The Punjab government reduced the stamp duty on urban property from nine per cent to six per cent on Tuesday.…
Mahatma Gandhi stamps (Photo: Getty)
The Punjab government reduced the stamp duty on urban property from nine per cent to six per cent on Tuesday.
A decision in this regard was taken under the provisions of newly introduced the Indian Stamp (Punjab Amendment) Act, 2017. In a press statement, State Financial Commissioner Revenue (FCR), Vinni Mahajan said after completing the necessary formalities to convert the ordinance into Act and the passing of bill by the Punjab Assembly, finally the Indian Stamp Act 1899 (for Punjab) has been amended and the Indian Stamp (Punjab Amendment) Act, 2017 has been notified.
As a result, the reduction in stamp duty on urban property from nine per cent to six per cent has come into effect, she added.
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The FCR informed that the Stamp Duty at the rate of five per cent and additional stamp duty at the rate one per cent is levied on the sale or transfer of immovable property, under the Indian Stamp Act, 1899 (for Punjab) and the annexed schedule thereto. However, for the urban areas, social security fund at the rate of three per cent is also charged. Hence the total stamp duty charges in urban areas are nine per cent whereas, in rural areas they are six per cent.
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