Abdullah had on March 7 announced in Budget the exemption of stamp duty on property transfers within blood relations, aiming to streamline transactions and reduce legal disputes.
“In exercise of the powers conferred under the Stamp Act, the government, being satisfied that it is necessary in the public interest, hereby remits the stamp duty in respect of transfer of property by virtue of gift deed within blood relations,” Principal Secretary of the Finance Department, Santosh D Vaidya, said in notification.
Vaidya, who issued the notification to give effect to the Chief Minister’s Budget announcement, said this exemption is subject to the production of any two documents by both the transferor and transferee (as a proof).
“For the purpose of this notification, blood relations include father, mother, brother, sister, son, daughter, grandfather, grandmother, grandson, and granddaughter,” the notification said.
“To address this, I propose reducing the stamp duty on property gifted to blood relatives to zero, benefiting families by encouraging legal documentation and reducing inheritance disputes. This initiative will provide financial relief, ensure transparency, and streamline property transfers in Jammu & Kashmir,” he added.
