Tamil Nadu's Stamp Duty Amendments: A Game-Changer for Real Estate and Estate Planning
The Government of Tamil Nadu has introduced significant changes to the stamp duty payable on various instruments, effective from May 3, 2024. This article provides an overview of the amendments and their implications for real estate and estate planning.
Tamil NaduStamp DutyReal EstateEstate PlanningIndian Stamp ActReal EstateSep 07, 2024
The amendments aim to bring the stamp duty levied on various instruments in line with the prevailing times, which was otherwise levied on obsolete duty. The changes will have a significant impact on real estate and estate planning transactions in the state.
Here is a summary of the key amendments
Adoption deed The stamp duty has been increased from INR 100 to INR 1,000.
Affidavit The stamp duty has been increased from INR 20 to INR 200.
Agreement The stamp duty has been increased from INR 20 to INR 200.
Articles of Association The stamp duty has been reduced from INR 300 to 0.05% of the authorized share capital of the company, subject to a maximum of INR 5,00,000.
Cancellation The stamp duty has been increased from INR 50 to INR 1,000.
Copy or Extract The stamp duty has been increased from INR 5 to INR 100.
Counterpart or Duplicate The stamp duty has been increased from INR 20 to INR 500.
Lease The stamp duty has been increased from 1% to 4% on the rent, fine, premium, or advance, if any payable, depending on the period of the lease.
Memorandum of Association The stamp duty has been reduced from INR 200 to INR 200, if accompanied by Articles of Association.
Partition deed The stamp duty has been increased from 4% to 4% on the market value of the separated shares of the property.
Partnership The stamp duty has been increased from INR 300 to INR 1,000.
Power of Attorney The stamp duty has been increased from INR 5 to INR 500, depending on the type of power of attorney.
Reconveyance of Mortgaged Property The stamp duty has been increased from INR 80 to INR 1,000.
Security Bond The stamp duty has been increased from INR 80 to INR 500.
Revocation of Settlement The stamp duty has been increased from INR 80 to INR 1,000.
Surrender of lease The stamp duty has been increased from INR 40 to INR 1,000.
Transfer relating to trust The stamp duty has been increased from INR 30 to INR 1,000.
Declaration of Trust The stamp duty has been increased from INR 180 to INR 1,000.
Revocation of Trust The stamp duty has been increased from INR 120 to INR 1,000.
In addition to the above, the explanation of the word 'family' has been amended to include 'the legal heirs of a deceased family member, if any'. This amendment will promote innovative and unique structures in estate planning and real estate transactions.
The Amendment Act is a significant revision to the stamp duty levied on various instruments, which was otherwise levied on obsolete duty. The changes will have a significant impact on real estate and estate planning transactions in the state.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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Tags Tamil Nadu, Stamp Duty, Real Estate, Estate Planning, Indian Stamp Act
FAQs
Q What is the effective date of the amended stamp duty rates in Tamil Nadu?
A The revised stamp duty rates are effective from May 3, 2024.
Q What is the stamp duty payable on an adoption deed in Tamil Nadu?
A The stamp duty payable on an adoption deed is INR 1,000.
Q What is the stamp duty payable on a lease in Tamil Nadu?
A The stamp duty payable on a lease depends on the period of the lease, ranging from 1% to 7% on the rent, fine, premium, or advance, if any payable.
Q What is the stamp duty payable on a power of attorney in Tamil Nadu?
A The stamp duty payable on a power of attorney depends on the type of power of attorney, ranging from INR 5 to INR 1,000.
Q What is the explanation of the word 'family' under the amended Indian Stamp Act?
A The explanation of the word 'family' includes 'the legal heirs of a deceased family member, if any'.
Frequently Asked Questions
What is the effective date of the amended stamp duty rates in Tamil Nadu?
The revised stamp duty rates are effective from May 3, 2024.
What is the stamp duty payable on an adoption deed in Tamil Nadu?
The stamp duty payable on an adoption deed is INR 1,000.
What is the stamp duty payable on a lease in Tamil Nadu?
The stamp duty payable on a lease depends on the period of the lease, ranging from 1% to 7% on the rent, fine, premium, or advance, if any payable.
What is the stamp duty payable on a power of attorney in Tamil Nadu?
The stamp duty payable on a power of attorney depends on the type of power of attorney, ranging from INR 5 to INR 1,000.
What is the explanation of the word 'family' under the amended Indian Stamp Act?
The explanation of the word 'family' includes 'the legal heirs of a deceased family member, if any'.
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