Notification issued for exemption from stamp duty on donation deeds of all types of properties including industrial. symbolic picture
State Bureau, Jagran, Lucknow. Now, gift deed of residential-agricultural as well as commercial-industrial properties can be made in favor of family members for just Rs 5,000. Notification regarding exemption from stamp duty in blood related cases has been issued by Amit Gupta, Principal Secretary, Stamp and Registration Department.
Recently, in the cabinet meeting chaired by Chief Minister Yogi Adityanath, it was decided to give conditional exemption from stamp duty on gifted deeds. According to the notification, among the family members, son, daughter, father, mother, husband, wife, daughter-in-law (son's wife), real brother, in case of death of real brother, there will be exemption in stamp duty if gift deed is done in favor of his wife, real sister, son-in-law (husband of daughter) or grandson/granddaughter (son/daughter of son/daughter).
Along with stamp duty of only Rs 5,000, one percent of the property value will have to be paid as registration fee. Once the exemption is availed, there will be no exemption from stamp duty on donation of property within a period of five years from the registry of the property. Exemption will be applicable only on donations made by an individual to a family member.
Also read- Why were 50 lakh rupees being sent to Nepal border, the mystery of recovery unsolved
Firm, company, trust or institution will not be exempted from stamp duty. It is noteworthy that due to lack of exemption till now, in case of commercial-industrial property, like sale deed, seven percent stamp duty had to be paid in urban areas and five percent in rural areas. It should be noted that from August 3, 2023, exemption from stamp duty is available only in case of gift deeds of residential-agricultural properties.