Govt to Encourage Lower Stamp Duty on Property Registrations
Jul 23, 2024 14:54
India's finance minister encourages states to reduce stamp duty on property purchases, with a focus on lowering rates for women. This reform aims to stimulate urban development.
Illustration: Dominic Xavier/Rediff.com
New Delhi, July 23 (PTI) States charging high stamp duties on purchase of properties will be encouraged to bring down the rates, Union Finance Minister Nirmala Sitharaman said on Tuesday, asserting that the reform will be a key component in urban development schemes.
She also asked states to consider further lowering stamp duties for properties bought by women.
"We will encourage states which continue to charge high stamp duty to moderate the rates for all, and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes," Sitharaman said.
Stamp duty is a tax imposed by state governments on the sale of property/property ownership. It is payable under Section 3 of the Indian Stamp Act, 1899. The duty is payable at the time of registration of property if a property is acquired by way of sale deed/conveyance deed/gift deed.
For states, stamp duty is one of the major streams for generating funds to undertake development works.
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