There are many advantages involved with staying in an apartment complex, and one major advantage is the prominent role that you can play in your apartment association. An apartment association is formed with all residents in the apartment complex as members soon as the apartment complex is registered legally.
By joining the apartment association, you can carve out definite duties and responsibilities for yourself and you can carry these out to your best extent. This can be an entirely different experience altogether, because your role in an apartment association will expose you to hitherto unexplored facets in the legal world. The recent Stamp Duty Remission announced by the government is one such example, because you’d have been unaware of this concept, if not for your position in the apartment association.
Stamp Duty Remission – Fact of the Matter
Recent concessions have been announced by the Government of Andhra Pradesh regarding a concession on the stamp duty that’s levied on apartments. The announcement lists down certain conditions, and an apartment complex that satisfies all these conditions can avail the concession offered.
But before you start off trying to find out whether your apartment complex would be eligible, you’ll need to know what stamp duty actually is.
What is Stamp Duty?
When it comes to legal procedures, taxes are levied in many sections, including the documents used for the procedure themselves. Such tax that is levied on all legal documents is called as stamp duty. Once the stamp duty is fully paid, a stamp will impressed on the document or attached to the same. This applies to all commissions, receipts and checks too.
In the case of apartments, stamp duty is levied when an apartment (or) apartment complex is taken for proper registration. In order to register the apartment complex officially, some stamp duty needs to be paid. The payment involved varies from place to place though.
Conditions for Stamp Duty Remission
The government states many conditions when it comes to remission of stamp duty, and these conditions need to be satisfied for the same.
- The concession is provided to flats or apartments that have a floor area that is equal to or less than 1200 square feet. Any apartments or flats that have dimensions more than this will not be considered eligible for concession.
- The concession is only provided for residential areas, and it is not provided to residential apartments that are put to any form of commercial use.
- The overall floor area specified is inclusive of parking space. Any apartments or houses that have dimensions of 1200 feet or below, excluding their parking space will not be considered.
- Stamp duty remission will be provided for flats and apartments and other registered structures like apartment complexes, which have more than or equal to five tenements.
- Independent houses and apartment complexes that have lesser than five tenements will not be considered for stamp duty remission.
- The concession will be provided only on stamp duty, and there will be no changes in the registration charges or transfer duty.
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This article aims at collating and providing information for benefit of ApnaComplex customers and blog readers. While ApnaComplex has taken every care to ensure the information is accurate, we suggest to please use it only as a guidance for further discussion and action with help of relevant professionals. If you need professional advise on this topic and any other property related matters, please send your request through our contact us form. You may post your questions/inputs in the Comments section below and we will try and get them answered through relevant subject matter experts.