Yogi govt launches Gift Deed scheme to reduce property related family disputes in courts
Sep 13, 2023
Lucknow (Uttar Pradesh) [India], September 13 : In a bid to foster harmony and alleviate property-related family disputes, the Yogi government initiated a special Gift Deed Scheme which has benefited over 43,574 people from August 5, 2023, to September 12, 2023. The public got a benefit of Rs 1807.31 crore under this scheme, read an official statement.
Ravindra Jaiswal, the Minister of State (Independent Charge) for Stamps and Court Fees and Registration said that there has been a significant change in the stamp duty associated with property donations to blood relatives in Uttar Pradesh. Under the new scheme, the stamp duty for such transactions has been reduced to Rs 5,000.
Before this scheme, individuals were required to pay stamp duty equivalent to the prevailing circle rate when executing a gift deed. Last year, more than 2.56 lakh took advantage of this scheme, which was implemented for six months from June 2023 to December 2023.
He mentioned that prior to the implementation of this scheme, property registrations were comparatively lower.
Under the new policy, in Uttar Pradesh, on donation of immovable property to certain family members such as son, daughter, father, mother, husband, wife, daughter-in-law, real brother (or, in case real brother deceased, his wife), real sister, and son-in-law, a maximum stamp duty has been fixed at Rs 5,000.
