Reduction in stamp duty for farmers likely

Revenue Secretary (Disaster Management) Dr H V Parshawanath, who chaired a meeting on Monday to discuss the issue with the farmers, said that under the Karnataka Stamps Act 1957, land losers under various projects are eligible for a 50 per cent reduction in stamp duty, if recommended by the Revenue Department.

Accordingly, the Revenue Department will be sending a proposal within a month's time recommending the reduction in the stamp duty to the farmers who are receiving compensation in exchange for land acquired around Devanahalli. If approved by the Finance Department, then the proposal would have to receive the Cabinet's nod.

Representatives of farmers who have given up their land for the IT, Hardware and Aerospace parks near Devanahalli are demanding complete exemption from the stamp duty.
Representatives from the Karnataka Industrial Areas Development Board were also present.

Farmers Agitation Committee (Raitha Horata Samithi) President D S Gowda said that they were looking at a 100 per cent exemption with retrospective effect from January 1, 2009 and applicable to all land losers in the state to any project. However, this would require an amendment of the Stamps Act and the Revenue department had agreed to take a look at it.

Liked the story?

  • 0

  • 0

  • 0

  • 0

  • 0