Stamp duty rates fixed in Jammu

JAMMU: Divisional Commissioner Jammu, Pawan Kotwal, Monday fixed the stamp duty rates for the next financial year.
The development came in a meeting held in this winter capital of the state under provisions of J&K Preparation and Revision of Market Value Guidelines rules, an official handout said.
Deputy Commissioners and members of Divisional Valuation Board were present in the meeting, it said.
“The stamp duty rates of Jammu division were approved by Divisional Commissioner on the basis of the rates notified by Deputy Commissioners of the all the districts of Jammu division for the next financial year under the provision,” the handout said.
Kotwal, as per the statement, said it was imperative that the rates are “fixed genuinely” and in a “simple way”, which is “practical and easy” for the people.
“Rate escalation every year indicates that the real estate value increases manifold and frequently and the stamp duty rates should be fixed/revised accordingly,” he said, stressing on the need to chalk out “effective strategies” to assess the real value of the property in order to “project realistic rates” and to “overcome the quantum of stamp duty losses”.