Stamp duty waived on property transfer to kin in Pb
Punjab government on Monday announced to waive off stamp duty on transfer of immovable property by an owner to any of his blood relation including children, grandchildren, brothers and sisters.chandigarh Updated: May 26, 2014 19:11 IST
Punjab government on Monday announced to waive off stamp duty on transfer of immovable property by an owner to any of his blood relation including children, grandchildren, brothers and sisters.
Disclosing this here on Monday, an official spokesperson said that an order in this regard has been issued by the revenue department.
Earlier, if a person desirous of transferring his property directly to his grandsons was liable to pay 5 per cent stamp duty. In case of females, the rate was 3 per cent.
"But now, he would not have to pay any stamp duty at the time of getting any such transaction registered," he said.
The spokesman further said that earlier, the brother-sister relation was not included in the category of people eligible for remission of stamp duty and they had to pay full stamp duty on such transactions.
"Now any transfer between brother and sister and vice-versa would not attract any stamp duty," he said.
In a separate order, the state government also remitted the stamp duty for purchasing land to set up a project duly approved by the Punjab Energy Development Authority, under New and Renewable Sources of
Energy Policy, 2012, provided no registration fee shall be chargeable on the instrument when executed by or in favour of any person or company or firm or society.