Stamp Duty Waiver Sparks Property Transfer Revolution in J&K

The Jammu and Kashmir government has announced a stamp duty waiver for property transfers among blood relatives via gift deeds, effective from April 1. This reform, aimed at easing legal transactions and preventing disputes, was part of Chief Minister Omar Abdullah's budget announcement, seeking transparency and financial relief.

The government of Jammu and Kashmir has introduced a significant reform by waiving stamp duty on property transfers through gift deeds among blood relatives. This measure, announced by Chief Minister Omar Abdullah, is set to become effective on April 1, in a bid to facilitate smoother property transactions and minimize legal disputes.

Principal Secretary of the Finance Department, Santosh D Vaidya, outlined that the decision aligns with public interest as it simplifies the documentation process for transferring property within families. The exemption is contingent upon presenting any two valid documents by both parties involved in the transfer.

The announcement aims to lower the financial burden of a stamp duty that previously ranged between 3 to 7 percent, thus encouraging formal registrations and reducing inheritance conflicts. This waiving of fees promises to not only provide economic relief but also to enhance transparency in the property transfer process in Jammu & Kashmir.

(With inputs from agencies.)