The Haryana government today decided to reduce stamp duty by one per cent for purchase of residential property, dwelling unit or plot by serving and retired defence personnel in the state.
A decision to this effect was taken in a meeting of the State Cabinet meeting presided over by Chief Minister Bhupinder Singh Hooda.
It was observed that Haryana is the largest contributor of personnel to the Armed Forces and has about 437,000 serving and retired defence personnel who are facing difficulty in paying large amount of stamp duty at the time of registration of their dwelling units out of their limited income. In case any beneficiary is found misusing this concession at any stage, he will be punishable by the Collector with fine, which may extend to ten times of the concession of stamp duty availed.
The said reduction would be availed only once in the lifetime by the defence personnel. This decision would benefit the defence personnel to a tune of Rs10 to Rs12 crore annually.
The Cabinet also decided to reduce the stamp duty by one per cent on gift of self acquired immovable property to son or daughter or father or mother or spouse. This decision would benefit the beneficiaries to a tune of Rsone to Rs1.5 crore.