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Bill transferring property between blood relatives in the United Provinces with stamp duty passes

The Indian Stamp (Uttar Pradesh Amendment) Bill-2024, which stipulates that a stamp fee of Rs 5,000 must be paid in order to transfer property between blood relations, was approved by the Uttar Pradesh Assembly on Friday.

theindiaprint.com bill transferring property between blood relatives in the united provinces with st

The bill’s primary sponsor, Minister of Finance and Parliamentary Affairs Suresh Khanna, claimed that income was lost because property transactions required the creation of “powers of attorney.”

For instance, the practice of selling property valued at crores of rupees by preparing a “power of attorney” for a little cost was rife, he added. However, under the new rule, those who are not related by blood would have to pay a stamp duty equal to 7% of the circular rate on the right of attorney.

This clause will not apply to “power of attorney” documents that are just for land upkeep. Additionally, it has been said that there would be an option to transfer property for a stamp tax of only Rs 5,000 in cases of blood connections.

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