Stamp Duty likely to be removed in affordable homes purchase

Stamp Duty likely to be removed in affordable homes purchase

RM | March 7, 2017 | Tuesday


Real estate newsNew Delhi: Union Minister for urban development and housing Mr. Venkaiah Naidu said that we have written to the states for exempting affordable houses from stamp duties which is 4% to 8% of the transaction value.

The union minister did ensured that there was no tax escalation for the housing industry, especially for the affordable housing, following the implementation of GST (goods and services tax), while addressing the CREDAI, the Confederation of Real Estate Developers’ Associations of India.

The minister expressed his helplessness vis-a-vis the exclusion of stamp duty from GST, saying, “States have, in their wisdom, not adhered to the inclusion of stamp duty under GST.” “Thus, we need to move forward from this debate,” he said.

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