Curation Team
AHMEDABAD The Gujarat government has decided to waive 80 per cent of the payable stamp duty for property transfers that are done by allotment letters or share certificates by housing societies, associations and non-trading corporations, a move it said will help middle-income families.
Chief Minister Bhupendra Patel on Monday took the decision to grant the relief which has been given under Section 9(a) of the Gujarat Stamp Act, 1958.
The decision has been taken “to provide substantial relief in payable duty amounts for housing transfers concerning the state’s lower and middle-income families and individuals,” according to an official release.
“In cases where societies, associations, and non-trading corporations carry out property transfers through allotment letters or share certificates, up to 80 per cent of the payable duty will be waived. Thus, only about 20 per cent of the original duty amount will be collected,” it said.
As per the decision, only an amount equal to 20 per cent of the original duty, along with applicable penalties, if any, will now be recovered. The move is aimed at reducing financial burden on the middle class in such property transfer cases, stated the release.
With this, the state government has ensured that the total stamp duty paid, along with any penalties, does not exceed what was earlier payable in such property-related matters. The move saves citizens from additional financial burden by way of penalties in such transfer cases, it said.
“It is important to note that provisions to be issued under the notification pursuant to this decision will apply exclusively to transfers carried out through allotment letters and share certificates by (housing) societies, associations, and non-trading corporations,” the release maintained.
