Monday, January 15, 2007

Realty Stamp duty likely to be levied on value added

The National Housing and Habitat Policy, which is slated to come up for Cabinet approval soon, proposes to reduce the burden of stamp duty on property transactions. The proposal is to levy stamp duty on the change in the value of the property since the last transaction, rather than on the entire value of the transaction as is the case now. If the proposal is accepted, buyers will pay stamp duty only on the difference between transaction value and the value of the property at the time of the previous sale. As of now, stamp duty is paid on the entire value of property concerned.


Post a Comment