Srinagar, May 11 (Only Kashmir): In a major significant development the Jammu and Kashmir State Cabinet on Friday accorded sanction to the reduction in Stamp Duty and nil Stamp Duty in case the property is registered in name of the female member of the family.
The Cabinet chaired by Chief Minister, Mehbooba Mufti today accorded sanction to the reduction in Stamp Duty and nil Stamp Duty in case the property is registered in name of the female member of the family.
The Cabinet approved levying of Stamp Duty @ 5% in the Urban areas and @ 3% in the rural areas, if property is registered in the name of male member of the family, levying of Stamp Duty@ 0%, if the property in both urban as well as rural areas is registered in the name of female member of the family.
What is Stamp Duty?
A stamp duty document is a legal instrument which has evidentiary value (admissible in a court of law as evidence). Stamp duty has to be paid prior to execution (signature by an individual’s party) of a given document, the next day or on the day of document execution. Stamp duty is paid by a buyer in most cases. However, both the seller and the buyer have to bear the burden of stamp duty for property exchange cases.
Stamp Duty Charges:
Stamp duty rates differ in various states across the country as stamp duty in India, is a state subject. However, the central government fixes the stamp duty rates of specific instruments. As mentioned above, delay in the payment of stamp duty will attract a penalty of 2% on a monthly basis (up to 200% of remaining amount).
Females in Jammu and Kashmir exempted from Stamp Duty
Stamp duty rates differ in various states across the country as stamp duty in India, is a state subject. However, the central government fixes the stamp duty rates of specific instruments.
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