Uttar Pradesh government introduces new stamp duty plan for rent agreements
1 report, 1 independent
Updated Jan 1
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What happened
Ravindra Jaiswal, Minister of State for Stamp and Registration Fees, announced a new stamp duty plan for Uttar Pradesh. The government plans to impose a stamp duty of Rs 1,000 for rent agreements where the annual rent is Rs 2 lakh.
From indiatimes.com
Why it matters
The new plan addresses the issue of low registration rates for tenancy agreements, which previously often led people to use verbal agreements to avoid high fees. Under the old system, stamp duty and registration fees were calculated as roughly 4% of rent, based on four times the property's circle rate.
States in Maharashtra and Uttar Pradesh are charging varying stamp duties on gift deeds.
From indiatimes.com
Who's involved
- Uttar PradeshThe state implementing the new stamp duty regulations.
- Ravindra JaiswalThe Minister of State for Stamp and Registration Fees who announced the plan.
Keep exploring
The entities involved
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Uttar Pradesh
state in northern India
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Ravindra Jaiswal
Member of the Legislative Assembly (India)
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