Now, shell out more for registration of deeds

Rajmeet Singh

Tribune News Service

Chandigarh, October 17

The registration of legal documents, including power of attorney, agreement and partnership deeds and indemnity bonds, is set to cost more in Punjab. The stamp duty on the registration of property remains unchanged.

Following in the footsteps of Haryana, Punjab has doubled the stamp duty rates. The state Cabinet on Wednesday gave its nod to an ordinance amending Schedule 1-A of the Indian Stamp Act, 1899. The stamp duty rates for 17 of the 65 items have been hiked, with a target to increase the revenue by Rs 50 to Rs 100 crore annually.

Revenue Minister Sukhbinder Sarkaria said: “The rates have been hiked in line with the neighbouring states. These were not revised since 2009.” The registration charges for power of attorney will now vary between Rs 1,000 and Rs 7,000 and the partnership deed fee has been increased to Rs 2,000. There has been a substantial hike in the fee for agreement deeds. It will now vary between Rs 1,000 and Rs 4,000. This would increase the cost involved in the sale and purchase of property.

Also, the fee for the registration of adoption deed has been hiked from Rs 500 to Rs 1,000. A senior government official said the hike in the registration charges would affect the rural population more than their urban counterparts.

According to the new rates, the stamp duty on the memorandum of association of a company would vary between Rs 10,000 and Rs 20,000.