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Legislation tabled for hike in Stamp duty
Shimla, Sept 21
The Himachal Pradesh Government presented a legislation today aimed at amending the state’s Stamp Act to revise and increase stamp duties for various transactions and deals across the region.
The state’s Revenue Minister, Jagat Singh Negi, introduced the bill in the state assembly earlier today. This proposed legislation outlines the new rates of Stamp Duty applicable under the Indian Stamp Act within the state of Himachal Pradesh. Minister Negi explained that this amendment was long overdue as stamp duties had remained unchanged for the past decade. The primary goal of these changes is to update the existing rates of stamp duty for transactions related to adoption, conveyance, property exchange, gifting, leasing, mortgaging, power of attorney, and settlements.
The most noteworthy change proposed in the bill is the revision of stamp duty for property transactions. Currently set at four percent, it is slated to increase to eight percent for property purchases exceeding a market value of 50 lakhs. Moreover, the stamp duty fees are set to see significant hikes, with the previous, Rs 10 to Rs 20, and Rs 50 to Rs 100, respectively.
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In transactions involving close family members, the proposed stamp duty is expected to rise from Rs 0.5 percent to Rs 100, with a maximum cap of Rs 1,000. Additionally, for mortgage-related transactions, an eight percent stamp duty will be levied on the secured amount of fifty Rupees. Furthermore, stamp duty charges outlined in Article 48 and Article 58 of the Stamp Duty Act will also witness notable increases.
The bill will undergo further deliberation and approval in the state assembly before becoming law.
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