The Punjab government on Monday waived the registration fee on the sale and transfer of property between spouses and blood relations in both urban and rural areas.
Revenue minister Bikram Singh Majithia said here that the government wanted to encourage people to go in for legal registration of property instead of increasing family disputes. He said that the state government had also reduced the stamp duty on the registration of power of attorney for transfer of possessions to zero virtually, from 2% to 0.5%. "It would be adjustable at the time of executing the sale deed. On all other power of attorneys, a stamp duty of Rs 2,000 will be levied, he added.
The revenue minister said many people had used the golden opportunity to register their immoveable assets such as properties, plots and houses allotted by the government, public-sector undertakings, or local bodies; and done it through conveyance deeds at collector rates mentioned in the allotment letters. Collector rates are linked to the current market price of property. Majithia said the deadline for registering conveyance deeds was June 9.
Majithia talked about the collector rates that the government had decided to rationalise across the state; and about a high-level committee comprising the financial commissioner (revenue) and the principal secretary (finance) that had been constituted for the purpose under the chairmanship of the chief secretary. He said the committee would submit its report to the cabinet for a final decision.