Punjab: Stamp duty likely to be levied on property transfer between relatives

Punjab: According to sources, the Punjab government may re-impose stamp duty on transfer of property between blood relatives. The Shiromani Akali Dal-BJP government had waived this stamp duty in 2014. The issue will be considered in the Punjab Cabinet meeting to be held on Monday under the chairmanship of Chief Minister Bhagwant Mann. The purpose behind this move is to raise resources for the cash-strapped state government.

Sources said that if the cabinet approves, one to 2.5 per cent stamp duty can be imposed. It is learned that the Revenue Department has proposed to impose 1 per cent stamp duty on the transfer of property from parents to children or grandparents to grandchildren and 2.5 per cent stamp duty on the transfer of property between siblings. About 25 per cent of the total transfer of properties takes place between blood relatives. Earlier, the government had imposed 2 per cent stamp duty on the transfer of property through General Power of Attorney.