Chandigarh reduces stamp duty on immovable property

Chandigarh Administration has reduced the Stamp Duty from 6% to 5% on the conveyance/sale deeds of immovable property. The initiative has been taken to encourage the honest executors of sale deeds and to discourage the concealment of market value of the property.
With this move, stamp duty in Chandigarh has become least in the region as Punjab and Haryana are charging 6% for this. Earlier the Chandigarh Administration in exercising the powers conferred by clause (a) of Section 9 of the Indian Stamp Act, 1899 has reduced the rate of stamp duty on conveyance as also on mortgage deeds with possession in UT Chandigarh from 12% to 6% and 8% to 4% respectively vide order dated August 2, 2002.