KARACHI, Jan 30: The government of Sindh has approved a proposal of the RSEP wing of the Board of Revenue, Sindh, seeking a further reduction in the rates of property valuation tables of all districts of the province by another 10 per cent for a period of three months with effect from February 1.

The measure would give relief to the public and an opportunity to get their conveyance deeds executed on the reduced rates, which involves stamp duty @ 5 per cent as well as registration fee @ 1.5 per cent, in respect of the documents which are presented for registration during the aforesaid period.

The provincial government had reduced the rate of stamp duty from 9 per cent to 5 per cent, and the valuation tables by 10 % on May 15, 2001.

The three-month reduction period should be availed as valuation tables thereafter shall be again increased by 20 per cent after expiry of the deadline. The owners of properties have been asked to avail of this opportunity as powers of attorney on conveyance deeds are being given a “serious and hard” look by the RSEP wing, so as to save genuine interests of the owners of properties, many in the past were duped and cheated.

In an earlier relief for payment of stamp duty on the powers of attorney obtained for consideration, the time limit up to January 30, 2002, was prescribed for voluntary production of such powers, and in such cases the nominal penalty of Rs10 was to be recovered.

However, this opportunity has been extended for a further period of one month, up to Feb 28, so that the people could get their powers of attorney on payment of usual duty together with a nominal penalty of Rs10.

After the deadline, the penalty would be levied by the collector on a case-to-case basis, which may extended to ten times of the deficit amount of the stamp duty in each case as per provision of the Stamp Act, 1899.

—APP