Representational Image | Mathrubhumi
Thiruvananthapuram: The Kerala government has decided to annul the additional stamp duty imposed over property sold within months after purchase. The amendment has been launched in the Finance Bill. From April 1, the stamp duty will be 8 per cent of the fair value of land for sales at any period.
Though the current stamp duty is 8 per cent of the fair value, an additional amount, which is double the normal rate, has to be paid for resale of land within three months of purchase. It will become one-and-half fold of the normal rate for the sales within 6 months. This amendment had been introduced in 2015 in order to curb the steep increase of fair value of land. However, it adversely affected several transactions and lending by temporarily purchasing land. More transactions will only help the government earn revenue in the form of stamp duty.
The budget proposal of increasing the fair value of land by 20 per cent will also come into force from April 1.
The recommendation to impose a cess of Rs 2 for petrol and diesel has been included in the bill. A cess worth Rs 20 will be enforced on liquor which costs from Rs 500 to Rs 999, while the cess will be Rs 40 for liquor bottles which costs more than Rs 999.
The registration fee for the science, literature and charitable trusts is hiked from Rs 1000 to Rs 1500.
The court fee for filing suit for compensation for defamation has been reduced to 1 per cent from 10 per cent.
The assembly will consider the bill on Thursday. The proposed rates may vary after discussions and the scrutiny of the subject committee.