Tamilnadu: 2% Stamp Duty on cost of Construction of Building from Oct. 1, 2013

Tamilnadu Goverment Gazette Extraordinary

The following act of Tamilnadu Assembly received the assent of the President on the 3rd September 2013.

Amend  the Indian Stamp Act, 1899 in its application to state of Tamilnadu

Be it enacted by  Tamilnadu Assembly as follows

This Act may be called  the Indian Stamp (Tamil Nadu Amendment) Act, 2012

It extends to the whole of the state of Tamilnadu.

It Shall come into force on such date as the state government may, by notification appoint

In Schedule to the Indian Stamp Act, 1899 -

The following clause shall be substituted,

Namely

If relating to construction of Building  -

 

One rupee for every hundred (100) rupees or

Part thereof the cost of the proposed construction or

 the value of construction or

the consideration specified in the agreement whichever is higher

Explanation:

For the purpose of this clause, Building includes any unit, residential, commercial, institutional , Industrial or otherwise proposed to be construction on an undivided Share of land (UDS)

Partition Subject to the maximum of Rs. 10,000 per share, the expression partition shall be substituted

There is also already registration fee is -

One rupee for every hundred (100) rupees - 1%

That is totally 2% fees for the cost of construction of builds.

This imply to increase the cost of apartments

The notification came into force on October 1, 2013.

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