Legislation tabled to hike Stamp duty in Himachal

 Himachal Pradesh Government today tabled legislation to amend the Stamp Act to hike the stamp duties being levied on various transactions and deals in the state.

Revenue Minister Jagat Singh Negi tabled the bill in the state assembly today which provided the new rates of Stamp Duty in respect of various instruments under the Indian Stamp Act as applicable in the State of Himachal Pradesh. Presenting the bills minister stated that the bills were meant to hike the stamp duties since it has not been revised for the last 10 years.  The amendment was necessary to change existing rates of stamp duty with respect to the adoption, conveyance, and exchange of property.  gift, lease, mortgage.  power of attorney and settlement 

The new provisions of the bills hike the existing stamp duty on the transaction of property from four to six percent to eight percent if the purchase of property is above  50 lakh market value, The stamp duty was also hiked from Rs one hundred to Rs ten thousand, Rs Ten to Rs twenty and Rs fifty to Rs Hundreds. 

In the blood relation transaction of property to be provided stamp duty is from Rs 0.5 pc to Rs one hundred and a maximum of Rs one thousand, The stamp duty on the Mortgage to pay the stamp duty to be levied Rs eight percent of the secured amount of fifty Rupees. Stamp duty charged under artcle 48 and 58 of the Stamp Duty Act has also been hiked.