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In a revolutionary shift, the state government of Uttar Pradesh instituted a ground breaking cap of Rs 5,000 as the maximum stamp duty for property gifting. Departing from the conventional practice of levying a 5 percent charge on property value across various state regions, this move aims to reshape the landscape of property transfers. In a resounding proclamation, Principal Secretary Leena Johri conveyed the same through a notification on August 3 that in instances where immovable property is transferred within the familial sphere—whether it's from parent to child, between spouses, or among siblings—the maximum stamp duty shall be confined to a modest sum of Rs 5,000.
This decree, however, specifically applies to residential or agricultural properties exchanged within the familial circle and does not extend its reach to encompass corporate entities, trusts, institutions, or firms. Additionally, a provision stipulates that if a property is subsequently gifted again within a span of 5 years from its initial registration, this notification will not be applicable. The governor, under Section 9, Clause (a) of the Indian Stamp Act of 1899, wields the authoritative power to establish the stamp duty until receiving further directives. The previous levy structure had designated a 5 percent stamp duty for properties within the city and 7 percent for those situated in other areas of the state.
Notably, B. S. Verma, the Assistant Inspector General of Stamp and Registry, avowed that the government's initiative was initially rolled out as a limited-term measure for a period of six months, commencing in June 2022. However, he affirmed that this time, the notification remains effective until further directions, thereby offering substantial relief to those seeking to transfer or gift properties within their familial circles. It's crucial to acknowledge that the alteration is indeed remarkable, as in the past, the stamp duty for transferring a property worth Rs 1 crore could escalate to a staggering Rs 5 lakh. Now, this imposition has been drastically curtailed to a mere Rs 5,000.
Verma further added that in a strategic move to accelerate the registration of numerous flats in Noida and Greater Noida, authorities convened a high-level assembly in Lucknow. During this meeting, an accord was reached wherein subsidies would be extended to developers in exchange for pending dues, thereby streamlining the flat registration process. However, the stamp and registry department has yet to officially receive a formal directive to this effect. The reduction in stamp duty is anticipated to mitigate disputes concerning family property matters and enhance job prospects. Stamp and Registration Minister Ravindra Jaiswal announced that the cabinet has approved this approach, providing significant relief to the populace. Over the past year, around 2.5 lakh families have benefited from this exemption.
In conclusion, the imposition of stamp duty in Uttar Pradesh is obligatory and needs to be promptly settled upon property sale. Fulfilling the payment of stamp duty and registration fees in UP guarantees the accurate registration of the property within Government records. This practice mitigates the potential for legal or title disputes arising at a later point.
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