Sunday, September 21, 2014

Govt slashes stamp duty on property deeds

PANJIM: The jury is out on whether the Indian Stamp (Goa Amendment) Act, 2013 that came into force as on June 1 is good for an industry that is struggling to stay viable.

03 Jun, 2013, 12:00AM IST

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TEAM HERALD
teamherald@herald-goa.com
 
PANJIM: The jury is out on whether the Indian Stamp (Goa Amendment) Act, 2013 that came into force as on June 1 is good for an industry that is struggling to stay viable. 
According to the notification, the amendments seek to “reduce the stamp duty on conveyance (not being a transfer charged or exempted under Article No. 62) so far as it relates to immovable property…” 
According to the notifications, where the value of such a conveyance exceeds Rs 600 but does not exceed Rs 1,000, the stamp duty is Rs 30 and for every Rs 1,000 till Rs 50 lakh, the stamp duty shall be Rs 30. But where the amount exceeds Rs 50 lakh, for every Rs 1,000 above that the stamp duty will be Rs 35. Anything above that is Rs 40 per Rs 1000.
On immovable property, for housing co-operative societies if value exceeds Rs 600 but does not exceed Rs 1,000, the stamp duty is Rs 30 and for every Rs 1,000 in excess too the stamp duty remains the same. 
If an agreement is executed then stamp duty payable will be adjusted to the amount already paid.
In the Table of Fees the registration fee for the following documents will be levied on an ad valorem scale on the amount or value of the consideration or on the market value of the property, whichever is higher. For agreement for consideration, Annuity Bonds, Award, Bond, Bill of Exchange, Bill of Sale, Lease, Instrument of Assignment, Conveyance, Mortgage, Release, Scale, Transfer, any certified copy of a decree or order of Court, Composition Deed, Exchange of property (on the total market value of the properties exchanged), Gift, Partition, Partnership Deed, Settlement, Declaration of Trust.
If amount/value/market value, whichever is higher does not exceed Rs 25 lakh - 1%; when the amount or market value, whichever is higher, exceeds Rs 25 lakh but does not exceed Rs 50 lakh - 2%; when it exceeds Rs 50 lakh but does not exceed Rs 1 crore - 3%; when it exceeds Rs 1 crore - 4%. But the registration fee on conveyance executed by or on behalf of housing co-operative society shall be levied at the rate of one per cent of the amount or value of the consideration or the market value of the property, whichever is higher. 
Also where the property subject to a mortgage is sold to the mortgagee, the difference between the market value of the mortgaged property and the amount of the mortgage money in respect of which fee has already been paid shall be considered as the amount of consideration for such deed of sale, provided the mortgage deed is proved to the satisfaction of the registering officer to have been duly registered and the fact of such registration is noted in the deed of sale. When there is no difference between such market value and the amount of mortgage money, the fee leviable shall be Rs 50. In the case of an instrument of partition, the market value of the separated share or shares on which stamp duty is leviable shall be deemed to be the market value of the property to which such instrument relates.
 
Registration for Power of Attorney fi