Chandigarh: The Punjab Government has issued instructions to district authorities banning registration of any property below the notified collector rate.
According to an official spokesman, instructions have been issued to all the district authorities to ensure that no property is registered by the revenue department below the collector rate notified by the district officials.
In an step to curb the discretion of revenue authorities in calculating the stamp duty on the building portion while registering the property, the Punjab Government has amended the Punjab Stamp (Dealing of under valued instrument) Rule 1983, the spokesperson said.
He said that now the ground floor of the building would be evaluated at 10 per cent of the cost of the land and subsequent floors at the rate of 5 per cent each.
This amendment will remove all discretion and make the process transparent and convenient to the people -The Financial Express