The stamp duty in karnataka has been reduced since feb 2009. Stamp duty reduced from 7.5 per cent to 6 per cent. An article from The Hindu dated 21 feb2009 says
In what could provide relief to thousands of property buyers across the State, the State Government has reduced the stamp duty from 7.5 per cent to six per cent on sale of all kinds of immovable property, including agricultural land, a move that is also expected to boost the construction industry. While stamp duty on agreements and arbitration awards has increased, the tax on the lease of immovable property has been brought down.
A significant portion of the department’s revenue comes from registration of land, and the stamp duty on such transaction has been reduced due to decline in sale and transfer of immovable properties following the economic crisis.
The Stamps and Registration Department, which collected Rs. 3,630.73 crore during 2007-2008, has been able to collect only Rs. 2,757.97 crore during 2008-2009, by registering 8.7 lakh documents till January. The total expected revenue collection by the end of the financial year is Rs. 3,200 crore, a shortfall of Rs. 400 crore in revenue.
KG Ramesh, SRI ESWAR ASSOCIATES,
