As noified in the Punjab gazette dated August 28 by department of legal and legislative affairs Punjab, the relief in stamp duty of 3% is only for six months. This ordinance shall be called Indian Stamp (Punjab Amendment) Ordinance 2017, read the gazette notification.
Explaining the benefit of the reduction in stamp duty, former president of property dealers association in Mohali Shailender Anand said if a person buys property worth Rs 1 crore then he is liable to pay stamp duty of 11% which computes to Rs 11 lakh.
And the same is now announced to be reduced by 3% that is to 8%. Following this, one can save Rs 3 lakh on the property worth Rs 1 crore as he has to pay only Rs 8 lakh. Secondly, the buyer with his 3% benefit can use up the same as instalment for the property.
In Mohali, if a property is to be registered in the name of a male then the stamp duty payable is of 9% and the same becomes 7% if the property is to be registered in the name of a female. If the property has been jointly registered in the name of male and female both, then the stamp duty payable is 8%. After the new notification, all the components will see a reduction of 3% giving much respite to the buyers.
Even after the reduction, the stamp duty in the state is higher than that in Chandigarh, where it is 5%. In Panchkula, Haryana the stamp duty is charged at 7% from males, 5% from females and 6% is charged jointly within the limits of municipal corporation (MC). The stamp duty is 5% for males, 3% for females and 4% jointly outside MC limits.
