THIRUVANANTHAPURAM: Finance Minister T M Thomas Isaac on Wednesday said the government would review the budgetary proposal to increase the registration and stamp duty for partition deeds. Replying to the discussion on Finance Bill for the 2016-17 fiscal, Isaac said he still has a strong conviction that there should be a change in the rate of stamp duty as the market value of the land had increased manyfold.
However, the minister said he was ready to listen to the voice of dissent from both the Opposition and Treasury benches. Isaac said the issue could be reviewed when the Bill comes up in the Subject Committee meeting.
In the revised state budget, the stamp duty for Gift, Settlement, Partition and Release deeds among family members had been increased to 3% removing the ceiling fixed on the stamp duty and Registration fee. Since 2011, the stamp duty for family property had fixed at `1000.
The 2014-15 state budget presented by then Finance Minister K M Mani had introduced changes in the land registration charges and stamp duty for registering property sales. But Mani had not changed the `1000 fixed as the stamp duty for family property partition, irrespective of the value of the land.