Goa industry body asks government to revise stamp duty

Panaji: In a bid to revive the fortunes of the real estate sector in the state by reducing the overall cost of ownership of a home, Goa chamber of commerce and industry met chief minister Laxmikant Parsekar to urge him to revise the stamp duty collected by the government for property transactions.

In a written memorandum to the government, the real estate and housing development committee of GCCI, led by Nilesh Salkar, requested the government to offset the stamp duty at the time of agreement against stamp duty on execution of conveyance in the name of the society.

While a stamp duty of 2.9% is paid to the government when the agreement is signed with the individual owner, another 2% stamp duty is charged when the conveyance is done.

“The sub-registrar does not allow the set off of stamp duty of 2.9% paid at the time of agreements, because the agreements are in the name of individuals, while the conveyance is in the name of the society,” Salkar said.

“Given that stamp duty for housing society is at concessional 2% even if the set off is allowed, the purchasers end up paying 00.9% extra, having paid 2.9% at the time of agreement,” he added

The government has also been asked to waive off stamp duty which is charged on the power of attorney while giving powers of sale of property.