In what is being seen as a big relief to the middle class families, the BJP Government in Gujarat led by Bhupendra Patel has waived 80 percent stamp duty for property transfers that are done by allotment letters or share certificates by the housing societies, associations and non-trading associations.
According to an official release, only 20 percent amount will be collected. This exemption will be granted under Section 9(a) of the Gujarat Stamp Act, 1958.
Due to provisions introduced by the state government’s Revenue Department under the Stamp Act, the financial burden that previously fell on the middle class in such transfer cases will now be significantly reduced.
As per this decision, only an amount equal to 20 percent of the original duty, along with applicable penalties, will now be recovered.
By reducing the originally payable stamp duty, the state government ensures that the total amount paid—including any penalties—will not exceed what was earlier payable as duty alone in property-related matters.
The provisions to be issued under the notification pursuant to this decision will apply exclusively to transfers carried out through allotment letters and share certificates by societies, associations, and non-trading corporations.
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