#RealtyNewsRoundup: Stamp Duty On Property Purchase In Mumbai Hiked To 6%

With the Maharashtra government issuing a notification to impose one per cent surcharge, stamp duty on property purchase in state capital Mumbai is now gone up to six per cent. The hike, which would shoot up rates of property for homebuyers, comes into effect from February 8. 

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The Supreme Court has admitted a plea that has challenged the Constitutional validity of the West Bengal Housing & Industrial Regulation Act, 2017 (HIRA) . The West Bengal government has been ordered to file its response on the petition, which has been filed by a group of homebuyers, within 15 days.

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The Income Tax Appellate Tribunal (ITAT) has ruled that property sellers who sold more than one residential property and invested the long-terms capital gains arising out of these transactions in one immovable asset would be eligible to get tax benefits, if the transaction is carried out within the stipulated timeframe. So far, owners who sold more than one property and used the sale proceeds to buy one property were not entitled to claim tax benefits.

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Taking strong exception to two prime properties of embattled Amrapali Group finding no bidders, the Supreme Court has said cartelisation by banks might be behind the no-show. The SC said that banks were ready to finance projects for National Building Construction Corporation, the state-rum company entrusted with the job of building Amrapali projects. But, they were not coming forward to finance the Amrapali properties that were being auctioned by the Debt Recovery Tribunal, it said.

Source: Media reports