AHMEDABAD: The Gujarat government has announced an 80% waiver on stamp duty for property transfers conducted through allotment letters or share certificates by housing societies, associations, and non-trading corporations. This initiative aims to assist middle-income families.
Chief Minister Bhupendra Patel made the announcement on Monday under Section 9(a) of the Gujarat Stamp Act, 1958.
According to an official release, this decision is intended to provide significant relief to lower and middle-income families in relation to housing transfers, stating that “in cases where societies, associations, and non-trading corporations conduct property transfers through allotment letters or share certificates, up to 80% of the payable duty will be waived.”
As a result, only 20% of the original duty will be collected, along with any applicable penalties. This move is designed to alleviate the financial burden on the middle-class during property transfer processes.
The state government has ensured that the total stamp duty, including any penalties, does not exceed prior amounts payable in property-related matters, thus preventing citizens from facing additional financial strain.
It is important to note that this notification will apply specifically to transfers conducted via allotment letters and share certificates by housing societies, associations, and non-trading corporations, as stated in the release.
