Cut stamp duty to 4%: Assocham
Industry body Assocham has demanded uniform stamp duty rate of 4 per cent throughout the country on all property transactions along with compensation for states by the Centre in case of revenue losses.
By PTI |
NEW DELHI: Industry body Assocham has demanded uniform stamp duty rate of 4 per cent throughout the country on all property transactions along with compensation for states by the Centre in case of revenue losses.
The stamp duty which varies from 5 to 12 per cent, discourages registration of properties and therefore the only way out is to reduce it uniformly to ensure smooth transfer of immovable properties and generate huge sums of money in the system, Assocham said in a release.
According to the chamber's assessment, curtailment in the stamp duty rate will later hike revenues of states as the suggested proposal will encourage property owners to go in for registration in their names.
Assocham president Anil K Agarwal said the high rate of stamp duty on transfer of immovable property forces under statement of the consideration amount.
Citing variable stamp duties, Agarwal said while Gujarat, Uttar Pradesh and most of the southern states charge a stamp duty of 12 per cent; states like Delhi, Haryana, Himachal Pradesh, Punjab and Uttaranchal charge 5-8 per cent.
The stamp duty which varies from 5 to 12 per cent, discourages registration of properties and therefore the only way out is to reduce it uniformly to ensure smooth transfer of immovable properties and generate huge sums of money in the system, Assocham said in a release.
According to the chamber's assessment, curtailment in the stamp duty rate will later hike revenues of states as the suggested proposal will encourage property owners to go in for registration in their names.
Assocham president Anil K Agarwal said the high rate of stamp duty on transfer of immovable property forces under statement of the consideration amount.
Citing variable stamp duties, Agarwal said while Gujarat, Uttar Pradesh and most of the southern states charge a stamp duty of 12 per cent; states like Delhi, Haryana, Himachal Pradesh, Punjab and Uttaranchal charge 5-8 per cent.
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