Jalandhar, 28 August(Wishav Warta): In a big reprieve to the residents of the urban areas, the Punjab government has issued a notification to reduce the stamp duty on registration of property in urban areas from 9% to 6%. Divulging the details, the Deputy Commissioner Jalandhar Varinder Kumar Sharma said that the move would immensely benefit theresidents of the urban areas of the state. He said that earlier the rate of stamp duty in the rural and urban areas was not at par with each other and the urban residents had to pay more than their peers in rural areas, for the registration of property. Sharma said that as per the earlier rates people residing in rural areas had to pay 6% stamp duty on registration of property whereas the urban residents had to pay 9% for the same.
However, the Deputy Commissioner said that now the Punjab government has taken a noble initiative to bring these rates at par. He said that wide notification number 23- Leg/ 2017 dated August 28, 2017, Indian Stamp (Punjab Amendment) Ordinance number 5 of 2017 has been issued to reduce the stamp duty in urban areas to 6% by slashing the provisions of Section 3-C and Schedule 1 –B of the Indian Stamp Act 1899. Sharma said that wide this notification the stamp duty in urban areas has been reduced to 6% till further orders.
