Stamp duty, circle rate benefit extended till Mar 31, 2022
Kolkata: The state government has extended the 2 per cent relief on stamp duty and 10 per cent reduction in the property circle rate till March 31, 2022.
The state government in July last year had reduced the stamp duty for registration of deeds affecting sale or lease of land, house or flat by 2 per cent considering the Covid situation and it was valid till October 31. It was further extended till January 31 this year. Similar was the case with circle rate or market value for registration of deeds of land, house and flat that was reduced by 10 per cent for the first time in July and was extended till October and further till January 2022.
The stamp duty now stands at 4 per cent and 3 per cent in urban and rural areas for properties up to Rs 1 crore and 5 per cent and 4 per cent for properties above that ceiling, respectively.
Earlier, the stamp duty was six per cent and four per cent in urban and rural areas respectively. It was reduced by two per cent for both.
"As the economic slowdown due to COVID 19 pandemic situation is still continuing, to give a further boost to commercial activities, and also for the continuation of relief to home buyers and generation of employment, it has been decided by the Finance (Revenue) department to extend the effective date of both stamp duty and circle rate reduction till March 31," an order from the Finance department read.