Himachal cabinet okays uniform 12% stamp duty

The cabinet on Thursday approved the levy of uniform stamp duty rate of 12% on transfer and lease transactions secured under Section 118(2)(H) of the Himachal Pradesh Tenancy and Land Reforms Act, 1972, with prior sanction from the state government.

- HT Correspondent

SHIMLA:

The cabinet meeting, chaired by chief minister Sukhvinder Singh Sukhu, decided to promulgate an ordinance amending Schedule IA of the Indian Stamp Act, 1899. This amendment will enable the levy of a uniform stamp duty rate of 12%.

The cabinet also approved the ban on felling of trees except safeda, poplar and bamboo. It allowed the felling of khair for sale in accordance with the 10-year programme.

To protect the environment, the cabinet decided to bring the area surrounding Tara Devi Temple in Shimla district under the ambit of green area.

It reiterated its request to the Centre to adopt the 90:10 funding formula for the power component of the Kishau Multipurpose Project, similar to the formula adopted for the water component. Alternatively, it proposed providing a 50-year interest-free loan for the entire amount payable by the state government for the power component under the inter-state agreement.