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The Gujarat government has approved 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 relief, sanctioned under Section 9(a) of the Gujarat Stamp Act, 1958, is intended to ease the financial burden on lower- and middle-income families. Only 20% of the original duty, along with any applicable penalties, will now be payable, significantly lowering transaction costs for property buyers using these documentation routes.
In a major step to ease property transaction costs for middle- and lower-income groups, the Gujarat government has announced a substantial waiver on stamp duty for property transfers conducted through allotment letters and share certificates. The decision was approved by Chief Minister Bhupendra Patel under the powers granted by Section 9(a) of the Gujarat Stamp Act, 1958. Advertisement
According to an official release, the waiver will be applicable in cases where property is transferred by housing societies, associations, and non-trading corporations through documentation such as allotment letters or share certificates. Only 20% of the original stamp duty amount will be collected in such cases. Penalties, if applicable, will also be calculated on this reduced duty, rather than on the full amount previously charged.
The state government has clarified that the move is designed to bring substantial relief to individuals and families belonging to the middle-income and economically weaker sections, who often rely on these forms of documentation for property transfers. By restricting the total payable duty-including penalties-to no more than what was previously levied, the measure also shields citizens from excessive financial liability arising out of penalty charges.
The new provisions, which will be detailed in an upcoming notification, will apply exclusively to transfers carried out by societies, associations, and non-trading corporations through allotment letters and share certificates. Direct sales or other modes of property conveyance remain outside the scope of this waiver.
By targeting a specific segment-housing societies and associations-the waiver balances fiscal concession with administrative oversight. While the relief measure is limited in scope, its impact is likely to resonate across urban and semi-urban regions where such documentation is prevalent.
Source - PTI
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