Stamp duty likely on property transfer among kin

The Punjab Government may re-impose stamp duty on the transfer of property among blood relatives, according to sources. This stamp duty was waived off by the Shiromani Akali Dal-BJP government in 2014.

The issue is to be taken up in the meeting of the Punjab Cabinet to be chaired by Chief Minister Bhagwant Mann on Monday.

The idea behind the move is to generate resources for the cash-strapped state government. If approved by the Cabinet, one to 2.5 per cent stamp duty may be imposed, a source added.

It is learnt that the Revenue Department has proposed to impose 1 per cent stamp duty on transfer of property from parents to children or from grandparents to grandchildren, and 2.5 per cent duty on transfer of property among siblings.

Almost 25 per cent of total transfer of properties take place between blood relatives.

Earlier, the government had imposed 2 per cent stamp duty on property transferred through General Power of Attorney.