Now close relative will not have to pay stamp duty on transfer of property, understand the rules and regulations

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New Delhi. The Uttar Pradesh Chief Minister Yogi Adityanath government has taken a big decision on the issue of property transfer. Now in UP, close relatives will not have to pay stamp duty on transfer of property. Now this work will be done in only six thousand rupees. Till now, stamp duty is levied on the transfer of property at the rate of 7 per cent. The benefit of this move of the government will be given to those people who want to transfer their property to a close relative like their son, wife or brother for some reason.

Stamps and Registration Minister Ravindra Jaiswal said that earlier if a person wanted to transfer his property to his children or close relative, then he had to sell this property to his relative. If a person gave property to his son, then there was no transaction of money in it, but still he had to pay a huge amount in the form of stamp duty.

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Now you have to pay just this fee
At present, the transfer of property attracts a stamp duty of 7 per cent of the value of the property. Now it will not be needed. Under the new rules, the property will be transferred by paying an additional fee of Rs 1000 along with Rs 5000. In this way, if the property is transferred in the name of parents, wife-husband, daughter-son, daughter-in-law, son-in-law, brother-sister, grandson-grandson, then only Rs 6000 will be applicable as registration.

The government was losing revenue
People used to avoid transferring property ownership due to 7 per cent stamp duty. The reason for this was that huge expenditure was being spent only on giving his own property to his loved ones. Instead of transfer of property, people are using power of attorney more. Due to this, the government is losing revenue because the government does not have to pay any fee for making power of attorney.

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If you transfer a property worth Rs 50 lakh, then the total cost on this goes up to Rs 4.20 lakh. But now people will prefer to transfer property instead of power of attorney due to reduced registration expenses. This will also give revenue to the government.

Tags: property tax, stamp duty, UP Government

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