NT Reporter
Panaji
The Revenue Department has introduced a revised stamp duty framework for the registration of immovable property, with conveyances valued above Rs 600 and up to Rs 50 lakh attracting stamp duty of 3 per cent.
Under the revised structure, transactions above
Rs 50 lakh and up to Rs 75 lakh will attract 4 per cent stamp duty, while those exceeding Rs 75 lakh and up to Rs 1 crore will attract 4.5
per cent. Property transactions above Rs 1 crore and up to Rs 5 crore will be subject to 5 per cent stamp duty, while those exceeding Rs 5 crore will attract 6 per cent stamp duty.
The notified structure replaces the stamp duty system introduced in 2017 and has come into force with immediate effect.
The revised policy also introduces a provision for adjoining plots transferred between the same buyer and seller. If such transactions take place within one year of an earlier conveyance, the value of the previously transferred land will be taken into account while determining the stamp duty payable on the subsequent conveyance.
The updated stamp duty regime is expected to simplify property registrations by introducing a clearer rate structure while providing reduced, standardised charges for deemed conveyance cases.
