Madhya Pradesh : Government’s big relief to the tenants, the rent agreement will be valid only on the stamp of Rs 100

In Madhya Pradesh, now a big relief has been given by the state government for the people living on rent. Presenting the budget for the year 2022-2023, the government announced that, now the stamp duty on rent deed of less than one year will be fixed at Rs 100. From now on, tenants will be able to enter into a rent agreement on a stamp of Rs 100 only. Let us tell you that before now the stamp of Rs 100 was not considered valid in the rent agreement.

Government’s big relief to the tenants, the rent agreement will be valid only on the stamp of Rs 100, know the rules

However, nothing has been clarified by the government at the moment on whether the 2 percent exemption in stamp duty given to women in the purchase of land and property will continue after March 31. Accordingly, till March 31, women can take advantage of 2 percent discount.

Stamp duty will be less at these places

As per the budget provisions, the state government is going to reduce the stamp duty on rent deed, renewal of bank guarantee and bank to bank loan transfer. At the moment, its rate ranges from 0.25% to 0.75%. It is believed that this will give relief to the common man to the industrialists. Finance Minister Jagdish Deora has announced this in the state budget. That is, now the government will charge stamp duty on the fixed amount instead of percentage.

Where how much stamp duty

For less than one year rent, only Rs 100 will have to be paid as duty. Bank to bank loan transfers below Rs 20 crore will attract stamp duty ranging from Rs 500 to Rs 5,000. Loan transfer above 20 crores will continue to attract 0.25% stamp duty as before. Whereas, at present, a 0.25% fee has to be paid on the bank guarantee. At present, it is not clear how much stamp duty will have to be paid on this. The offer is yet to come.