Punjab remits stamp duty on property transfer in blood relations

Chandigarh, May 26, 2014: 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 life time to any of his blood relation (i.e. children, grand children, brothers and sisters.).

Disclosing this here today 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 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.

The spokesman 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.

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 (N.R.S.E.) 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 New and Renewable Sources of Energy (N.R.S.E.) Policy, 2012.