Newsdetail

Uttar Pradesh waives stamp duty on property transfers

Priya Singh | 2023-08-26

In a move to encourage property registrations in the State, the Uttar Pradesh government has decided to waive off the stamp duty in case a property is transferred to a family member. Until now, a seven percent stamp duty was applicable on such property transfers. Read on to know how this will impact the State.
The proposal to do away with the stamp duty on registration of properties transferred among family members has been cleared by the Uttar Pradesh government. Under the new policy, if a property is transferred within the family, instead of a seven percent stamp duty on the property cost, only Rs 6,000 will be charged as a transfer fee, effective from June 16, 2022. Of this, Rs 5,000 will be the registration fee, while Rs 1,000 will be the processing fee. The family members considered for this scheme include transfers to spouse, grandchildren, siblings, mother, father, children, daughter-in-law and son-in-law.
The high stamp duty charge was seen as a major hurdle in settling estates and succession planning. Even though money did not exchange hands, family members had to pay the duty for deed registration. Many avoided this payment and continued to divide or settle properties with incomplete documentation or pass it on through a Power of Attorney (POA). However, the decision will allow families to legally transfer properties and help the State earn more revenue.

Post your Property for Free

List it on Ratnkunj.com and get genuine leads

Post Property FREE