The stamp duty exemption on transfer of property among blood relations has come as a boon with the residents of Punjab saving almost Rs 5,000 crore on 1.5 lakh property transfer cases during the 2017-18 financial year.
State Revenue Minister Sukhbinder Singh Sarkaria on Tuesday said that transfer of property in blood relations, including son, daughter, father or mother, brother or sister, grandson, grand-daughter and spouse, had been made free from any stamp duty or other charges and cess.
“The value of 1.5 lakh properties was over Rs 36,000 crore. If these properties had been transferred without exemption of stamp duty and other charges, the amount would have gone up to Rs 5,000 crore,” he said.
Giving the district-wise break-up of properties transferred among blood relations, he said the number stood at 4,907 in Mohali, 16,001 in ludhiana, 9,813 in Bathinda, 8841 in Amritsar, 2779 in Roopnagar, and 12,685 in Patiala to mention a few.
The State’s Additional Chief Secretary (Revenue) and Financial Commissioner (Rrevenue) Vini Mahajan said that 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 five percent stamp duty, one percent infrastructure cess, one percent registration fee and one percent Punjab Infrastructure Development Board Fund.
“In a mutual exchange of property in a family, one has to pay a mere Rs 900, including 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,”she said.