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MCD to impose transfer duty?

NEW DELHI: In a move that may send ripples of dissatisfaction through the Capital’s booming real estate business, the Municipal Corporation of Delhi (MCD) is mulling over plans to charge transfer duty on properties purchased by power of attorney.

As of now, a three per cent transfer duty and a three per cent stamp duty are levied on properties purchased by registry. However, the properties purchased by power of attorney are liable to pay just the three per cent stamp duty.

MCD Standing Committee Chairman Vijender Gupta said on Friday: “After a proposal by the Municipal Commissioner, the matter will come up for discussion at the next meeting of the Committee. We will request the Delhi Government to follow up the matter with the Centre.”

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