By Admin 
Jammu kashmir stamp duty: The Government of Jammu and Kashmir has issued a notification to waive the stamp duty on property transfer through gifts among those having a blood relationship (close). Sharing this notification, Chief Minister Omar Abdullah has said that this exemption will be effective from April 1.
In his budget speech on March 7, CM Omar Abdullah announced the waiver of stamp duty on property transfer among blood relatives. Its objective is to streamline property transactions among close relatives and reduce legal disputes.
Santosh D Vaidya, Principal Secretary, Finance Department, said in the notification, “Using the powers conferred under the Stamp Act, the government, considering it necessary in public interest, forgives the stamp duty on property transfer based on a gift deed between relatives with blood relations.”
Vaidya, who issued a notification to make the Chief Minister’s budget announcement effective, said that blood relatives include father, mother, brother, sister, son, daughter, grandfather, grandmother, grandson and granddaughter.
Sharing this notification on the social media forum ‘X’, the Chief Minister said, “From April 1, keeping in mind the public facility, such land transfer between close family members will levy zero stamp duty in Jammu and Kashmir.” Currently, the stamp duty for such transactions costs three percent to seven percent.
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