PORVORIM: Law Minister Nilesh Cabral on Monday informed members in the Legislative Assembly that the government will examine the issue of reducing stamp duty of conveyance deed fees for housing societies.
Cabral said, “There is fear and anxiety in the minds of general public due to sudden increase in stamp duty of conveyance deed for registration of housing societies.”
He said that the government by a notification dated June 17, 2021, hiked stamp duty on conveyance deed from 1.5 per cent to 3 per cent. This has raised concerns among some residents of most housing societies, who had already paid stamp duty prior to the new notification.
Cabral said paying additional 1.5 per cent would not only be unfair to them but also cast substantial financial burden amid pandemic and urged the government to take steps to reduce their financial burden.
He said that there were many cases wherein builders had not completed conveyance deed for years resulting in non maintenance of the buildings. Conveyance deed is transferring right of land and building to the society.
