Mizoram assembly passes bill to hike stamp duty

Mizoram assembly passes bill to hike stamp duty

The Mizoram assembly on Thursday passed a bill that seeks to hike stamp duty from 1 per cent to 3 per cent of the market value of a property.

Mizoram assembly passes bill to hike stamp dutyMizoram assembly passes bill to hike stamp duty
India TodayNE
  • Feb 29, 2024,
  • Updated Feb 29, 2024, 10:33 PM IST

The Mizoram assembly on Thursday passed a bill that seeks to hike stamp duty from 1 per cent to 3 per cent of the market value of a property.

The Indian Stamp (Mizoram Amendment) Bill, 2024, was passed in the House by voice vote.

Earlier, the amendment bill was approved by the state cabinet on February 5.

Also Read: Mizoram registers 13.5 per cent GSDP growth in FY 2022-23

Land Revenue and Settlement Minister B Lalchhanzova said the maximum ceiling needs to be revised due to an increase in the prices of goods and services.

The bill, after its enactment, will curb the “increasing practice” of fixing land prices at “exorbitant rates”, as prices would be calculated based on the value chalked out by a valuation committee, Lalchhanzova said.

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