Chief Minister Vasundhara Raje has proposed to slash the stamp duty from 5 to 3 per cent and the registration fees from 1 to 0.25 per cent on the partition deeds of properties other than the ancestral ones. Presenting the state budget for 2017-18, the chief minister yesterday stipulated that the reduction in the registration fees would be a maximum to Rs 10,000.
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Raje recalled that in her last budget, she had rationalised the rates of stamp duty on partition of ancestral property. She added that her this year’s proposal to slash the stamp duty on division of properties other than ancestral ones is line with her last year’s step.
In a bid to provide relief to the common man in payment of stamp duty and registrations fees on the documents like sale agreement and the power of attorney during sale-purchase of properties, Raje in her budget also sought to reduce the stamp duty on these documents from 3 and 2 per cent to 0.5 per cent respectively.
She also sought to slash the registration fees from 1 per cent to 0.25 percent with a cap of Rs 10,000 on the two documents, namely sale agreement and the power of attorney.
The chief minister recalled that her last budget had, in a bid to provide relief in payment of stamp duty on “loan document without possession” slashed the duty to 0.15 percent to a maximum of Rs 10 lakh.
In line with that step, she said, she was now proposing to further bring down the Rs 10 lakh cap on stamp duty to Rs 5 lakh to provide cheaper loan for building houses and developing industries.
She also sought to exempt the stamp duty on the instrument of assignment of debt of a sick industrial unit from bank/financial institution in the favour of Asset Reconstruction Company and on the instrument of transfer of sick micro and small enterprise as defined in the Rajasthan Sick Micro and Small Enterprises (Revival and Rehabilitation) Scheme, 2015. Other measures to push growth in the real sector were also announced by the chief minister in her budget speech.