The Goa state government has hiked stamp duty for transfer of registration of immoveable property. According to a ToI report, while stamp duty in the first slab consisting of properties less than Rs 50 lakh remains unchanged, stamp duty for other slabs has been increased by 50 basis points.
According to the new move, for properties whose conveyance amount is less than Rs 50 lakh, the stamp duty is unchanged at 3%. For properties whose conveyance amount is more than Rs 50 lakh and less than Rs 75 lakh, the stamp duty has been increased to 4% from 3.5%.
If the conveyance amount of a property is more than Rs 75 lakh and less than Rs 1 crore, the Goa stamp duty charges is now 4.5% from the previously existing 4%. If the conveyance amount of a property is more than Rs 75 lakh and less than Rs 1 crore, the stamp duty is now 4.5% as against the previously existing 4%.
For properties whose conveyance amount is more than Rs 1 crore and less than Rs 5 crore, the stamp duty has been increased to 5% from 4.5%. Additionally, under the newly introduced duty, luxury and mega housing projects whose conveyance amount exceeds Rs 5 crore have to pay a stamp duty of 6% to the Goa state government.
This move has not been welcomed by the developer fraternity in Goa who feel that while the revenue department had mentioned about reducing stamp duty chargeable on conveyance amount, the conveyance charges have become expensive.
Goa had last made revisions to the stamp duty charges in 2019.
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