Thursday, Dec 16, 2004
Thursday, Dec 16, 2004 |
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Advts: Classifieds | Employment | Obituary | Kerala
By Our Special Correspondent
THIRUVANANTHAPURAM, DEC. 15. The Chief Minister, Oommen Chandy, has said that the Cabinet will soon take a decision on whether to restore the old rates of stamp duty or enforce fair value of land for registration. Mr. Chandy said that the reduction of duty had resulted in considerable loss of revenue. He said that while Tamil Nadu had successfully implemented the fair value system, it was not suitable for Kerala. The price differentials between different portions of land under the same survey number in Kerala were very high. His personal view was that the duty rates should not be high. However, to prevent undervaluation of land, a provision should be incorporated in the Stamp Act for take over of undervalued land by the Government at twice the price shown on records. A 100 per cent difference would give allowance for any gain made by the purchaser in a bargain deal. At the same time, it would prevent undervaluation by more than 50 per cent of the real value.
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