Pune: Only 12 Days For Citizens To Get 90% Concession On Stamp Duty Penalty Amount

Pune, 18th July 2022: The Registration and Stamps Department has taken a decision to provide relief to the citizens who are underpaid stamp duty by levying a penalty and proceeding to recover it. A concession scheme has been implemented in the penalty levied on the amount of stamp duty. Accordingly, if the stamp duty difference is paid by July 31, there will be a 90 per cent discount on the penalty and now only 12 days are left for it.

Stamp duty is levied when deeding various types of transactions including land, and flats. Often large transactions are subject to a lower fee than the regular fee. The Sub-Registrar has no powers of assessment, however, it is often fixed by them. Therefore, often the sub-registrars do not carry out the assessment properly or deliberately charge low stamp duty.

After the inspection, the concerned citizens are sent notices and the underpaid charges are collected from them while some time limit is given for it. If not paid within that period, a penalty of two per cent per month is charged. In many such cases, the stamp duty amount is less and the penalty amount is huge. As a result, the citizens are not ready to pay it. Sometimes, even though it is the builder’s fault, the citizens have to bear the brunt of it.

Such cases increase the number of claims which also affects the revenue of the state government. A large system is required for this. To avoid all this and also to give relief to the citizens, a decision was taken on April 25 to provide a discount on the fine amount. If the stamp duty difference is paid by July 31, the fine will be deducted by 90 per cent. If the difference is paid between August 1 and November 30, there will be a 50 per cent discount on the fine.

In cases where payment of stamp duty deficiency and penalty amount is pending, Inspector General of Registration Shravan Hardikar has appealed to the citizens to contact the office of the Stamp and Registration Department and take advantage of this penalty relief scheme in all those cases.