Stamp Duty On Agreement To Sell In Tamilnadu

The Tamil Nadu registration service issued a circular clarifying that the transfer of ownership, which takes place under the Companies Act, would be considered by the corporate consolidation or demerger scheme as a transport to which stamp duty applies. Tamil Nadu has joined many other states that already have this provision. The construction contract is registered according to the legal provisions with a stamp and a registration fee of 2 percent on the value of the contract it had. Sridharan stressed that the reduction in stamp duty had a positive impact on Maharashtra. “Reducing stamp duty will stimulate the purchase of a home, as the benefits go directly to consumers. This will improve the volume of registration, which will increase government revenues. In May 2020, TN`s registration service clarified that new and ready-to-use housing and buildings will not have to pay stamp duty and registration fees. This applied only to the first sale of the land and only the undivided share of the land (UDS) would be subject to stamp duty and registration fees, not to the super-built area. However, he called for an 11% reduction in registration fees and stamp duty. Stamp duty and registration fees remain the same for men, women and common buyers in Tamil Nadu. In August of this year, revenues from stamp duty and registration fees increased to 792.65 euros, compared to 786.84 euros in the same period of the previous year, according to data from the registration department. With 4 per cent registration fees and 7 per cent stamp duty, Tamil Nadu has one of the highest registration and stamp fees among Indian states. It is important to register the construction contract at the same time as the sale agreement of the undivided share of the state.

You need a stamp duty proof, your PAN card, proof of administrative identity of all parties, including witnesses, two passport-sized photographs, NOC, no tax certificate, sales certificate, POA, Pattadar Passbook, etc. Tamil Nadus collected 1,064.62 EUROS in September this year, or just over EUR 1,056.17 in the previous year. CREDAI spoke to Chief Minister Edappadi Palaniswami and Deputy Prime Minister O. Panneerselvam (who holds the housing portfolio) in favour of a reduction in registration and stamp duty to 6%, without the reference value, which has already been reduced by 33%, being changed. In April 2019, stamp duty and registration fees had increased by almost 97% to EUR 23.61, compared with EUR 761.81 in April 2019. However, it is also stated that there are no barriers to the registration of a separate construction contract, as provided for in the circular of 28 October 2013. Stamp duty must be paid on all documents registered in India under the Registration Act. The rate of stamp duty varies from state to state and would depend on the type of transaction carried out such as sale, lease, gift, mortgage, etc.


Comments are closed.