Updated on Sep 25, 2018 19:24:54

 

 

Exemption of stamp duty for blood relations: Saving of Rs 5000 crore on 1.5 lakh property transfers

Exchange of Property in a family costs mere Rs 900 : Vini Mahajan

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5 Dariya News

Chandigarh , 07 Aug 2018

Stamp duty exemption on transfer of property among blood relations has come as a boon with the residents saving almost Rs 5000 crore on 1.5 lakh  property transfer cases during the 2017-18 financial year.Giving this information Revenue Minister Sukhbinder Singh Sarkaria said that transfer of  property in blood relations (son, daughter, father/mother, brother/sister, grandson, granddaughter and spouse) had been made free from any stamp duty  or other charges and cesses. The value of the 1.5 lakh properties was over Rs 36000 crore. If these properties had been transferred without  exemption of stamp duty and other charges then the amount would have gone up to Rs 5000 crore.The following is the district-wise break-up of the  properties transferred among blood relations: Mohali 4907, Ludhiana 16001, Bathinda 9813, Amritsar 8841, Roopnagar 2779 and Patiala 12685.  People have availed of this relief in other districts also. The Additional Chief Secretary Revenue-cum-FCR Mrs. Vini Mahajan said the residents of  Punjab had been exempted from the stamp duty or cess for property transfer in blood relations. In other cases of property registration a buyer has to  pay 5 per cent stamp duty, 1 per cent Infrastructure cess, 1 per cent registration fee and 1 per cent Punjab Infrastructures Development Board  fund.She clarified that in a mutual exchange of property in a family, one has to pay a mere Rs 900 (Rs 100 pasting fee, Rs 500 facilitation fee and Rs  300 mutation fee). Yes, whether it is one Marla or 100 acres, the cost in such an exchange will be only Rs. 900.

 

Tags: Sukhbinder Singh Sarkaria , Vinny Mahajan

 

 

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