Karnataka: Hike in stamp duty proposed, barring property transactions
Friday, 8 December 2023 The Karnataka government has presented a bill to amend stamp duties, aiming to increase revenue by broadening the collection base. The proposed amendment includes a substantial revision in stamp duty rates for various legal documents, such as adoption, rental agreements, transfer of shares, and power of attorney. Bank guarantees, mortgage deeds, limited liability partnerships, certified copies of documents, and other contractual arrangements will also be affected. The government aims to generate over Rs 4,000 crore annually from non-registrable documents. The proposed increase in stamp duty rates is expected to address ambiguities, simplify the duty structure, and reduce under-stamping and duty evasion.
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Friday, 8 December 2023
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