Gifting, leasing properties, GPA for sale for person outside the family to be de

Gifting and leasing of properties, including immovable ones and General Power Attorney (GPA) for sale given to person outside the family will cost more from April 1, 2016.

Siddaramaiah has proposed to increase the stamp duty on these transactions as part of the measures to mop up additional revenue. Those who gift properties located in BBMP, BMRDA and other city corporation areas to their family members will have to pay Rs 5,000 as stamp duty for every transaction.

Rs 1,000 in rural areas

Those in city and town municipal councils and town panchayat area have to pay Rs 3,000 as the stamp duty. Properties located in rural areas will, however, continue to pay Rs 1,000 as stamp duty on gift deed. A similar stamp duty structure has been introduced for leasing, release and settlement of properties within the family.

Currently, the stamp duty on these transactions is a flat Rs 1,000. Besides, stamp duty on resale of Transferable Development Rights (TDR) has been increased to 3 per cent from 1 per cent of the total value. GPA for sale given outside the family will also attract more stamp duty, as per the budget proposals.

Stamp duty

The stamp duty on conveyance related to industrial machinery, amalgamation or reconstitution or demerger of companies has been increased to 3 per cent from 2 per cent.

“The stamp duty on these transactions had not been changed for many years. The increase has been nominal and it will not burden people much,” Inspector General of Registration and Commissioner of Stamps N V Prasad said.

Other land measures...

Property owners to get SMS alerts if entries in their RTC are modified. Aadhaar number, mobile number will be linked for this purpose.
Spandana Janaseva single window centre will be set up for service delivery.
Permanent records of the Registration department will be scanned and preserved.

DTH subscription rates to go up

Cable television subscription rates are likely to go up with entertainment tax on direct to home (DTH) service providers and multi service operators being hiked to 10% from 6 %.