Registration Department and property owners, and a one-time settlement scheme to settle arrears of sales tax.
According to TN goverment; sseparate official press release said, ''The ‘Samadhan' scheme will be in operation for 3 months."
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39,812 Documents Pending..!
The press release on the ‘Samadhan' scheme said that as of July 31, 2011 there were 39,812 documents pending under Section 47A of the Indian Stamps Act, 1899. Stamp duty has to be paid on the market value of the property that is being transacted. But when the property is under-valued or when the stamp duty is not paid, the Act provides for the issue to the District Revenue Officer (Stamps)/ Special Deputy Collector (Stamps).
To clear the pending issues and enable the public get the documents and clear the locked-up government revenue in these cases, the ‘Samadhan' scheme by the Registration Department provides for the buyers to two-thirds of the difference of stamp duty paid and the duty that has to be actually paid under the guideline value.
For more details of the scheme are available on www.tnvat.gov.in.
According to TN goverment; sseparate official press release said, ''The ‘Samadhan' scheme will be in operation for 3 months."
.
39,812 Documents Pending..!
The press release on the ‘Samadhan' scheme said that as of July 31, 2011 there were 39,812 documents pending under Section 47A of the Indian Stamps Act, 1899. Stamp duty has to be paid on the market value of the property that is being transacted. But when the property is under-valued or when the stamp duty is not paid, the Act provides for the issue to the District Revenue Officer (Stamps)/ Special Deputy Collector (Stamps).
To clear the pending issues and enable the public get the documents and clear the locked-up government revenue in these cases, the ‘Samadhan' scheme by the Registration Department provides for the buyers to two-thirds of the difference of stamp duty paid and the duty that has to be actually paid under the guideline value.
For more details of the scheme are available on www.tnvat.gov.in.
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