Exemption of stamp duty: Industry says thanks to Punjab Government

Ludhiana, May 21, 2014: Punjab Government today decided to exempt stamp duty on registration deeds in case of transfer of immovable property to blood relations. Stating this here today, Onkar Singh Pahwa, Chairman, Bicycle Research & Development organization (BRADO)  thanked to the state government specially Parkash Singh Badal Chief Minister Punjab and Sukhbir Singh Badal Deputy Chief Minister for the same.
He added earlier 5% stamp duty was charged in that case.
K.K Seth, Chairman, Federation of Industrial & Commercial Organization (FICO) also thanked to the Punjab Government for taking bold step because earlier brother-sister relationship was not including in the category of people eligible for remission of stamp duty. Now they also will not have to pay the stamp duty.  
Gurmeet Singh Kular, Chairman, PHD Chamber of Commerce & Industry Ludhiana- Zone also thanked to the state government stating that this is a big relief to the people of Punjab. He added with the new development the beneficiaries would be able to save Rs.10 lakh as stamp duty on the transfer of immovable property of Rs.2 crore.
Manjinder Singh Sachdeva, President, Bicycle Research & Development organization (BRADO) also thanks to the state government it was a long-pending demand of people of Punjab because “it is not a sale/purchase of property”.   
Sukhdayal Singh, President, Association of Ludhiana Machine Tool Makers, Rajeev Jain President Laghu Udyog Bharti, Jagatvir Singh President Ludhiana Bicycle & Engineering Park, Baldev Singh President All India Agriculture Machinery Makers Association, Satnam Singh Makkar President Dhandari Industrial Welfare Association and Harpal Singh Bhamber President Janta Nagar Small Scale Manufacturers Association have also thanked to the state government.