100 Years On, Govt Reworks Property Registration Rules

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} Proposed Legislation Is Likely To Recognise ElectronicStamping and Online Payment of Stamp Duties Registering aproperty could soon be painless affair with the government planning toreplace the century-old Indian Stamp Act, 1899 with a simpler law that will doaway with a large number of antiquated provisions and fees. The finance ministry has already kicked off a preliminaryexercise for drafting the new law and is hopeful of finalising it by the end ofthe year. The draft will also be discussed with state governments to elicittheir views before a final decision is taken, government officials familiarwith the development said. “The current law was written more than 100 years ago. Sincethen the form of business and transactions have completely changed and we feelthat there is a need to replace the Act,” said a senior government official. Stamp duty is levied on a number of financial and legaltransactions. At present, the documents are physically verified bydifferent departments, making the process of registration a time-consumingactivity. The new legislation is expected to address some of these issues. The proposed legislation is likely to recognize electronicstamping and electronic payment of stamp duties. At present, the facility isavailable as part of the MAC 21 e-governance initiatives for companies thatwish to file their papers online with the Registrar of Companies. The legislation could also allow payment of duty oninstruments and court fees through modes like demand drafts and bankers’cheques, which are not permitted under the existing law. “The emphasis has now shifted to e-governance and such aprovision will make it easier for citizens to adhere to laws and be much moreconvenient than the physicalact of buying and pasting stamps ,” the official said, requesting anonymity. The provision could also help reduce the leakage of revenuebecause of stamp duty frauds, he said. The government is also planning to rework the currentstructure of stamp duty fees and penalties. Duties charged in the smallerdenomination and often, obsolete paisa would be replaced with rupees or becalculated as a percentage. Significantly, the Law Commission, led by Justice ARLakshmanan, had suo moto taken up the issue of amending the Indian Stamp Actlast year. It had suggested in its report that the required fee for anytransaction or court fee should be paid by demand draft, cash, postal order,banker’s cheque rather than through non-judicial stamp papers or specialstamps. Courtesy:- ET dt: 20-March-2010 Forinformation about real estate, real estate india, Indian real estate property,property in india, Indian property, apartments, apartments for sale, apartmentsfor buy, apartments for sale in delhi, apartments for sale in gurgaon,apartments for sale in indirapuram, flats for sale in delhi, homes, homes forsale, houses for sale, homes for sale in delhi, homes for sale in gurgaon,houses for sale in delhi, houses for sale in gurgaon, property investmentoptions in delhi, investment option in real estate, real estate consultant,real estate agents, real estate developers and many more   log on   to http://www.zameen-zaidad.com and http://propertycafeteria.com/

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