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Friday, Jul 29, 2005

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New AP stamp duty norms from Aug 1

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HYDERABAD: The State Government is set to rationalise the stamp duty structure with effect from August 1, 2005, with regards to agreements relating to title deeds and hypothecation of immovable properties and several other transfer deeds.

As per a Gazette notification, the changes provide the Inspector General of Stamps the power of suo moto revision to enhance stamp value and collect the deficit stamp duty, according to a statement.

In the case of agreements relating to deposit of title deeds of immovable properties, 0.5 per cent of the loan amount (subject to a maximum of Rs 50,000) would be collected, and with reference to agreements relating to hypothecation, 0.5 per cent of the loan amount (subject to a maximum of Rs 2 lakh) has been provided for. The stamp duty changes also cover articles of association, chit agreement, lease deeds, and license and partnership deeds.

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