The central govt. is considering a proposal to ecomment a uniform 3% stamp duty for women property buyers. AT present, the stamp duty ranges from 7% to 12% in various states, with delhi being the only exception with a 4% stamp duty.
The move is aimed at incentivising higher property registrations in the name of women. However, the implementation of the proposed policy is the prerogative of the indvidual states.
"There is a need to incentivise property purchases by women and we are looking at a uniform stamp duty of stamp duty at 3% for women throughout the country," a senior govt official said.
A reduced stamp duty can be a significant dent on the revenue collection of the states. For instance, the karnataka govt. mobilised Rs.2,373 crore in 2005-06 understamp duty collections and even at 1% reduction can lead to a drop of nearly Rs. 240 crore.
There is also a proposal to move towards uniform stamp duty rates. While it is 6% in punjab, 12% in HImachal Pradesh, 10% in uttar pradesh and 11% in rajasthan.
Last year, finance ministry had asked states to adopt a uniform 5% stamp duty. Following this, some states such as maharshtra and bihar went for reduction in stamp duties, but a 5% stamp duty pan-India still seems a distant dream.
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