Punjab remits stamp duty on property transfer to blood relations
Tuesday, 27/05/2014
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Chandigarh : The Punjab government has decided to remit the stamp duty in whole chargeable on the instruments pertaining to transfer of immoveable property by an owner during his lifetime to any of his blood relation, who includes children, grandchildren, brothers and sisters. Disclosing this here on Monday, an official spokesperson of the Punjab Government 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 children and grandchildren 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 such transactions registered.
The spokesperson further said that earlier, the brother and 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 invite any stamp duty.
In a separate order, the Punjab government also remitted the duty for purchasing land for setting up a project duly approved by the Punjab Energy Development Authority, under New and Renewable Sources of Energy (NRSE) Policy, 2012 provided further that no registration fee shall be chargeable on the instrument when executed by or in favour of any person or company or firm or society, as the case may be, for purchasing land, for setting up a project duly approved by the Punjab Energy Development Authority, under the NRSE Policy, 2012.
