For all those who couldn’t pay stamp duty on their property purchase agreements, the state government on Wednesday announced a 3-month amnesty scheme to regularise all such transactions.
“Property owners who have not paid stamp duty on their deals can do so by paying minimal penalty within three months,” announced M Rameshkumar, principal secretary of the state’s revenue ministry. ET had reported last month about the scheme.
Unlike in the past, in the proposed scheme property owners will be charged the penalty of Rs 500 or Rs 1,000 depending on the size of the deal.
The state government hopes to mop up Rs 500-Rs 600 crore from the amnesty scheme. According to the state’s estimates, there are over 30,000 cases in which the state is yet to receive the stamp duty.
To avail the benefits of the scheme, the applicant will have to submit the required documents, after which he will be informed about the penalty that needs to be paid. The entire process will take not more than two days, Mr Rameshkumar said.
Unless stamp duty is paid on real-estate purchase agreements, the property’s conveyance cannot be executed. This leads to problems later, especially when residents wish to go in for redevelopment of their buildings. In addition, banks shy away from granting loans against such properties.
Source: Thhe Economic Times
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