Revised Kerala Budget 2016-17 highlights on Stamp Duty and Real Estate Deals
- Stamp duty on sale deeds increased from 6% to 8%
- Tax on partition, gift,release and settlement deeds increased to 3%
- Ceiling on stamp duty and registration fees lifted
- CPWD norms would be invoked for fixing the value flats for registration.
Finance Minister T.M. Thomas Isaac has proposed to revise the stamp value rate from 6 per cent to 8 percent for registration of sale deeds.
Presenting the revised budget for 2016-17 in the Assembly on Friday, Dr. Isaac said the stamp value and registration fee for land transactions have been fixed at 6 and 2 per cent respectively. These rates are relatively low in the case of partition deeds among family members as well as gift, release, and settlement deeds.
Since a maximum limit has been fixed for stamp value and registration fee in the case of partition deeds, only a small section was being benefited. Considering the fall in income, it has been proposed to raise the stamp value in such transactions to 3 per cent and lift the cap on registration fees.
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