Mizoram assembly passes bill to hike stamp duty

The Mizoram assembly on Thursday passed a bill that seeks to hike stamp duty from 1 per cent to 3 per cent of the market value of a property.

The Indian Stamp (Mizoram Amendment) Bill, 2024, was passed in the House by voice vote.

Earlier, the amendment bill was approved by the state cabinet on February 5.

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Land Revenue and Settlement Minister B Lalchhanzova said the maximum ceiling needs to be revised due to an increase in the prices of goods and services.

The bill, after its enactment, will curb the “increasing practice” of fixing land prices at “exorbitant rates”, as prices would be calculated based on the value chalked out by a valuation committee, Lalchhanzova said.