Reduced stamp duty for flats soon

The Revenue Department in its notification to reduce stamp duty on registration of property from April 1, had left out flats due to oversight. As a result, those buying flats after April 1 have been forced to pay 7.5 per cent duty.
“We are working overtime to rectify the mistake in the notification. The Law Department has said the proposal in this regard has to be brought before the State Cabinet, where decision to promulgate an ordinance to be taken. We are working to complete all these process by this month end,” IGR Stamps and Registration K R Niranjan said.
However, no decision has been taken yet on whether to give it a retrospective or a prospective effect.
“The department is yet to take a decision in this regard. We are tying to give it a retrospective effect,” the IGR said.
If given retrospective from April 1, the department has to refund 1.5 per cent of the excess duty collection collected from those who have registered flats.