PANAJI
The Goa government has notified a reduced stamp duty structure for conveyance of immovable property, replacing the 2017 government order and introducing a new slab-based system that will take effect immediately.
Under the revised structure by the Department of Revenue, conveyances valued above Rs 600 and up to Rs 50 lakh will attract stamp duty at 3 per cent. Transactions above Rs 50 lakh and up to Rs 75 lakh will be charged 4 per cent, while those exceeding Rs 75 lakh and up to Rs 1 crore will attract 4.5 per cent. Property transactions above Rs 1 crore and up to Rs 5 crore will be subject to 5 per cent stamp duty, while those exceeding Rs 5 crore will attract 6 per cent.
The notification also provides that where adjoining parcels of land are conveyed between the same parties within one year of an earlier conveyance, the stamp duty on the subsequent transaction will be calculated after taking into account the value of the land covered under the earlier conveyance.
The government has also reduced the stamp duty payable on unilateral deemed conveyance of immovable property.
For residential units, the stamp duty has been fixed at Rs 50,000 in Category A areas, Rs 40,000 in Category B areas and Rs 30,000 in Category C areas. Commercial units will attract stamp duty of Rs 1 lakh, Rs 80,000 and Rs 50,000 respectively, while amenities and ancillary areas will be charged Rs 10,000, Rs 7,500 and Rs 5,000 across the three categories.
The notification states that these fixed rates will apply to each residential unit, commercial unit or amenity irrespective of its built-up area.
Category A comprises coastal village panchayats and areas under the Corporation of the City of Panaji and the municipal councils of Mapusa, Ponda, Vasco-da-Gama and Margao. Category B covers notified census towns, village panchayats adjoining Category A areas and the remaining municipal council areas, while Category C includes all other village panchayat areas.
