The State government has increased stamp duty on sale deeds by one per cent from the existing 4 per cent to five per cent with immediate effect.
The government doubled the registration fee payable from 0.5 per cent to one per cent while orders revising rates of stamp duty on different transactions had been issued. In the orders issued on Wednesday, Revenue Department Principal Secretary S.P. Singh said the government had decided to rescind its orders (GO Ms 162 dated March 30, 2013) which scaled down stamp duty payable on sale deeds from five per cent to four per cent.
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Accordingly, it was decided to restore the previous orders (GO Ms 719 dated July 30, 2010) fixing the stamp duty on sale deeds at five per cent. In separate orders, the Revenue Secretary said stamp duty in various categories had been revised. The stamp duty on documents related to settlement in favour of family members had been brought down from 3 per cent of the market value to 2 per cent while duty in respect of settlement in other cases would be three per cent of the market value.
While the gift deeds relating to government, local bodies and urban development authorities would carry stamp duty of two per cent of the market value against the existing five per cent, stamp duty in respect of other deeds remained unchanged at five per cent. The duty on partition deeds in favour of family members had been retained at one per cent while those in favour of others had been reduced from three per cent of the market value to two per cent.