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Monday, April 22, 2024

HP Govt tables legislation to hike stamp duty

Date:

) The Himachal Pradesh government has tabled a legislation in the state assembly to amend the Stamp Duty Act to hike the stamp duties being levied on various transactions and deals in the state.

Revenue Minister Jagat Singh Negi tabled the bill in the state assembly on Thursday which provided the new rates of Stamp Duty in respect of various instruments under the Indian Stamp Act as applicable in the State of Himachal Pradesh.

Presenting the bill, the minister stated that bill was meant to hike the stamp duty since it has not been

revised for the last 10 years.

Accordingly, the new provision of the bill hikes the existing stamp duty on the transaction of property from four to six per cent to eight per cent if purchase of property is above Rs 50 lakh market value.

The stamp duty was also hiked from Rs one hundred to Rs ten thousand, Rs ten to Rs twenty and Rs fifty to Rs hundreds, he said.

In the transaction of property of blood relation, stamp duty would be provided from Rs 0.5 per cent to Rs one hundred and maximum Rs one thousand.

The stamp duty on the mortgage to be levied is Rs eight per cent of secured amount of fifty rupees.

Stamp duty to be charged under Articles 48 and 58 of Stamp duty Act also been hiked, the minister added.

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