Excelsior Correspondent
JAMMU, Mar 28: The Jammu and Kashmir Government has exempted the stamp duty on transfer of properties through gift deeds within blood relations.
A notification to this effect was issued today by the Finance Department by exercising its powers conferred by clause (a) of Section 9 of the Stamp Act 1977 of the Government.
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“In exercise of the powers conferred by clause (a) of Section 9 of the Stamp Act 1977 (XL of 1977) the Government being satisfied that it is necessary to do so in the public interest hereby remit the Stamp Duty in respect of transfer of property by virtue of Gift deed, within blood relations,”read a notification issued by Santosh D Vaidya, Principal Secretary to the Government, Finance Department.
Further, the Finance Department has explicitly defined that the blood relations means father, mother, brother, sister, son, daughter, grandfather, grandmother, grandson, and granddaughter.
The exemption will come into effect from April 1, 2025, ensuring that eligible transactions executed on or after this date benefit from the waiver provided under the notification.
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