KOLKATA: The state has offered concessions in stamp duty for property transfers within the family by way of gift.
“As per the current rules, the stamp duty payable on any transfer of property through gift within the family is at the rate of 0.5% of the value of the property.
In order to provide relief in property transfers within the family, I am happy to propose a maximum stamp duty of Rs 1,000 only in case of transfer of property by way of gift within the family,” minister of state for finance Chandrima Bhattacharya said.
President of Credai West Bengal and chairman of Merlin Group, Sushil Mohta, feels that this is a move that will give relief to common man. Siddharth Pansari, president of Credai Bengal, said, “This is a great initiative with great empathy by the govt towards families and public. Every family through inheritance and/or will passes on home and property to the next generation or immediate family members. It’s mostly out of love and within the family — and the govt recognising this and reducing the burden of transaction cost is a great positive sign for the public at large.”
President of Bharat Chamber and partner Khaitan & Company N G Khaitan hailed this as a very positive move. “Stamp duty of even 0.5% based on market value was not logical. This is really good that the state has considered this,” he added.
Arvind Agarwal, senior tax expert, said, “We welcome Bengal govt’s decision to reduce stamp duty on property gifts between family members, as presented in the latest budget. This compassionate move will ease financial constraints, encourage property transfers within families and help in asset organization. The reduction is a testament to the government’s dedication to its citizens’ welfare and understanding of economic revitalization.”
