Summary:
Raman Jokhakar, editor of the journal published by Bombay Chartered Accountants Society identified some areas which need improvement. When India is mulling housing for all, he pointed out that the way stamp duty credit is not given, it increases the load on common people. The stamp duty payable on a sale should be reduced as it is already paid on the earlier transaction relating to that property. "For instance, if a house is purchased for 10 lakhs and stamp duty paid for it is say 50,000, then when the same house is sold after 10 years for say 25 lakhs, the stamp duty already paid on that property should be adjusted." Jokhakar also pointed out specific issues with the state's Real Estate (Regulation and Development) Act or RERA..