Property Registration : Tamil Nadu Govt. Hikes Exemption Limit On Stamp Duty Up to Rs. 25,000

According to an official press release, The TN (Tamil Nadu) Government had hiked the exemption limit on stamp duty &  registration charges to Rs. 25,000,

With effect from July 5, 2012, transactions relating to properties up to a value of Rs. 25,000 will be exempt from stamp duty & registration fees. This limit has been hiked from the prevailing limit of Rs. 5,000.

The move is in line with the announcement by the Chief Minister Ms J. Jayalalithaa in the Assembly on May 15, 2012. Following the hike in guideline values, she had said the Government would hike the exemption limit to provide relief to the poor.

The TN State Government levies a total of 8% - including 5% stamp duty, 2% Sur -charge and a registration fee of 1% - on transactions. A buyer can be benefit up to Rs.2,000 that is 8% of 25,000.

In the financial year 2011-12, the TN Commercial Taxes & Registration Department earned Rs. 6,620 crore from the registration of 35 lakh documents.

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