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This story is from June 26, 2006
UP Govt sleeps over stamp duty order
Allottees are anxiously waiting for the state government to extend the relaxation in stamp duty for development authorities and UPHDB.
As a result the work of executing registries has come to a standstill for nearly three months now.
While the relaxation was valid up to March 31, the state government chose to sleep over the issue, which has created a state of confusion in the entire state. "I am waiting for the past one month to get my registry executed.
Now, instead of issuing the orders so that the registries of development authorities and UPHDB can be executed at the property cost, the state government has increased the circle rates first.
So, if I get my property registered now, I will have to cough up an exorbitant sum," pointed out an allottee of the Lucknow Development Authority (LDA).
Another allottee, Chandra Nath Srivastava, questioned: "Why should we pay stamp duty on circle rates?" He reasoned that stamp duty should be charged on whatever property rates were paid by an allottee, not on current circle rates.
"The government has made stamp duty an instrument to fleece allottees instead of logically generating revenue," he fumed, pointing out that as it is, UP charges 10 per cent stamp duty which is too high.
Also, as per logic, stamp duty should be charged only on property cost and not on the entire deposits, which include interest and penal interest. So, while an allottee would have bought property at say Rs 2000 per sq mt in Gomtinagar, he would have to pay stamp duty on Rs 5500 per sq mt.
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