J&K Govt Exempts Stamp Duty On Property Transfers Executed Through Gift Deed Between Blood-Relatives

In a significant move aimed at easing property transfers within families, the Jammu and Kashmir government has issued a notification remitting stamp duty on property transfers executed through gift deeds within blood relations.

The decision was made after the finance department issued the notification by exercising its powers conferred by Section 9(a) of the Stamp Act, 1977. The notification stated that the decision of providing the said exemption was made in the public interest.

For taking the benefits under this exemption, "blood relations" have been explicitly defined to include:

Father, Mother, Brother, Sister, Son, Daughter, Grandfather, Grandmother, Grandson, and Granddaughter.

The notification provided that exemption will apply only to gift deeds executed between family members and requires both the giver and the recipient to submit at least two identification documents as proof, as listed in Annexure-A of the order.

The exemption will come into effect from April 1, 2025, ensuring that eligible transactions executed on or after this date benefit from the waiver provided under the notification.

This decision is expected to make property transfers within families easy and more affordable, ensuring that people can transfer their properties without facing additional financial burden. The move is being widely appreciated, as it recognizes the importance of family wealth being preserved without unnecessary legal and financial hurdles.

The notification was issued under the signature of Santosh D. Vaidya, IAS, Principal Secretary to the Government, Finance Department, and has been sent to all relevant authorities, including revenue officials and tax departments, to ensure smooth implementation.

Click Here To Read Notification