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J&K govt issues notification to remit stamp duty on property gifts to blood relatives |
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| 30-3-2025 | |||
Jammu, Mar 30 (PTI) The Jammu and Kashmir government has notified the waiver of stamp duty on property transfers through gift deeds among blood relatives in the Union Territory, with Chief Minister Omar Abdullah announcing that the exemption will take effect from April 1. Chief Minister Omar Abdullah on March 7 announced in its Budget the exemption of stamp duty on property transfers within blood relations, aiming to streamline transactions and reduce legal disputes. "In exercise of the powers conferred under the Stamp Act, the government, being satisfied that it is necessary in the public interest, hereby remits the stamp duty in respect of transfer of property by virtue of gift deed within blood relations," Principal Secretary of the Finance Department, Santosh D Vaidya, said in notification. Vaidya, who issued the notification to give effect to the Chief Minister's Budget announcement, said this exemption is subject to the production of any two documents by both the transferor and transferee (as a proof). "For the purpose of this notification, blood relations include father, mother, brother, sister, son, daughter, grandfather, grandmother, grandson, and granddaughter," the notification said. It said notification is applicable from April 1. The Chief Minister, sharing the notification on his social media handle X, said, "As a reform measure aimed at public convenience and as announced in the 2025 budget, the notification for remission of stamp duty on gift deeds within blood relations has been issued. Starting April 1, such land transfers among close family members will attract zero stamp duty in Jammu & Kashmir." During the Budget speech, he said "to promote ease of transactions and reduce legal disputes over property transfers, I propose a reform in the stamp duty structure for gift transactions among blood relatives." He highlighted that currently, stamp duty for such transactions ranges from 3 per cent to 7 per cent, discouraging formal registration. "To address this, I propose reducing the stamp duty on property gifted to blood relatives to zero, benefiting families by encouraging legal documentation and reducing inheritance disputes. This initiative will provide financial relief, ensure transparency, and streamline property transfers in Jammu & Kashmir," he added. PTI AB TRB Source: PTI |
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