Delhi people can look forward to some relief from the stamp duty levied on registration, sale and transfer of property. The Union Urban Development Ministry has recently written to the state government prodding it to lower the stamp duty in the Delhi.
The Union Urban Development Ministry's letter, on which it wants the Delhi state's response vis-a-vis the action taken, compares the rate of stamp duty in Delhi to the rates in other states which are lower.
The existing rate of stamp and transfer duty in Delhi is 4% for women and 6% for men. The existing registration fee is 1% of the total sale deed and plus Rs.100. (In Tamilnadu state, stamp duty is 8 % and registration fee is 1%.)
According to Delhi state government officials, ''The existing Stamp duties on sale / transfer by registration have already been lowered considerably in the recent years. This decrease has seen an increase in the overall number of property registered and Delhi state government revenues have surged. But there are many who still feel that only a small fraction of the total property transactions are brought on record and this needs to be decreased further to ensure close to 100% registration."
The last estimate made public by the Delhi state government in February, 2011 the net collections from stamp duty and registration of property in the Delhi had seen an over 50% increase between April 2010 and January 2011.
The Union Urban Development Ministry's one of the recommendations cited in the letter said, "The Delhi state government should consider reducing the stamp duty so as to encourage sale/ transfer by registration"
The Union Urban Development Ministry's letter, on which it wants the Delhi state's response vis-a-vis the action taken, compares the rate of stamp duty in Delhi to the rates in other states which are lower.
The existing rate of stamp and transfer duty in Delhi is 4% for women and 6% for men. The existing registration fee is 1% of the total sale deed and plus Rs.100. (In Tamilnadu state, stamp duty is 8 % and registration fee is 1%.)
According to Delhi state government officials, ''The existing Stamp duties on sale / transfer by registration have already been lowered considerably in the recent years. This decrease has seen an increase in the overall number of property registered and Delhi state government revenues have surged. But there are many who still feel that only a small fraction of the total property transactions are brought on record and this needs to be decreased further to ensure close to 100% registration."
The last estimate made public by the Delhi state government in February, 2011 the net collections from stamp duty and registration of property in the Delhi had seen an over 50% increase between April 2010 and January 2011.
The Union Urban Development Ministry's one of the recommendations cited in the letter said, "The Delhi state government should consider reducing the stamp duty so as to encourage sale/ transfer by registration"
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