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Home States UP News: Assembly Approves Land Transfer Stamp Fee for Blood Relations, Check...

UP News: Assembly Approves Land Transfer Stamp Fee for Blood Relations, Check What’s New

With the passage of the Indian Stamp (Uttar Pradesh Amendment) Bill-2024 by the Uttar Pradesh Assembly, property transfers among blood relatives will henceforth be subject to a stamp charge of Rs 5,000.

UP News

UP News: The Indian Stamp (Uttar Pradesh Amendment) Bill-2024, which stipulates that a stamp fee of Rs 5,000 must be paid in order to transfer property between blood relations, was approved by the Uttar Pradesh Assembly on Friday. The measure was spearheaded by Minister of Finance and Parliamentary Affairs, Suresh Khanna.

Addressing Revenue Loss

He claimed that there was a revenue loss since the land was bought and sold through the use of “powers of attorney.” For instance, the business of selling land valued at crores of rupees through the creation of “powers of attorney” at a nominal cost was booming, he said, but now there is a provision requiring individuals who are not related by blood to pay stamp duty equal to 7% of the circle rate on the power of attorney.

This clause will not simply apply to “power of attorney” for land upkeep. Additionally, it has been stated that there will be an option to transfer a property for a stamp tax of just Rs 5,000 in cases of blood connections. With the majority of members voted in favour of the bill, it was passed.

Addressing Safety Concerns

In the meantime, the Assembly heard the introduction of the Uttar Pradesh Lift and Escalator Bill-2024. It aims to require new elevator and escalator installations in multi-story buildings within the state to register with the authorities. There have been reports of lifts becoming stuck in multi-story hospitals and apartment buildings in several Uttar Pradeshn cities, including Noida and Lucknow.

The bill was introduced by Minister of Urban Development and Energy, Arvind Kumar Sharma. The Uttar Pradesh Lokayukta and Up-Lokayukta (Amendment) Bill, 2024 was introduced by Minister of Parliamentary Affairs Khanna. The terms of the Lokayukta and Up-Lokayukta have been amended in this bill.

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