STAMP DUTY SLASHES IN PUNJAB
Slash in stamp duty come as a relief to the residents of Punjab, which will give a boost to realty sector which was on the verge of going into a recession. Earlier in the urban areas, the stamp duty was 9%, whereas in the rural areas it was 6%. Now the stamp duty in both areas has been brought at par with each other as the government has brought down the stamp duty for the urban areas, which is now 6%, same as that of the rural regions. The additional 3% which was earlier charged as social security fund, has now been cut down. However, the stamp duty of the state is still higher than the neighbouring union territory of Chandigarh. In Haryana, the stamp duty for urban areas is 8%.
The reduced stamp rates are applicable only to the land rates, not to the super structures. The ordinance for amendment got approval and the Indian Stamp Act 1899 (for Punjab) got amended and the Indian Stamp (Punjab Amendment) Act 2017 came into effect. This will certainly boost the realty sector and will encourage more transactions.