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The Tamil Nadu Government will enact a law relating to Stamp Duty, announced the Chief Minister, Ms J. Jayalalithaa, in the Assembly today.
The Chief Minister said the State now follows the Indian Stamp Act, 1899, a Central Act. To make any change relating to Stamp Duty, the State Government, after seeking the approval of the Legislature, has to get the assent of the President of India before implementing the amendment.
Tamil Nadu will enact a State law to avoid such delay, she said.
State Governments such as Maharashtra, Gujarat, Karnataka, Kerala and Rajasthan, have enacted a State law dictating procedures for levying Stamp Duty and for fixing the percentage of duty.
The Chief Minister also announced a hike in the exemption limit for Stamp Duty and Registration. The exemption limit has been hiked to Rs 25,000 from the prevailing Rs 5,000. This will shield the poor from the recent increase in guideline values of land, she said.
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