Noida residents protest against stamp duty rule
The Noida Entrepreneurs’ Association (NEA) and Federation of Noida Residents Welfare Associations (FONRWA) have protested against stamp duty rule. According to the rule, 5% stamp duty is to be levied on interest capitation generated on the amount that is paid during the purchase of industrial and residential properties in Noida.
B M Meena, principal secretary stamp and registration department, brought this rule into effect on January 16 amounts to a huge burden on those looking to buy property in Noida. Vipin Malhan, president, NEA questions the reason for including interest in the basic price for stamp duty charges.
There is no provision to recover the money paid via stamp duty on interest in case a buyer is able to pre-pay the entire amount of property purchased before time. The NEA has called these provisions unethical and written a letter dated February 19 to Meena demanding its removal. Malhan claims that this would be a deterrent to setting up new industries.
Source: The Times of India
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