Recently read online that Stamp duty on gift among family members increased from Rs 1,000 to Rs 5,000
(i) properties in area other than the areas specified in items: Rs 1,000
(ii) city or town municipal council/town panchayat area properties: Rs 3,000
(iii) in BMRDA/BBMP/city corporation area properties: Rs 5,000
Effective 1st June 2015, the service tax is currently 14 per cent of the 25 per cent of the total agreement value for properties below Rs 1 cr or 2000 sq. ft. area in size. For properties exceeding or equal to Rs 1 crore or more than 2000 sq. ft. area, the service tax is 14 per cent of 30 per cent of the total agreement value.
VAT is decided by the respective state. According to the latest Karnataka Value Added Tax (Amendments) Act of 2012, VAT is charged at around 5.5 per cent of the construction-related services.
Stamp duty and registration charges in Bangalore are paid through the Karnataka State department of Stamp duty and Registration. Stamp duty can be paid through the following means:
a) Purchase of impressed stamps from treasury or authorized stamp vendors, ORb) Purchase of adhesive stamps, OR
b) Purchase of adhesive stamps, OR
c) Payment to the government through payment of DD/ pay order issued by any nationalised bank/scheduled bank or challan, OR
d) Instrument (document) can be written on plain paper and the stamp duty can be paid through DD/ pay order issued by any nationalized bank/ scheduled bank or challan within two months of the date of execution of the instrument, and certified by the jurisdictional District or Sub Registrar.
Even I have read the new somewhere that revenue minister V Srinivas Prasad hinted that there may be steep increase in stamps and registration duty. Besides stamps duty, guidance value of all the regions in the state would be increased