From now on any particular person can method the District Magistrate to know the worth of the property based mostly on the circle fee of the world by paying Rs 100. According to the UP authorities, this transfer will scale back the evasion of stamp obligation by wrongly estimating the worth of the property.
Speaking to The Indian Express, Ravindra Jaiswal, Minister of State (Independent Charge) for Stamp and Registration mentioned, “There is already a system in place to know the circle fee of a specific space on-line. But it was noticed that in lots of instances, folks had problem in making correct assessments and thus needed to pay both much less or extra. This new system will present them a further option to know the true worth of their belongings… This will deliver transparency within the system.
The minister denied that earlier than sale or buy of any property one would want approval or permission from the district Justice of the Peace. “This system is optional and anyone who wants to avail for their own good can do so. It is not binding on anyone. This is just to help the people wherein before sale or purchase of their property if they want to know their exact circle rate then they can get the details by paying a fee of Rs 100 only,” the minister mentioned. Officials mentioned the thought can be to scale back the interference of middlemen within the system as the brand new system is anticipated to scale back the variety of instances of alleged evasion of stamp obligation.
With inputs from TheIndianEXPRESS