In yet another push to the affordability, the low cost housing segment is all set to be exempted from stamp duty, which varies between 4% and 8% of the transaction value, Union minister for urban development and housing M Venkaiah Naidu said that on this score, his ministry has written to state governments to exempt affordable houses from stamp duty as it is a state subject, with the state government fixing the rate and collecting the duty. He further said adding that the Centre would ensure that there is no net tax escalation in the housing sector, particularly the affordable housing segment, following the implementation of the goods and services tax (GST). The move of the inclusion of real estate sector in the GST framework would help the industry. Affordable housing is exempt from service tax, which is around 5.35% of a property's selling price. The ministry had already taken up with the finance ministry the need to continue the exemption under GST, he claimed.
📅Published on:
15 March 2017
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