Srinagar, Mar 28: The Jammu and Kashmir government has decided to waive stamp duty on property transfers executed through gift deeds among blood relatives, with the new rule set to take effect from April 1, 2025.
According to an official notification issued by the Finance Department, the decision was taken under the Stamp Act, 1977, citing public interest. The exemption applies exclusively to family transfers, including those between parents, siblings, children, and grandparents.
For the waiver to be applicable, both the donor and recipient must provide at least two valid identification proofs when registering the gift deed.
The move aims to simplify and reduce the financial burden of property transfers within families, ensuring a smoother process without additional costs. Experts believe this step will encourage formal documentation of property transfers and prevent disputes over inherited assets. [KNT]
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