The government has proposed 0.1% stamp duty on the market value of the residential property, or 1% of the premium plus average annual rent (deposit) paid (whichever is higher) for up to 36 months.
For commercial lease agreements, the duty for 60 months would be 0.4% of the property value. The maximum stamp duty payable now for commercial premises is Rs 50,000 for 60 months and Rs 25,000 for 60 months for residential ones.
For individual leases between 36 and 60 months, the rate proposed is 0.2% of the market value of the residential property or 2% of the premium, plus average annual rent paid (whichever is higher). For commercial leases, the proposed duty is 0.4% of the market value of the property. So a bank or corporate entity that has signed a leave and licence agreement for one lakh sq ft for 60 months in the BKC would have to fork out Rs 80 lakh on the property valued at Rs 200 crore. Similar is the case with residential premises. An individual will have to pay Rs 41,000 as stamp duty for a Rs 4 crore flat