In a major reform aimed at easing property transactions and reducing legal disputes, Jammu and Kashmir Chief Minister Omar Abdullah has announced the abolition of stamp duty on property transfers among blood relatives.
Presenting the budget in the Legislative Assembly, the Chief Minister highlighted that the existing stamp duty for such transactions ranges from 3% to 7%, discouraging formal registration. “To address this, I propose reducing the stamp duty on property gifted to blood relatives to zero. This will provide financial relief, ensure transparency, and streamline property transfers in J&K,” he stated.
The initiative is expected to encourage families to legally document property transfers, minimizing inheritance-related disputes and promoting ease of transactions. It marks a significant step toward property law reforms in the Union Territory. [KNT]
