Stamp Duty in Uttar Pradesh has no upper cap now! Know about latest UP Government notification
Stamp Duty in Uttar Pradesh: Yogi Adityanath Government in UP notified the new stamp duty rates, doing away with Rs 20,000 maximum cap on property registration.
Stamp Duty in Uttar Pradesh: The Yogi Adityanath Government in Uttar Pradesh on Thursday notified the new stamp duty rates on the registration fee for property and other transactions under which the maximum cap of Rs 20,000 on transactions has been done away with. The latest notification on stamp duty in Uttar Pradesh has been cleared with the assent of the Governor. From now on, stamp duty, for instance in Noida, for property registration will not be capped at Rs 20,000.
Speaking on the new rule related to the stamp duty in Uttar Pradesh Rakesh Yadav, CMD, Antriksh India said, "This change is likely to make sale and purchase of property and real estate more expensive in a market that is already very dull." He said that the property market in Noida and Ghaziabad will witness further spike as stamp duty in Noida and Ghaziabad will also go up as they are an integral part of UP." He said that due to the change in stamp duty in Uttar Pradesh, real estate market in Lucknow will also get affected as stamp duty there will also change.
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As per the latest rules, stamp duty in Uttar Pradesh on registration fee will be calculated as one percent of such consideration or value, calculated for the purpose of stamp duty chargeable on the document, whichever is higher, subject to the minimum of Rs 100. So, on a value of Rs 1 crore, the levy will be Rs 1 lakh.
The new rule on stamp duty in UP replaces the old one, which levied the stamp duty at 2 per cent but capped it at a maximum of Rs 20,000 with a minimum slab of Rs 100. In the new regime, the upper slab of Rs 20,000 has been done away with and in case of high-value property transactions, the stamp duty will go up.
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