Bill for property transfer between blood relatives with stamp duty passed in UP
This condition will not apply to ‘power of attorney’ only for the maintenance of lands.
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Finance and Parliamentary Affairs Minister Suresh Khanna, who piloted the Bill, said the purchase and sale of land was done by making ‘power of attorney’, due to which there was loss of revenue. (Representational Image)The Uttar Pradesh Assembly Friday passed the Indian Stamp (Uttar Pradesh Amendment) Bill-2024, which has a provision that the transfer of a property between blood relatives can be done by paying a stamp duty of Rs 5,000.
Finance and Parliamentary Affairs Minister Suresh Khanna, who piloted the Bill, said the purchase and sale of land was done by making ‘power of attorney’, due to which there was loss of revenue.
For example, business of selling land worth crores of rupees by making ‘power of attorney’ at a nominal fee was going on in full swing, but as per the new provision people outside blood relations will have to pay a stamp duty of seven per cent of the circle rate on the power of attorney, he said.
This condition will not apply to ‘power of attorney’ only for the maintenance of lands. It has also been provided that in case of blood relations, there will be a facility to transfer a property paying a stamp duty of only Rs 5,000.
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