In recent Karnataka budget 2010-11, the decrease in stamp duty is expected to cause some optimism among home buyers. Real estate sector is gradually becoming active and reduction in stamp duty in recent budget is boon for for those homebuyers or investing in real estate.
Stamp duty on Deposition of Title Deed (DTD) would be would be reduced to 0.10 per cent from previous 0.25 per cent subject to a maximum ceiling of Rs.50,000. For amalgamation and de-merger of companies, present rate of 5 per cent would be brought down to 3 per cent. One per cent duty would be imposed on papers of Transfer of Development Rights (TDR).
An appropriate amendments would be brought in to stop stamp duty evasion in transfer of apartments/flats. Stamp duty on Agreement to Sale to be modified from 0.25 per cent to 0.10 per cent subject to a maximum of Rs.20,000. After further simplifying of duty structure in respect of lease and license, Stamp Duty at the rate of 0.50 per cent will be imposed for a period up to 1 year subject to a maximum of Rs.500 for residential buildings. Stamp Duty would be imposed one, two and three per cent respectively for a period of one year to 10 years, 10 to 20 years, 20 to 30 years, based on average of one-year. rentals and advance
Stamp Duty and Registration Fee exemption
In the recent budget 2010-11, it is decide to exempt Stamp Duty and Registration Fee fully in respect of loan documents of rainwater harvesting units, houses built under Indira Avas Scheme and non-conventional sources of energy – like solar and bio-gas energy units. Stamp Duty and Registration Fee exemption will be granted in respect of documents transferring properties for public purposes, free of cost to local bodies and urban development authorities. Duty in respect of annulment of all kinds of documents will be simplified.
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As per to the new Karnataka budget 2010-2011, stamp duty for Sale agreement is supposed to reduce from 0.25 to 0.1%. But when I contacted the Sub Registrar office at KR puram on 5th April 2010, I am informed that the duty has changed from 0.25 to 1% as per to the new Gazette. Is anyone aware of this and how Govt. is going to respond on this?
I am also faced same prblem as Srini. If any one knew the more details regarding this pls respond Immediately.