JAMMU: (Mar 30) The Jammu and Kashmir government has notified the waiver of stamp duty on property transfers through gift deeds among blood relatives in the Union Territory, with Chief Minister Omar Abdullah announcing that the exemption will take effect from April 1.
Chief Minister Omar Abdullah on March 7 announced in its 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. PTI
