In a move to increase its collection from state levy, the Punjab government has reduced the stamp duty on property transactions registered in March 2023 by 2.25%.
“Those opting for registration of land will now be exempted from 1% additional stamp duty, 1% PIDB (Punjab Infrastructure Development Board) fees and 0.25 % special fees. A notification in this regard has been issued by the state government,” said Punjab revenue minister Bram Shanker Jimpa on March 2, 2023. This temporary 2.25% exemption is in effect from March 1 to March 31 in 2023.
As a result of this, male homebuyers in the state will pay 4.75% stamp duty on property and land registration during the one-month period while women will pay 2.75% stamp duty. Typically, stamp duty on property in Punjab ranges between 7 and 5%.
The move to provide the temporary rebate in stamp duty has been announced after the state revenue department saw its annual collection from stamp duty on property going up 40% in February 2023. “From February 1 to February 28, 2023, an income of Rs 338.99 crore has come to the treasury under stamp and registration as against Rs 241.62 crore during the corresponding month of 2022,” Jimpa said.
