Lucknow, Jan 6 (NationPress) – The Uttar Pradesh Cabinet, led by Chief Minister Yogi Adityanath, has sanctioned a significant reduction in stamp duty for gift deeds related to commercial and industrial properties transferred among family members.

The decision was made during a Cabinet meeting held on Tuesday.

With this new regulation, the maximum stamp duty applicable to such gifts is now fixed at Rs 5,000, regardless of the property's worth or its location in urban or rural settings.

Previously, a similar concession introduced in a 2023 notification was limited to agricultural and residential properties.

This expanded policy now includes commercial and industrial properties, such as shops and factories, under the same benefits.

Before 2022, transferring property within families was subject to the full stamp duty based on the circle rate, which could reach up to seven percent in urban areas and five percent in rural zones.

The fixed cap established in 2022 for residential and agricultural land has now been applied to all types of immovable assets.

Ravindra Jaiswal, the State Stamp and Registration Minister, emphasized that this initiative simplifies the process of family property transfers, enhances affordability, and fosters transparency.

The Cabinet has also defined the term 'relatives' more clearly along with other relevant provisions to ensure smooth implementation.

This relief will take effect as soon as the notification appears in the official gazette.

Officials anticipate that this measure will encourage lawful transfers and minimize family disputes over properties.

In the same session, the Cabinet also approved the allocation of land for the construction of new sub-registrar office buildings.

In Kushinagar, 0.0920 hectares will be transferred at no cost from the Tehsil complex in Kaptanganj to replace an old building.

Moreover, in Jhansi, 0.0638 hectares from the old Tehsil complex has been designated for a new office and archives.

As both plots are government-owned, they are completely exempt from stamp duty and registration fees.

These initiatives reflect the state government's ongoing commitment to streamline registration processes and alleviate financial pressures on citizens.