Property News

Remission of Stamp responsibility and Registration Fees for the flat/houses of cooperative members


WHEREAS the Governor believes that there are practical grounds for doing so;

NOW, THEREFORE, in the exercising of the energy conferred with the aid of clause (a ) of sub-section 9 of the Indian Stamp Act, 1899 (2 of 1899] and sub-section (2) of part seventy-eight of the Registration Act 1908 ( sixteen of 1908), the Governor is thrilled hereby to remit the Stamp Duty and Registration expenses chargeable beneath the above-cited Acts, on the quantity of difference, if any, between the fee of development of the property of a Cooperative Housing Society in the State to be determined on the foundation of the audit documentation of the cooperative Housing Socj6ty along with the extra value incurred utilizing

the man or woman contributors toward inside works etc. as counselled by using the registering authority worried and the existing market fee of the property as per the evaluation made by way of the registering authority, for the reason of the execution of the deed of conveyance/transfer of the property with the aid of the Cooperative Housing Society in favour of its participants who purchased or in any other case received their plots of land and constructed residences /houses themselves although the stated Cooperative Housing Society and no longer be any promoter.

Whereas, the Governor is additionally thrilled to determine that the gain beneath this order may be on hand for the flats/houses which have already been developed via the Cooperative Housing Society on or earlier than 31.03.20 14 if the registration is finished on or earlier than 31.12.2015.

For the flats/ homes which are built or to be built on a subsequent date i.e., after 31.03.2014 thru a Cooperative Housing Society as referred to above, the advantage under this order can also be on hand if the registration is performed inside twenty-four months from the date of completion of the development work.

The advantage given beneath this order will no longer be relevant in case of 2nd or subsequent switch of the property by using a member of any Cooperative Housing Society

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