February 9, 2024: The West Bengal state government provides a relief on stamp duty on transfer of property within a family through gift deeds.
“To provide relief within property transfers within family, I am happy to propose a maximum stamp duty of Rs 1,000 only in case of transfer of property within the family,” said, minister of state for finance Chandrima Bhattacharya, according to a ToI report.
At present, transfer of property through gift deed to a family member attracts a stamp duty of 0.5% property’s value. So, if a father has to transfer property worth Rs 50 lakh to his daughter’s name through gift deed he would have to pay a stamp duty of 0.5% of Rs 50 lakh.
Note that in West Bengal the stamp-duty rate is remitted temporarily by 2% and the circle rate is reduced temporarily by 10% till June 30, 2024.
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