Bangalore: Here is a boost to the person and the real estate sector. After the reduction of stamp duty on documents of ownership of 7.5% to 6%, the government will reduce the surcharge and access, leading to the registration tax in the state.
Starting from June, Buyers in urban areas – BBMP, city and urban society, local organizations – will pay 7.72% of the value of the property of the record – while rural areas – taluk panchayats, village panchayats , agriculture lands – paying 7.78% of the reduction of stamp duty, the surcharge and the access infrastructure will also be decreased.
“A certain percentage of the stamp duty is charged to the surcharge and infrastructure access. These have been reduced in line with the reduction of stamp duty. The notification will be issued in the coming days and the revised version of the levy will come into force from June The notification will also include the new fixed rate of Rs 1,000 as stamp duty and Rs 500 for registration of documents saved as a gift act,”Inspector General of stamps and registration department KR Niranjan said. The benefits to you
Existing levy for a property valued at Rs 10 lakh is Rs 94.000 for urban areas and Rs 94,750 for rural areas in June, for the same property, stamp duty will be Rs 60,000. Access infrastructure will be Rs 6000. Surcharge will be Rs 1200 for urban areas and Rs 1800 for rural areas.
Registration fees will be more than Rs 10,000. Total registration levy will be Rs 77.200 for urban and rural Rs 77.800 for parents is part of the gift
Bangalore: The government, which amended the Karnataka Stamp Act 1957, provided benefits to the parents”by bringing them under the “famille”définition in the law, which has already husband, wife, son , daughter, daughter – in-law, brothers, sisters and grandchildren.
Gifts note transaction between them to attract just Rs 1,000 as stamp duty, whatever the value of the property and a flat fee of Rs 500. Also change the order of the Karnataka Stamp Act and reduce stamp duty from 7.5% to 6% for the registration of the first sale of apartments will have the governor sign any time. It will be notified with prospective effect.
REVISED LEVY: A certain percentage of the stamp duty is charged to access infrastructure and the surcharge. They descend from June
The revised registration fee components: the stamp duty of 6% the access infrastructure, which is 10% stamp duty (for urban and rural) the supplement of 3% in stamp duty in rural areas, 2% in urban areas l Fees 1% of the market value of property