Lucknow, Jan. 6 -- The Uttar Pradesh Cabinet, chaired by Chief Minister Yogi Adityanath, has approved a proposal to further expand stamp duty concessions on gift deeds executed among family members for immovable property.
With this decision, the benefit of reduced stamp duty will now also be applicable to commercial and industrial properties gifted within the family.
Under the provisions of the Indian Stamp Act, 1899, gift deeds in Uttar Pradesh are generally charged stamp duty based on the value of the property, similar to a conveyance deed. In addition, the Registration Act, 1908, mandates compulsory registration of gift deeds for immovable property.
Through a notification issued by the Stamp and Registration Department on August 3, 20...