Karnataka govt to introduce bill to reduce stamp duty from 5% to 3%

28 Aug 2021 CW Team

Karnataka state government intends to introduce an amendment bill to codify its decision to reduce stamp duty for flats priced between Rs 35 lakh and Rs 45 lakh from 5% to 3%. The reduction had been announced previously.

The Karnataka State Stamps (Amendment) Bill, 2021, according to the parliamentary affairs department, is ready to be tabled in the legislative assembly and council during the monsoon session, which begins on September 13.

G Sridhar, the department secretary, claims that it will be one of four to five bills introduced. The procedural steps have been completed, and he expects the bill to be tabled early in the monsoon session.

A bill establishing a prisons development board as well as an amendment allowing for audio and video recording of witnesses are also on the table.

Last month, the cabinet approved the stamp duty reduction amendment, and chief minister Basavaraj Bommai reportedly instructed officials to bring the bill to the House as soon as possible.

When BS Yediyurappa was chief minister, the proposal was announced in the budget for 2021-22. The government remained under fire as the proposal remained on paper.

Many people held off on registering new properties until the government announced the new tax structure.

Over 3,500 property buyers were sent back from 252 sub-registrar offices between April and July, according to a stamps and registration department official.

Only about 200 people chose to pay the 5% duty. Developers and would-be homebuyers want stamp duty to be reduced across the board, as this would help the sector recover.

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Also read: Maharashtra records 93% property registration revenue hike in July

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