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The Punjab government has decided to waive stamp duty completely on the instruments pertaining to transfer of immovable property by an owner during his lifetime to any of his blood relatives.
Disclosing this on Monday, an official spokesperson said earlier if a person desiring to transfer his property directly to his grandson was liable to pay 5 per cent stamp duty. In case of females, the rate was 3 per cent.
Now, one would not have to pay any stamp duty at the time of getting any such transaction registered. Earlier, the brother-sister relation was not included in the category of people eligible for remission of stamp duty and they had to pay full stamp duty on such transactions, the spokesperson said.
Now any transfer between brother and sister and vice-versa would attract no stamp duty.
In a separate order, the Punjab government also waived the duty on land purchase for setting up a project approved by the Punjab Energy Development Authority, under New and Renewable Sources of Energy (NRSE) Policy, 2012, provided that no registration fee shall be chargeable on the instrument when executed by or in favour of any person, company, firm or society, as the case may be, for purchasing land.
