Another upshot of surge in deposits would be the inevitable reduction in lending rates that could go a long way in reviving the economy
About 5,300 documents used to come for registration on a daily basis, which has come down to around 3,500 after the announcement
Capital values have not gone up despite construction and land costs having gone up in the last three years.
For the government, the duty hike will most likely boomerang with tax collection falling further
What needs to be done is restoration of preemptive purchase scheme under the income tax law.
As per the current practice, banks do not include stamp duty, registration and other documentation charges in the cost of housing property.
The government could hasten the development of the nascent low-cost housing industry and specific satellite townships by providing tax incentives, says Edelweiss Housing Finance Limited president Anil Kothuri.
The market regulator had recently replaced the agreements which are entered between a depository participant and demat account holder with a simpler and a common document titled 'Rights and Obligations'.
The state today instructed all district collectors not to allow operation of mines if the miners fail to deposit required stamp duty by 9 July.
This is because a person who has already bought a house or a plot does not have to pay more or the difference in value for the already purchased property. The only extra expense incurred by the purchaser will be the cost of stamp duty.
Goa cabinet has approved an amendment to the Stamp Duty Act under which mine owners will have to pay 15 percent of their royalty for next 20 years for getting renewal of the lease.
A recent notification from the Reserve Bank of India directs banks to exclude stamp duty, registration and other documentation charges while calculating the value of a property