Lucknow, Jan 6 (SocialNews.XYZ) The Uttar Pradesh Cabinet, chaired by Chief Minister Yogi Adityanath, has approved a major relief in stamp duty on gift deeds involving commercial and industrial properties transferred between family members.
The Cabinet meeting was held on Tuesday.
With this decision, the maximum stamp duty payable on such gifts has been capped at Rs 5,000, irrespective of the property's value or whether it is located in urban or rural areas.
Earlier, a similar concession introduced through a 2023 notification applied only to agricultural and residential properties.
The new expansion brings commercial and industrial assets, such as shops and factories, under the same benefit.
Before 2022, gifting property within the family attracted full stamp duty based on the circle rate, often seven per cent in cities and five per cent in rural areas.
The fixed cap introduced in 2022 for residential and agricultural land has now been extended to all types of immovable property.
State Stamp and Registration Minister Ravindra Jaiswal noted that the move simplifies family property transfers, makes them more affordable, and promotes transparency.
The state Cabinet has also clarified the definition of relatives and other related provisions to ensure smooth implementation.
The relief takes effect immediately upon publication of the notification in the official gazette.
Officials believe this will encourage legal transfers and help reduce family disputes over property.
In the same meeting, the state Cabinet approved land allocations for constructing new sub-registrar office buildings.
In Kushinagar, 0.0920 hectares from the Tehsil complex in Kaptanganj will be transferred free of cost to replace a dilapidated structure.
In Jhansi, 0.0638 hectares from the old Tehsil complex has been allocated for a new office and archives.
Since both plots are government-owned, they are fully exempt from stamp duty and registration fees.
These measures reflect the state government's continued efforts to streamline registration processes and ease financial burdens on citizens.
Source: IANS
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