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Gujarat govt's amendments to Stamp Duty Act to come into effect from Apr 10
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....ujarat govt's amendments to Stamp Duty Act to come into effect from Apr 10<BR>PTI News<BR>Dated:- 8-4-2025<BR>PTI<BR>Ahmedabad, Apr 8 (PTI) The Gujarat government on Tuesday said it has made several amendments and modifications to the provisions of the Stamp Duty Act by lowering the public rates and enhancing administrative simplicity and flexibility. The state government had last month passed th....
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....e Gujarat Stamp (Amendment) Bill to amend the Gujarat Stamp Act of 1958. The amended provisions of the Stamp Duty Act will come into effect from Thursday. In a release, the government said, "These changes are aimed at ensuring effective implementation of the Stamp Duty Act by lowering public rates and enhancing administrative simplicity and flexibility." Among the major amendments and additions i....
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....ntroduced by the state revenue department in the Stamp Duty Act are related to the case of ancestral property for the heirs of the deceased daughter, cases involving additional collateral, stamp duty underpayment and evasion, among other things. As per these amendments and additions, the stamp duty is capped at a maximum of Rs 5,000 for loans up to Rs 1 crore. For mortgage or hypothecation docum....
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....ents about loans exceeding Rs 10 crore, the maximum stamp duty has been increased from Rs 8 lakh to Rs 15 lakh, it said. In cases where the loan is obtained from multiple banks, a separate provision has been made to cap the stamp duty at Rs 75,00,000, excluding a surcharge. A fixed stamp duty of Rs 5,000 will now be required in cases of additional collateral, the release said. "For lease agreeme....
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....nts of less than one year, where 1 per cent of the average annual rent was earlier paid on Rs 300 stamp paper without proper duty, the state government has now fixed the duty at Rs 500 for residential leases and Rs 1,000 for commercial leases," it said. In case of ancestral property, heirs of a deceased daughter can correct right-related deficiencies in documents related to ancestral properties b....
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....y paying a stamp duty of Rs 200, it said. If an applicant voluntarily pays the shortfall in stamp duty, it will be recovered at 2 per cent per month from the date of the document, subject to a maximum of four times the unpaid amount, it further said. Also, in cases where the stamp duty evasion is identified by the system, a penalty will be levied at 3 per cent per month, capped at six times the ....
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....unpaid duty, it said. In mortgage cases where banks or financial institutions do not issue documents and stamp duty remains unpaid, the responsibility for paying the duty will lie with the respective bank or institution, the government said. "The Act also provides for recovery of stamp duty on copies of documents in cases where the original is unavailable and insufficient duty was paid," it adde....
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....d. PTI KA PD NP<BR> News - Press release - PIB....