Balms of cuts for hurting property industry

Total exemption has been given on duty payable on loan documents for houses adopting rain water harvesting and non-conventional sources of energy, such as solar and bio-gas. Besides, students taking educational loans need not pay the duty from April 1, 2010.
The Government will not incur loss in revenue due to reduction of the duties. Instead,  it hopes to earn Rs 100 crore more, as it is a rationalisation measure - a win-win deal between the Government and property buyers and developers.

* Agreement on sale from 0.25 pc to 0.1 pc or maximum of Rs 20,000.
* 1pc of market price on joint development agreement & GPA or maximum of Rs 1.5 lakh.
* From Rs 200 to Rs 50 on agreement deeds related to shares, debentures and other marketable securities. Broker notes, memos required to be given to the parties on these documents will be charged at 0.01pc or maximum of Rs 50.
* From 0.25 pc to 0.1pc on deposit of title deeds or maximum of Rs 50,000.
* From 5 pc to 3 pc in respect of amalgamation and de-merger of companies.
* Duty exemption for loan documents of rain water harvesting and non-conventional energy sources units.
* Exemption on student educational loan.
* 0.5 and 3 pc for 1 to 10 years, 10 to 20 years and 20 to 30 years period respectively on average one-year rentals and advances.
* Appropriate amendments would be brought to check duty avoidance in transfer of apartments and flats.

DH Newsletter Privacy Policy Get the top news in your inbox
Comments (+)