Good tidings for common man

Hyderabad: The State government on Wednesday decided to reduce stamp duty on 32 transactions such as certificate of sale, conveyance, exchange of property, sale agreement with possession and without possession, sale agreement cum general power of attorney, mortgage with possession and others.

Chief Minister N Kiran Kumar Reddy on Wednesday approved the file relating to the reduction of stamp duty for the benefit of common man. The decision was taken in respect of certain documents for rationalisation of stamp duty. As per the details, the stamp duty on certificate of sale, conveyance, exchange of property and sale agreement with possession is proposed to reduce to four per cent from the existing five percent.

Likewise, sale agreement without possession would come down to 0.5 per cent from five percent and sale agreement cum general power of attorney to five per cent from six per cent.

Development and construction agreement was proposed to reduce drastically from five per cent to 0.5 per cent. The transactions such as mortgage with possession and further charges with possession of the property were proposed to reduce to two per cent from five per cent. About one per cent stamp duty would be collected from the agreements of property between family members instead of three per cent. The government has made several changes on the stamp duty of lease deed, partition deed, re-constitution of partnership, release of Benami right and dissolution of partnership agreements.