Now Home Buyers Don’t Need to Pay Stamp Duty on Loan Subsidy under Affordable Housing
Central Government is Considering to Remove Stamp Duty
The Central Government can provide a big relief to the home buyers. After the loan subsidy on the purchase of affordable houses, stamp duty can now be completely eliminated. In this regard, Union Urban Development Minister Venkaiah Naidu has written a letter to all the State Governments to eliminate Stamp Duty.
Collection of stamp duty on the sale of houses, land and other properties is the subject of the states. Various states charge it from 4 percent to 12 percent. Union Minister Venkaiah Naidu said in the meeting of CREDAI (Confederation of Real Estate Developers’ AssociationSs of India) here that the center will ensure that there is no increase of tax in the housing sector. Especially in the field of Affordable Housing after the implementation of GST. He said that inclusion of the real estate sector in GST would greatly help the entire industry.
Read More: हिंदी में पढ़ें
Exemption from Service Tax
Affordable housing is exempt from service tax. It is 5.35 percent of the sale price. Naidu told that he has asked the finance ministry to continue the discount in GST too.
Venkaiah said that because the state is not ready to include it in GST. Therefore, in this case, only through discussions can be carried forward.
Benefits in the Major Cities
1. Jaipur – Stamp Duty – 06%
|2||EWS||10 Lakh||60 Thousand|
|3||LIG||15 Lakh||90 Thousand|
|4||MIG||20 Lakh||1.2 Lakh|
2. Raipur – Stamp Duty – 05%
|2||EWS||4/89 Lakh||1.5 Lakh|
|3||LIG||7.33 Lakh||2 Lakh|
3. Bhopal – Stamp Duty – 9.3%
|2||EWS||7.3 Lakh||63.6 Thousand|
|3||LIG||13.96 Lakh||1.26 Lakh|
|4||MIG||22 Lakh||1.99 Lakh|
News Source: http://www.patrika.com/news/raipur/raipur-affordable-housing-scheme-1526220/