Daijiworld Media Network - Bangalore (SP)
Bangalore, Jul 30: The state assembly gave its nod to the second ammendment bill to Karnataka Stamp Act, which proposes reduction of stamp duty on purchase of land and buildings.
Revenue minister Karunakar Reddy moved the bill that proposes reduction of stamp duty from the present 7.5% to 6% on the sale of all kinds of land including agricultural properties. The bill was passed without any discussion on Wednesday July 29.
The bill also paves way for a uniform rate of stamp duty on all kinds of fixed assets including multi-storied complexes and apartments, whereby the would-be purchasers will save 1.5% of the purchase price across the board.