New Delhi, Jan. 28 -- Smaller firms planning to close down their business want states to allow transfer of property among its shareholders by paying Rs 5,000 stamp duty on the lines of Uttar Pradesh (UP) government's recent decision to allow intra-family transfer of commercial and industrial properties through gift deeds of upto Rs 5,000.

In a major relief to small businesses in UP, the government recently allowed the transfer of commercial and industrial properties among family members through gift deeds of a maximum value of Rs 5,000. The move was an extension of the benefit given to agricultural and residential properties.

"If a family owns a property and in case it is being divided or transferred among its members, the UP government...