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The Hindu
The Hindu
Special Correspondent

Bill tabled to reduce stamp duty on affordable housing

The Karnataka Stamp (Second) Amendment Bill, 2020, was tabled in the Legislative Assembly on Tuesday to reduce the stamp duty on affordable housing.

It reduces stamp duty from 5% to 2% on new housing flats costing less than ₹20 lakh and from 5% to 3% on housing flats costing less than ₹35 lakh. Earlier, the proposal was made in the Karnataka Industrial policy, 2020-25, by the State government to give impetus to growth of industry; and in the State Budget of 2020-21.

The Bill replaced the ordinance promulgated by the government.

No extra expenditure

The Karnataka Parliamentary Secretaries Salary, Allowances, and Miscellaneous Provisions (Repeal) Bill, 2020, was tabled since the Karnataka High court struck down the Karnataka Parliamentary Secretaries Salary, Allowances and Miscellaneous Provisions Act, 1963, based on Supreme Court judgment in Bimolangshu Roy Vs. State of Assam. The Bill repealed the 1963 Act. There was no extra expenditure involved in the proposed legislative measure.

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