By Accommodation Times Bureau
Stamp duty exemption on transfer of property among blood relations has come as a boon with the residents saving almost Rs 5,000 crore on 1.5 lakh property transfer cases during the 2017-18 financial year.
The Revenue Minister Sukhbinder Singh Sarkaria on Tuesday said that transfer of property in blood relations (son, daughter, father/mother, brother/sister, grandson, granddaughter and spouse) had been made free from any stamp duty or other charges and cesses.
The value of the 1.5 lakh properties was over Rs 36000 crore. If these properties had been transferred without exemption of stamp duty and other charges then the amount would have gone up to Rs 5,000 crore, it said.
The following is the district-wise break-up of the properties transferred among blood relations: Mohali 4907, Ludhiana 16001, Bathinda 9813, Amritsar 8841, Roopnagar 2779 and Patiala 12685. People have availed of this relief in other districts also.
The Additional Chief Secretary Revenue-cum-FCR Vini Mahajan said the residents of Punjab had been exempted from the stamp duty or cess for property transfer in blood relations. In other cases of property registration, a buyer has to pay 5 per cent stamp duty, 1 per cent Infrastructure cess, 1 per cent registration fee and 1 per cent Punjab Infrastructures Development Board fund.
She clarified that in a mutual exchange of property in a family, one has to pay a mere Rs 900 (Rs 100 pasting fee, Rs 500 facilitation fee and Rs 300 mutation fee). Yes, whether it is one Marla or 100 acres, the cost in such an exchange will be only Rs. 900.