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Posts Tagged ‘karnataka’

E-stamping gains popularity in document registrations

Monday, June 7th, 2010

Gone are the days when people had to wait in serpentine queues to purchase a stamp paper. The efforts of the Karnataka Government in promoting e-Stamp papers with the support of the public sector Stock Holding Corporation of India has started paying rich dividends. Nearly 175 e-Stamp sale counters have come up across the State. E-Stamp papers sale has gained popularity in Maharashtra and Tamil Nadu as well.

“It is almost impossible to produce a fake e-Stamp paper. Each paper carries a code and the paper itself has several security features. The efforts are on to open 400 e-Stamp vending centres across the State and of them 200 will be located in Bangalore where the sale of stamp papers is one of the highest.Credit for this should go to K.R. Niranjan who until recently was the Inspector General of Registrations and Commissioner of Stamps.” says S.N. Jayaram, the incumbent Inspector-General of Registrations and Commissioner of Stamps.

E-Stamp papers are available in select branches of Syndicate Bank, Canara Bank, Souharda Cooperative Bank, Indian Bank and Corporation Bank while Punjab National Bank and Karnataka Cooperative Apex Bank have come forward to open sale counters. Apart from this the new variety of stamp papers are also sold in nearly 50 post offices and this will be extended to another 50 by the Postal Department.In the two years from March 2008, a total of 9.53 lakh e-Stamp papers with a face value of Rs 73.19 crore have been sold in the State.

The introduction of e-Stamp papers and the opening of sale counters across the State will not merely counter the circulation of fake document papers but also net a rich revenue to the State exchequer.




Reduction in stamp duty is a boon

Friday, March 12th, 2010

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.