U’khand Govt slashes stamp duty on property transfer between promoter & RWS

PIONEER NEWS SERVICE | Dehradun

 The Uttarakhand government has significantly reduced the stamp duty on transfer of property by registered deeds between the promoter and Resident Welfare Societies (RWS).

 The RWS is an association of allottees and the State government on Saturday reduced stamp duty chargeable under the Stamp Act 1989 on transfer of property between it and promoter to a maximum of Rs 10,000 per transfer deed.  

The Finance secretary, Dilip Jawalkar said that earlier the stamp duty on such deeds was 5 per cent of the consideration value. Since this duty was considerable due to which the builders and the resident welfare societies to whom the assets were handed over, refrained from registering their assets. Jawalkar claimed that the decision to reduce the stamp duty will encourage registration of assets of the societies. The registration will also help in reducing litigation between builders and societies and remove complexities on administration of RWS.