Latest Answer: The current stamp duty in city limits is 7 per cent, 5 per cent in panchayats, and 6 per cent in municipal areas. The Kerala government are planning to fix a uniform tax rate at 6 per cent for the entire state. It is a tax imposed by the government on property transactions.
The stamp duty in Kochi has reduced from 13.5 to 9 per cent, and is currently at 7 per cent. The duty is to reduce to 6 per cent from April 1, 2014. Ensure you pay the stamp duty, because if you don't you'll have to pay a fine of 2 per cent every month or 200% of the stamp duty deficit amount.
Latest Answer: Yes, the rates of stamp duty have fallen considerably. Not just for sale deeds, but also for gift deeds and mortgage agreements.
The development or construction agreement is only 0.5% now, and the mortgage with possession agreement is 2% instead of 5% of the market value. Gift deeds are 1% in favor of relatives and 4% in favor of others.
You must keep in mind that the different stamp duty rates are chargeable on the market value of the property and not on the actual price of the property.
