Finance Minister Urges States to Lower Stamp Duty for Urban Development

Union Finance Minister Nirmala Sitharaman has urged states to reduce high stamp duty rates on property purchases, emphasizing the necessity of this reform in urban development schemes. Additionally, she suggested lowering stamp duties for properties bought by women. Stamp duty is a significant source of revenue for states.

Union Finance Minister Nirmala Sitharaman on Tuesday encouraged states to lower their high stamp duty rates on property purchases. She emphasized that this reform would be a critical component in urban development programs.

Sitharaman also proposed that states consider further cuts in stamp duties for properties bought by women, aiming to promote gender equity in property ownership.

Stamp duty, governed by Section 3 of the Indian Stamp Act, 1899, is a crucial revenue stream for states, essential for funding various developmental initiatives.