Karnataka slashes stamp duty on properties in Rs 35-45 lakh range

On Monday, the State Legislature had passed an amendment in the Stamp Act 1957, slashing the stamp duty to 3% on properties priced between Rs 35 lakh to Rs 45 lakh. A 2% reduction in stamp duty is applicable only on one-time property registration or on primary sales. R Ashoka, Revenue Minister, told the media that many properties in Bengaluru and other cities are still unsold due to the Covid-19 pandemic crisis. The reduction in stamp duty will benefit both the real estate sector and low-income families. In December 2020, the government had amended the Act to levy a reduced stamp duty with a 3% stamp duty on properties priced between Rs 20 lakh to Rs 35 lakh. In the Budget 2020, B S Yediyurappa slashed the stamp duty on new property purchases priced below Rs 20 lakh to 2%. M B Patil, a senior Congress member, urged the government to provide relief to the people of Maharashtra, which cut the stamp duty despite the price tag. The centre and the Revenue Minister said they are considering the lowering of the guidance value and held discussions with other officials. Other Congress members, including D K Shivakumar and Ramesh Kumar, and JD member S R Mahesh urged the government to extend relief to the people by allowing house constructions within this budget on their plots. Image Source Also read: Stamp duty in Gujarat surges 148% in Q1 FY22