Monday, March 25, 2013

Changes in Stamp Duty

There’s some bad news for those living on rent in Mumbai as well as their 

landlords. Stamp duty for rentals as well as leave-and-licence agreements are 

set to rise following state finance minister Ajit Pawar’s budget on 20th March. 

However, experts pointed out that if the security deposit on flats is lowered, 

then stamp duty can be reduced.

Currently, there are different rates of stamp duty charged according to various 

slabs. The new system will do away with all slabs. In Mumbai, well over a 

million leave-and-licence agreements are signed every year and these generate 

a huge stamp duty collection. Incidentally, this is the first time, the 

government has considered the interest earned by a landlord for investing the 

refundable deposit in the bank or fund as “income”.

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