news details |
|
|
| Stamp duty rules violated during PDP regime | | |
Early Times Report
Jammu, Jan 4: Alleged lackadaisical attitude of the officials of the Revenue Department to levy the stamp duty properly led to the loss of Rs 6.72 lakh during the rule of Peoples Democratic Party in the erstwhile Jammu and Kashmir State.
Documents in possession of the Early Times reveal that in terms of Article 18 of Schedule I of the Stamp Act, stamp duty is to be charged at the rate of seven per cent of the market value for conveyance where land or estate is within the urban area and five per cent of market value where the land or estate is within rural area. Same rates were also to be applied in respect of gift deeds as per Article 27 of the above schedule.
Jammu and Kashmir Government vide SRO 152 dated March 31, 2010 directed that there shall be reduction of 25 per cent in the stamp duty leviable on land purchased in the name of a female member of a family. However, this reduction was not applicable on gift deeds. Further, any instrument not being a release as provided for by Section 23-A (Section 23-A details certain instruments connected with mortgages of marketable securities to be chargeable as agreements), whereby a person renounces a claim upon another person or against any specified property, stamp duty as per article 48 of Schedule I is to be charged at the rate of two per cent on the market value of the share of the property over which the claim is relinquished, whichever is higher.
Registration fee at prescribed rates is also to be charged from sale deeds and mortgage deeds under Section 78 of Registration Act. Scrutiny of the records of the Sub-Registrar, Bijbehara, as per the government documents revealed that out of total 2,986 deeds (Sale deeds: 365; Miscellaneous deeds: 2,621) registered during April 2011 and August 2017, the Registering Authority had not charged the stamp duty and registration fee at prescribed rates in 14 deeds (Relinquishment deeds: 08 cases; Other deeds: 01 case and Sale deeds: 05 cases registered during April 2011 and June 2017). Besides, 25 per cent discount on stamp duty applicable on purchase of land in the name of females was irregularly allowed on eight gift deeds. Failure to apply the correct rates had resulted in short levy of stamp duty of Rs 6.72 lakh and registration fee of Rs 0.05 lakh.
Reports inform that on being asked by the government over such a lapse, the office of the sub registrar Bejbhera has reportedly responded that notices have been issues in 2 cases (Stamp duty: Rs 16,680, Registration fee: Rs 2,400); Relinquishment deeds: 05 cases(Stamp duty: Rs 1,10,000) and Gift deeds: 02 cases (Stamp duty: Rs 7,940).The matter was taken by the CAG with the government in June 2018. However, there has been no response filed by the department of revenue so far. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
