G.O.(D) No.105, Surcharge on Stamp Duty Fund Release, 2022
The Municipal Administration and Water Supply (TP.2) Department issued G.O.(D) No.105 dated 29 March 2022, sanctioning surcharge on stamp duty funds for Town Panchayats and the Tamil Nadu Urban Road Infrastructure Fund for the quarter ending 30 September 2021. It releases Rs.27,66,59,920 to Town Panchayats and Rs.34,26,07,996 to the Tamil Nadu Urban Road Infrastructure Fund, including a balance of Rs.6,59,48,076 from the previous quarter. The document concerns distribution of collected government revenue and does not prescribe a stamp duty or surcharge rate for property transactions.
Purpose
The Municipal Administration and Water Supply (TP.2) Department issued G.O.(D) No.105 dated 29 March 2022 to distribute surcharge on stamp duty collections between Town Panchayats and the Tamil Nadu Urban Road Infrastructure Fund. The distribution is based on information supplied by the Inspector General of Registration and a proposal from the Commissioner of Town Panchayats.
The reported figures for the quarter ending 30 September 2021 are:
- Total surcharge on stamp duty: Rs.57,04,32,825.
- 97 per cent of the surcharge: Rs.55,33,19,840.
- Share for Town Panchayats: Rs.27,66,59,920.
- Share for the Tamil Nadu Urban Road Infrastructure Fund: Rs.27,66,59,920.
- Remaining 3 per cent shown in the report: Rs.1,71,12,985.
Funds sanctioned
G.O.(D) No.105 sanctions the following releases:
- Rs.27,66,59,920 to Town Panchayats for the quarter ending 30 September 2021.
- Rs.34,26,07,996 to the Tamil Nadu Urban Road Infrastructure Fund. This consists of Rs.27,66,59,920 for the quarter ending 30 September 2021 and an unpaid balance of Rs.6,59,48,076 for the quarter ending 30 June 2021.
The expenditure is assigned to the government account heads specified separately for contributions to the Tamil Nadu Urban Road Infrastructure Fund and sharing of assigned stamp duty revenue with Town Panchayats.
Administration and controls
G.O.(D) No.105 authorises the Commissioner of Town Panchayats to draw and disburse the sanctioned amounts. The Tamil Nadu Urban Road Infrastructure Fund is operated by the Chairman and Managing Director of Tamil Nadu Urban Infrastructure Financial Services Limited, which acts as the fund manager.
The amount drawn must not exceed the collection received from the Inspector General of Registration. The Commissioner of Town Panchayats must also follow the instructions in G.O.(Ms).No.64 of the Municipal Administration and Water Supply (Election) Department dated 28 February 2011.
Relevance to property owners and buyers
G.O.(D) No.105 deals with government allocation of surcharge revenue after collection. It does not state a new stamp duty rate, create a new surcharge, or specify an additional payment that an individual property buyer or owner must make. Its direct effect is on Town Panchayats, the Tamil Nadu Urban Road Infrastructure Fund and the officials responsible for transferring the funds.
This summary is generated from the source document to help you find what is relevant. The PDF above is authoritative. For advice on your own property, use LandLens One or speak to a qualified professional.
Common questions
Does G.O.(D) No.105 increase stamp duty or the surcharge payable on a property purchase?
No new rate or additional charge is prescribed in the document. It distributes surcharge on stamp duty revenue already reported by the Inspector General of Registration.
How much money is being released to Town Panchayats?
The Municipal Administration and Water Supply (TP.2) Department sanctioned Rs.27,66,59,920 for Town Panchayats for the quarter ending 30 September 2021.
Why is the Tamil Nadu Urban Road Infrastructure Fund receiving more than its share for the quarter?
The sanctioned amount of Rs.34,26,07,996 includes Rs.27,66,59,920 for the quarter ending 30 September 2021 and a balance of Rs.6,59,48,076 relating to the quarter ending 30 June 2021.
Who is responsible for distributing the sanctioned money?
The Commissioner of Town Panchayats is authorised to draw and disburse the money to Town Panchayats and the Tamil Nadu Urban Road Infrastructure Fund. The amount drawn cannot exceed the collection received from the Inspector General of Registration.
