The Tamil Nadu Government has hiked the exemption limit on stamp duty and registration charges to Rs 25,000, according to an official press release.
With effect from July 5, 2012, transactions relating to properties up to a value of Rs 25,000 will be exempt from stamp duty and registration charges. This limit has been hiked from the prevailing limit of Rs 5,000.
The move is in line with the announcement by the Chief Minister Ms J. Jayalalithaa in the Assembly on May 15, 2012. Following the hike in guideline values, she had said the Government would hike the exemption limit to provide relief to the poor.
The State Government levies a total of 8 per cent — including 5 per cent stamp duty, 2 per cent transfer duty and a registration fee of 1 per cent — on transactions.
In 2011-12, the Commercial Taxes and Registration Department earned Rs 6,619.98 crore from the registration of 35 lakh documents, according to official statistics.