Chandigarh Cuts Stamp Duty on Properties

May 8, 2007	(1 votes, average: 5 out of 5)  Loading ...
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The Chandigarh Administration has brought a drop of 1% in stamp duty on sale deeds of immovable property in the city. It is now 5 per cent. Stamp duty is described as general revenue that a person pays on the registered value of the property. It has to be paid in case of both the commercial and residential property in Chandigarh from mow onwards.

As far as urban residential property is concerned, its existing collector rates is Rs 19,200 per sq yard and the buyer pays 6 per cent to the Administration on the total value of the property.

Although, the amount of the stamp duty to be paid by the executor of the property deed is largely dependent on the existing collector rates but the UT government is considering increasing the rates soon to bring them at par with the market rates.

The government is also thinking about reducing stamp duty to encourage more and more property enthusiasts. The move will also deter concealment of market value of the property.

However, the government is still waiting for approval from administration. Now, the stamp duty in Chandigarh is the least in the region. Talking about Punjab and Haryana, both the states are charging 6 per cent of the sale deeds.

News Published Under:   Chandigarh |

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