Karnataka - Bangalore   

Stamp duty reduced for flats also

BANGALORE: The rate of stamp duty for the transaction of first sale of apartments was brought down from 7.5 per cent to 6 per cent on Thursday with the promulgation of an Ordinance. The reduced stamp duty will be applicable from Thursday itself.

The Ordinance was promulgated to effect changes to clauses in Article 20 of Karnataka Stamps Act 1957. Although the State Government had announced reduction of stamp duty to 6 per cent in the 2009-2010 budget, it did not become effective on April 1 as the changes that had to be incorporated in Article 20 had been left out due to oversight.

Following the mistake, a large number of flats could not be registered under the reduced stamp duty since the sub-registrars declined to register such documents at reduced stamp duty citing the error. After members of Confederation of Real Estate Developer’s Associations of India (CREDAI) representatives and residents raised the issue, the Government had promised to promulgate an Ordinance to rectify the mistake.

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