Lesser stamp duty for women; DA merged
THE STATE Cabinet today decided to reduce rate of stamp duty for women from 8 per cent to 6 per cent levied on buying property up to Rs 10 lakh, while merging 50 per cent DA in basic salary of employees and teachers w. e. f. April 1, 2004.india Updated: Jan 29, 2006 01:13 IST
THE STATE Cabinet today decided to reduce rate of stamp duty for women from 8 per cent to 6 per cent levied on buying property up to Rs 10 lakh, while merging 50 per cent DA in basic salary of employees and teachers w. e. f. April 1, 2004.
A cabinet meeting presided over by Chief Minister Mulayam Singh Yadav was held here at Lal Bahadur Shastri Bhawan to give its approval for the State’s annual budget for 2006-2007.
Although the decisions of the State Cabinet were not briefed to media persons, sources said the government might present the annual budget before Vidhan Sabha on February 15, 2006. A final decision on the issue will be taken at the meeting of the business advisory committee to take place on February 2, 2006.
The budget has been prepared in the backdrop of annual plan that the Planning Commission had approved recently.
Much significance is being attached to the cabinet move to reduce the rate of stamp duty as it is being considered a major step towards women empowerment.
As per the decision, women buying property up to Rs 10 lakh will be allowed low rate of stamp duty on their share in the property if bought jointly.
The cabinet also approved the report of the high-power committee set up for restructuring of the cooperative sector. The committee headed by Minister for PWD, Energy and Agriculture Exports Shivpal Singh Yadav had submitted its report recently. The State Cabinet also decided to set up rural growth centres for the benefit of farmers.
The cabinet also decided to merge 50 per cent DA in the basic salary of employees and teachers w.e.f. April 1, 2004. This will entail additional expenditure of Rs 500 crore on the State exchequer. The State Government had decided to merge the DA from April 1, 2005 but various employees’ organisations had been demanding that merger be made effective from April 1, 2004.
Other important decisions include a move to bring down rate of stamp duty on property acquired by the Asset Reconstruction Company of India (ARCI) from 8 per cent to 0.1 per cent for both moveable and immoveable assets. A consortium of four nationalised banks, the ARCI deals with sick units of private and public sectors.
The cabinet also decided to bring down stamp duty on bonds and conveyance deeds. New rates of stamp duty will be 8 per cent for deeds pertaining to transferable rights while for non-transferable rights it will be 4 per cent. The government expects to enhance revenue by Rs 1.5 crore per year following the decision.
The cabinet also decided to place the Saifai Medical College under the UP Rural Institute of Medical Sciences and Research. It authorised the institute to make appointments there directly and not through the UPPSC.
In another decision, the cabinet approved the transfer of 1.75 acres of airstrip land in Ambedkar Nagar for the purpose of a bus stand, officers’ transit hostel and Press Club.
First Published: Jan 29, 2006 01:13 IST