Udupi: Revised stamp duty rates come into effect

Udupi: the state government recently increased the property tax a few months ago, and now, they’ve issued an order raising the stamp duty rate. The new stamp duty rate came into effect from February 6.

Consequently, the public must now pay the revised rate for various documents like agreements, certificates, and others at the registrar’s office.

Previously, most documents required a handwritten affidavit, costing Rs 5 for submission and Rs 10 for authentication. Over time, this fee increased to Rs 10, Rs 15, and Rs 20. However, the government has now raised the price significantly. Instead of a Rs 20 affidavit, individuals must now use a stamp paper worth Rs 100.

Under the new stamp duty order, several fees have increased. For instance, agreements now cost Rs 500, up from Rs 200. Similarly, indemnity bonds, bank guarantee letters, and hypothetical agreements have also seen price hikes. The rate for agreements now stands at 0.5% per ten lakhs after the initial Rs 10 lakh threshold.

Furthermore, the charges for General Power of Attorney have surged from Rs 1,000, Special Power of Attorney from Rs 100 to Rs 500, and various other document fees have also increased. However, the rate for registered legal mortgages has been kept unchanged at 0.5%.

It’s worth noting that the government revises property tax and stamp duty rates periodically. Many of the document writers feel the revised rates are justified and have not burdened the public.