New stamp duty in Kashmir from next year; Div Com reviews finalization of rates
The notification of new stamp duty rates for the calendar year 2019 for Kashmir division will be notified and implemented from January 1, 2019 under the existing provisions.
In this regard, Divisional Commissioner Kashmir Baseer Ahmad Khan chaired a meeting to review the finalization of the new rates in Srinagar today, said an official handout.
After threadbare discussion, the stamp duty rates were reviewed on the basis of the rates notified by Deputy Commissioners of all districts of the Kashmir Division including Leh and Kargil districts, it said.
The meeting discussed the fixation of stamp duty for different types of land as per the existing guidelines.
The Divisional Commissioner stressed that while calculating the stamp duty, the nature and type of land, viz., Irrigated, Un-irrigated, Residential, Commercial, road-side, upcoming approved developmental infrastructure in various areas, Structures, rate escalation and other factors will be kept in view. Moreover, proximity to the road or inner areas would also be taken into account so that proper land acquisition will be done without any discrepancy in future.
“It was given out that the specific guidelines and rules for the purpose of calculation will be applied to calculate the stamp duty and the report so prepared will be sent for final fixation,” read the handout.
The Divisional Commissioner emphasized the need to chalk effective strategies to assess the real value of the property to project realistic rates and to overcome the quantum of stamp duty losses.