Lucknow, Feb 13 (IANS) The Uttar Pradesh government on Thursday notified the new stamp duty rates on registration fee for property and other transactions under which the maximum cap of Rs 20,000 on transactions has been done away with.
In the notification, the new stamp duty rates have been stipulated with the assent of the Governor.
Under the new rules, stamp duty on registration fees will be calculated as one percent of such consideration or value, calculated for the purpose of stamp duty chargeable on the document, whichever is higher, subject to the minimum of Rs 100. So, on a value of Rs 1 crore, the levy will be Rs 1 lakh.
The new rule replaces the old one which levied the stamp duty at 2 per cent but capped it a maximum of Rs 20,000 with a minimum slab of Rs 100.
In the new regime, the upper slab of Rs 20,000 has been done away with and in case of high value property transactions, the stamp duty will go up.
This change is likely to make sale and purchase of property and real estate more expensive in a market that is already very dull and showing no signs of revival.