PM bats for lower real estate stamp duty

Terming stamp duties as a “big obstacle” in ensuring transparent transactions in real estate, Prime Minister Manmohan Singh on Friday batted for reducing such levies to check the flow of black money in the sector.

“I think as far as black money in real estate is concerned, unfortunately that is a reality and one way out of this would be to lower the stamp duties,” Singh said at the India Today Conclave here.

Replying to a poser on black money transactions in the real estate sector, the Prime Minister said stamp duties in the country are a “big obstacle to cleaning the mess with regard to transactions in real estate.

“So that’s one way in which we can work towards a system whereby black money would be less of a menace in transactions relating to real estate.”