Bangalore: Here is a boost to the individual as well as the realty sector. After reducing the stamp duty on property documents from 7.5% to 6%, the government will reduce the surcharge and cess, thus bringing down the overall registration levy in the state.
From June, the property buyers in urban areas — BBMP, city corporation and urban local bodies — will pay 7.72% of the property value towards registration — while rural areas — taluk panchayats, village panchayats, agriculture lands — will pay 7.78% With the reduced stamp duty, the surcharge and infrastructure cess will also come down.
“A certain percentage on stamp duty is charged towards surcharge and infrastructure cess. These have been brought down in tune with the reduced stamp duty. The notification will be issued in the next couple of days and the revised levy will come into effect from June. The notification will also include the new flat rate of Rs 1,000 as stamp duty and Rs 500 for registration for documents registered as gift deed,’’ Inspector general of stamps and registration department K R Niranjan said. HOW YOU BENEFIT
Existing levy for a property valued at Rs 10 lakh is Rs 94,000 for urban and Rs 94,750 for rural areas From June, for the same property, stamp duty will be Rs 60,000. Infrastructure cess will be Rs 6,000. Surcharge will be Rs 1,200 for urban and Rs 1,800 for rural areas.
Registration fee will be upwards of Rs 10,000. Total registration levy will be Rs 77,200 for urban and Rs 77,800 for rural Parents part of gift deed
Bangalore: The government, which has amended the Karnataka Stamp Act 1957, has given benefit to the “parents’’ by bringing them under the “family’’ definition in the Act, which already has husband, wife, son, daughter, daughter-in-law, brothers, sisters and grandchildren.
Gift deed transaction among them would attract just Rs 1,000 as stamp duty irrespective of the property value and a flat registration fee of Rs 500. Also the ordinance to amend Karnataka Stamp Act and reduce the stamp duty from 7.5% to 6% for registration of first sale of apartments will get the governor’s nod any time. It will be notified with prospective effect.
REVISED LEVY: A certain percentage on stamp duty is charged towards infrastructure cess and surcharge. These will come down from June.
The revised registration levy components: l Stamp duty of 6% l Infrastructure cess which is 10% on stamp duty (for both urban and rural) l Surcharge of 3% on stamp duty in rural areas, 2% in urban areas l Registration fee of 1% on market value of the property
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