Excelsior Correspondent
JAMMU, Apr 21: Government of Jammu and Kashmir today ordered remission of fifty percent of stamp duty for first time buyers of residential property not exceeding Rs one crore value.
A notification in this regard was issued today by the Finance Department, according to which there shall be remission of 50 percent of duty for the first time buyers/lessees on purchase/lease of more than 20 years of immovable residential property from an agency of the Government or approved developer.
The remission shall be subject to the condition that the value of the property does not exceed Rs one crore and the quantum of land involved in case of a residential plot or house built up on a residential plot does not exceed one kanal.
The residential property includes residential apartment/house or a residential plot and agency of the Government means Development Authority, Housing Board or Municipality. Approved developer is the developer of a project approved by the Real Estate Regulatory Authority.
As per the notification, the Housing and Urban Development Department shall designate a Nodal Agency, which shall be responsible for collection of Aadhar based data of first time buyers of such purchases and for issuance of entitlement certificates for claim of 50 percent remission of stamp duty under this scheme.
This notification has come into force with effect from today and shall remain in force till March 31, 2024.
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