The stamp duty on auction of land was expected to witness a drop down with the Central Govt. announcing that the tax will be compulsory only on the capital approval. If the plan gets approved then the purchasers had to pay the stamp duty on the variation among the deal price and on the last auction of land. Further it is reported at the www.propertykhazana.com that the stamp duty comes under the group of State subject and the states were indisposed to reduce the stamp duty and the registration charges and also it was evidently highlighted that from the broad variation in stamp duty prices across India.
Improved states had seen a large bounce in stamp duty collection because of the big hike in credit backed buyers. From many years this matter was witnessing the frustration of Indian Land purchasers and the credit bankers, they had taken it as unfair on the part of the Govt. to collect duty on its total price when the stamp duty was already paid on the provided asset.
But still this was the process which was followed to assess the amount of the stamp duty always, leading to the high access load of 15% on the land acquirement in India or the uncontrolled duty avoidance was done by fudging the rate. Automation of the realty dealings had helped to get on the avoidance. Meantime, the sources claimed at the www.properttykhazana.com that the Indian developers are looking for the foreign investment and had understood that they will permit the Govt. to carry on the new norms in the construction industry to permit the clear dealings. This was done because the Govt. was serious about the chalking out the real estate modification and lastly it has set up independent controller for the real estate business.
Source: NIMMA BENGALURU
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