British Expats - Stamp Duty in Goa

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Stamp Duty in Goa

According to various reports stamp duty was increased in the 2008-9 Goa budget:

Quote:

In 2008-09 budget, the Goa state government hiked the stamp duty on property from 2 per cent to vary according to the value of the property.

The stamp-duty for properties worth up to Rs. 30 lakh will be 2 per cent. But, if the value increases beyond Rs. 30 lakh and is up to Rs. 50 lakh, there will be an additional duty of Rs. 90,000 or more.

Stamp-duty on property worth above Rs. 50 lakh will be charged 4 per cent, while 5 per cent will be charged on properties worth over Rs. 1crore.

What I think that means is:
property <= 30 lakhs --> all at 2%
property 30 - 50 lakhs --> all at 3%
property 50 - 100 lakhs --> all at 4%
property >100 lakhs --> all at 5%

If I am correct then this is a regressive tax regime of the sort generally abandoned years ago: for example under this regime there is absolutely no point selling property with a price in the ranges 30,00,000/- to 30,30,000/- ; 50,00,000/- to 50,50,000/- or 1,00,00,000/- to 1,10,00,000/-
Most tax regimes are set in bands e.g
2% on the first 30 lakhs
3% on that part between 30 and 50 lakhs
4% on that part between 50 and 100 lakhs
5% on that part of the price over 1 Crore.

AndyD 8-)#

Re: Stamp Duty in Goa

Andy, I agree that this method is an archaic system - but, it should be of no consequence to FNs as we are not allowed to buy anyway. . . . . :confused:

Hemingway.

Re: Stamp Duty in Goa

Quote:

Originally Posted by hemingway (Post 6271392)

Andy, I agree that this method is an archaic system - but, it should be of no consequence to FNs as we are not allowed to buy anyway. . . . . :confused:

Hemingway.

:eek: Or Sell :curse:

Re: Stamp Duty in Goa

Quote:

Originally Posted by old man (Post 6271605)

:eek: Or Sell :curse:

An interesting thought:confused::blink:
Has anyone actually been charged stamp duty on their "purchase"? because shurely if they have this "should" be mean you have paid government taxes on the property you own thus admitting you can "buy"

Is it to early in the morning to come out with such thoughts ?:thumbdown:
If not is it worth crossthreading this to buyer beware to get other views ?

K

Re: Stamp Duty in Goa

The only people I know who have paid their stamp duty, are ones who have a Limited Company. . . . . . . . . .

Hemingway.

Re: Stamp Duty in Goa

Quote:

Originally Posted by Kan-conned (Post 6275273)

Yes we paid stamp duty in early 2007 @ 4% when it was actually 2% and before opening a limited company! When we raised the point that the duty was only 2% we were effectively told 'tough luck - pay out or you loose the place'. We were given back the balance in late 2007 after complaining. We also paid 2% registration fees, water and electricity bills and Legal charges for sale deed although the bill is headed Lease Possesion. This surely proves that the propertiy was marketed as though we had the right to buy and that we paid for the deeds to be registered. The advocates and builders must have known at this point that the deeds could not be registered! Our fault of course for taking it at face value but we are not totally to blame for the predicament we are now in.