New Delhi: The state government of Uttar Pradesh led by Yogi Adityanath has taken a big decision which will benefit lakhs of people of Uttar Pradesh. In a cabinet decision, the UP government announced to waive off stamp duty on property transfers within family members. Such transfer of property among family members includes property transfer to spouse, mother, father, children, siblings, daughter-in-law, son-in-law and grandchildren.
As the UP government has approved the proposal, now no money will be charged on stamp registration fee in cases where a particular property to be transferred within family members. Earlier, on transfer of property, 7 per cent stamp duty was levied on the cost of the property. However, after the new proposal of the UP government, people will have to pay only Rs 5,000 as registration fee or transfer fee and Rs 1,000 as processing fee.
It is widely reported that due to the high stamp duty, many people will not register property When he transferred it to his family members. They will just pass it along with the power of attorney to save money on stamp registration fee charges. Experts believe that while on one hand people will be able to transfer property within their family legally at minimum cost, on the other hand it will also bring more revenue to the state government exchequer.
Last week, a report by Motilal Oswal Financial Services said, states’ revenue from stamp duty and registration fee grew 34 per cent to Rs 17.11 lakh crore in FY22, with Maharashtra leading among all states.
Maharashtra saw a 40 per cent increase in revenue collection from two sources at Rs 3.55 lakh crore, followed by Uttar Pradesh at Rs 2 lakh crore (up 22 per cent) and Tamil Nadu at Rs 1.43 lakh crore (up 23 per cent). domestic brokerage firm said.