Reduction of Stamp Duty on Residential & Lease deeds in Andhra Pradesh 1


From 5 December 2013 with G.O.Ms.No.588. Dated:04.12.2013 Reduction of Lease deeds and Residential properties Stamp Duty payable in respect of certain documents comes under schedule I-A to the Indian Stamp Act, 1899

Government of Andhra Pradesh, after examination rationalize the rates of stamp duty by bringing down the duty payable in respect of certain documents under Schedule I-A of the Indian Stamp Act, 1899.

Accordingly, the following notification will be published in the extraordinary issue of A.P. Gazette dated: 05.12.2013.

NOTIFICATION

In exercise of the powers conferred by clause (a) of sub-section (1) of section

9 of Indian Stamp Act, 1899 (Act II of 1899), the Governor of Andhra Pradesh hereby reduce the Stamp Duty payable in respect of following documents under Schedule I-A to the Indian Stamp Act, 1899 :

 

Article of

Schedule 1-A

Nature of Document

Existing Stamp

Duty

Rate of Stamp duty

fixed

Article 31 (a)

(i)

Lease deeds for

less than 1 year

0.4% of total

rent

0.4 % on the total

rent

Article 31 (a)

(ii)

Lease deeds for 1-5

years :

   
For residential properties 0.4% of total rent 0.5 % on average annual rent
In  other case

0.4% of total

rent

1 % on average

annual rent

Article 31 (a)

(iii)

Lease deeds for 5-

10 years:

   
For residential

properties

0.4% of total

rent

1 % on average

annual rent

In any other case

0.4% of total

rent

2 % on average

annual rent

Article 31 (a)

(iv)

Lease deeds for 10-

20 years

0.6% of the total

rent

6 % on the average

annual rent reserved

Article 31 (a)

(v)

Lease deeds for 20-

30 years

0.8% of the total

rent

15 % on the

average annual rent reserved

Article 31 (a)

(vi)

Lease deeds for

more than 30 years or in perpetuity

5% of the

market value of the property or value of ten times of AAR whichever is higher.

3% of the market

value  of the property

Article 31 (b) Lease granted for

fine, premium or money advanced without rent.

5% of the

market value of the property or the amount or value of such fine or premium or advance as set forth in the lease, whichever is higher.

2% on fine,

premium or money advanced

Article 31 (c) Lease granted for

fine, premium or for money advanced in addition to the rent.

5% on fine,

premium or money advanced in addition to the duty which would have been payable

on such lease, if no fine or premium or advance had been paid or delivered

2% on fine,

premium or money advanced in

addition to the  duty which would have been payable on such lease, if no fine or premium or advance had been paid or delivered

Article 31 (d) Where lessee

undertakes to effect improvements and make over to lessor at the time of termination of lease.

5% on the value

of the improvements contemplated to be made by the lessee as set forth in the deed in addition to the duty chargeable under clauses (a)(b)or(c).

2% on the value of

improvements.

Article 33 (b) License granted for lumpsum amount

5% on the lumpsum amount as set forth in the

license.

2% on the lumpsum amount.

Reduction of Lease deeds and Residential properties 5 dec 2013

Article 33 (c) License granted for

lumpsum amount in addition to rent.

5% on the

lumpsum amount advanced as set forth in the license in addition to the duty which

would have been payable on such license if no lumpsum amount advanced had been paid or delivered

2% on the lumpsum

amount advanced as set-forth in the license in addition to the duty which would have been payable on such license if no lumpsum amount

advanced had been paid or delivered.


About Pavan

Advocate, Journalist and Founder of Telangana Navanirmana Sena From Mahabubnagar Email Me -- pavan@tgnns.com

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One thought on “Reduction of Stamp Duty on Residential & Lease deeds in Andhra Pradesh

  • Srinivas

    Dear Sir,

    Where can we get the Rent reduction details / statement.
    Kindly provide the details for getting the rent reduction statement.

    Thank You,
    Regards
    Srinivas