No stamp duty on farm loans up to Rs 1 Lakh

BANGALORE: The state government has promised to exempt stamp duty on loans sanctioned to farmers. This will be exempted on loans upto Rs 1 lakh which can be obtained by pledging gold and jewellery.The revenue officials have promised to look into the issue after studying financial implications to the state exchequer.Presently, farmers are offered an exemption on stamp duty for loans upto Rs 10,000 beyond which a nominal sum of `500 will be charged by the bank.Banks have sought stamp duty exemption from government for loans raised against gold jewellery as collateral by farmers of economically weaker sections.