Industry & Economy
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Real Estate & Construction
TN Chamber moots cells for refixing guideline values
Our Correspondent
Madurai
,
Nov. 24
THE Tamil Nadu Chamber of Commerce and Industry has thanked the Government for reducing stamp duty on registration from 13 per cent to eight per cent. It has put forth some suggestions.
It proposed constitution of independent valuation cells for each area for refixing guideline values taking into consideration the existing market conditions.
For registrations at market value in excess of guideline value, the stamp duty may be reduced by five per cent for the amount over and above the guideline value.
This rate will ensure increased flow of revenue to the Government and eliminate irregularities in valuation.
The chamber has drawn attention to a recent Chennai High Court judgement that partition deeds and settlement deeds cannot be termed as outright sales, stating that the stamp duty on such deeds should be fixed at one per cent.
In addition to treasuries and authorised stamp vendors, stamp papers should also be made available in banks in order to ensure their unhindered availability, it added.
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