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BY erealto | 05-12-2018

New ruling to curb misuse of stamp duty rebate

Stamp duty is a tax levied by the government on any property transactions whether commercial or residential. Earlier, the stamp duty charged was 9%. But an ordinance was issued to reduce the stamp duty to 6%. This ordinance came into effect and became a law after the Indian Stamp Act 1899 (for Punjab) got amended and the Indian Stamp (Punjab Amendment) Act 2017 came into effect. Punjab government, in order to curb the misuse of stamp duty rebate ruled out a new law which will control the wrong deeds of some greedy and unethical people. In order to empower the women, Punjab government gives a rebate of 2% on the property transactions which are registered on the name of a woman. Though, the transfer of property to someone who is related by blood is absolutely free of cost, but for others, the government charges stamp duty of 6% if the property is to be transferred to a man, in the case of a woman, it is 4%. This is a unique step which has been taken by the government to empower the women and to increase their say in the matters of property. However, if the male and female are equal property owners, the rebate given is according to the proportionate share of women in the property. But this is however being misused by some immoral people, who at first transfer the property on the name of woman but then transfer it to a male member of the family. In order to curb this practice, the government takes back the rebate given, if the property is transferred from a female to male within a period of one year. This decision has been taken by the Punjab Revenue Department to restrict the malpractices going on.

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