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Team Studycafe | Jun 22, 2022 | Views 2

Stamp Duty waived off while transferring property to relatives; Know the State

Stamp Duty waived off while transferring property to relatives; Know the State

The Yogi Government of Uttar Pradesh has made the significant decision to reform the laws governing property transfers, greatly benefiting the general populace. Now, when transferring property to a close relative, people won’t have to pay stamp duty. As a result, people can now transfer property to relatives for just 6,000 rupees. Let us remind you that under previous regulations, you were required to pay 7 percent in stamp duty if you transferred property to a relative.

People who desire to pass their property to their kid, daughter, brother, wife, husband, or another relative will now greatly profit from the new rules.

The proposal, approved by the state cabinet, states that a stamp registration duty of only Rs.6,000 must be paid against 7% of the cost of the property if property is being transferred to one’s father, mother, spouse, son, daughter, daughter-in-law, son in-law, real brother, real sister, and children of one’s son or daughter.

Since the high court of registration now permits them to resolve property concerns while the owner is still alive, the prior stamp duty, according to Minister for Stamps and Registration Ravindra Jaiswal, was causing unneeded conflict within families.

In the past, as the owner of a property, “I could only sell or transfer a property to my child or another close family if I wished to give it to them. Even though there was no exchange of money and the same individuals remained to live in the house in the event of a transfer before my death, a high rate of stamp duty was being levied, prohibiting people from dividing property or settling ownership prior to one’s death. This new regulation fixes that problem”, the minister said.

Government suffered a tax loss

Significantly, people refrain from transferring their property to their relatives because of the high stamp fee. As an alternative, he gives his family the authority to manage his property. The people are now burdened with thousands more in debt as a result. The government is also losing out on tax revenue in this case. In this case, the government and the public will both gain significantly from the modification of the laws.

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