TN Minister introduces Bill to amend Stamp, Registration Acts

Chennai, Dec 5 (UNI) A Bill seeking to amend the Indian Stamp Act, 1899 and the Registration Act, 1908 in their application to Tamil Nadu, was passed in the State Assembly today.

Introducing the Bill in the House, Backward Classes Minister M R K Panneerselvam said the market value guidelines of properties in the state were revised by the Valuation Committee and Valuation Sub-Committees.

In order to ensure that stamp duty was paid on the market value guidelines at the time of registration and to prevent undervaluation of properties, it was considered necessary to amend section 47-A of the Act, he said.

It was also considered to give statutory effect to the Valuation Committee and Valuation Sub-Committees and the market value guidelines of properties published by the Valuation Committee, he added.

The Minister said it was proposed that to entertain appeals against the order of District Collector determining the market value of the property, the person aggrieved should pay 25 per cent of the difference in the amount of duty payable under section 47-A. It was also proposed that the penal interest on belated payment of duty might be reduced from two per cent to one per cent per month.

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