Registration charges on transfer of property will come down from 15th May. The Registration and Stamps Department has decided to reduce the transfer duty to two percent and stamp duty to 7 percent. Collection charges remain untouched. Proposals made by the department to slash the registration charges have been cleared by the Revenue Minister, D.Prasada Rao and formal announcement is expected by the Government only after the Chief Minister YS Rajasekhara Reddy gives his concent.
he Government went by the recommendations of the EAS Sarma Committee on administrative reforms which found the rates in the State are very high. As per the committee recommendations, the highlights are new registration rate to be 9.5 percent as against 13.5 percent, no change in collection charges at 0.5 percent, and Transfer duty down to two percent from five percent and stamp duty to seven percent from 8 percent.
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