West Bengal Budget Includes Stamp Duty & Circle Rates Reduction

West Bengal government decided to offer a stamp duty rebate of 2% for registration of deeds and slashed circle rates by 10% as it presented its Rs 3.08- lakh- crore Budget in the assembly for fiscal 2021-2022. "We all are awar

BY Realty Plus
Published - Saturday, 10 Jul, 2021

West Bengal Budget Includes Stamp Duty & Circle Rates Reduction

West Bengal government decided to offer a stamp duty rebate of 2% for registration of deeds and slashed circle rates by 10% as it presented its Rs 3.08- lakh- crore Budget in the assembly for fiscal 2021-2022. "We all are aware that due to COVID-19 pandemic our state along with the country as a whole is reeling under economic recession. This has resulted in curtailing the purchasing power of the people. The real estate sector also has been greatly affected due to this crisis. In this critical situation the state government is proposing to allow relief to the registrant public by reducing the rate of stamp duty for registration of deeds affecting sale/lease of land/house. Sale etc. We propose to reduce the rate of stamp duty by 2% from the present rate for such deeds. The circle rate/market value for registration of deeds for land/house and flat etc has been proposed to be reduced by 10%," the Budget document said. Both the facilities can only be availed if the registration is completed within October 30, 2021, it said. The current rate of stamp duty in the state is 7%.