Now, transfer commercial & industrialassests to kin through 5k gift deed | Lucknow News

Lucknow: In a major relief to residents of UP, the state govt on Tuesday allowed the transfer of commercial and industrial properties among family members through gift deeds with maximum value of Rs 5,000. In Aug 2023, the Yogi Adityanath govt had allowed this concession for agricultural and residential properties.Stamp and registration minister Ravindra Jaiswal said till recently, provisions of the Indian Stamp Act, 1899, were applicable for gift deeds in UP, where gifting of immovable property was generally charged stamp duty based on the value of the property, similar to a conveyance deed. In addition, the Registration Act, 1908, made it mandatory to register gift deeds for immovable property.”Prior to 2022, gift deeds among family members attracted stamp duty equivalent to the full circle rate. Through a notification issued by the Stamp and Registration Department on August 3, 2023, the state government had decided that when immovable property is gifted to family members, stamp duty would be charged at a concessional rate with a maximum cap of Rs 5,000. This was limited to agricultural and residential properties only,” he said.The cabinet on Tuesday approved the extension of this concession to commercial and industrial properties as well. This step is expected to make intra-family property transfers more affordable, transparent, and legally streamlined, the minister said.Earlier, stamp duty on commercial properties was levied at 7% in urban areas and 5% in rural areas.The cabinet has also approved further clarification in the definition of family members and other provisions mentioned in the earlier notification. The revised provisions will come into force with from the date of publication of the notification in the official gazette.Two other decisions related to the department of stamp were cleared by the cabinet, including approval for the free transfer of 920 square m of land from the tehsil premises at village Basahia for the construction of a new sub-registrar office building in Kushinagar.The cabinet also approved allotment of 638 square m land from the old tehsil premises at Mauja Jhansi Khas for the construction of the sub-registrar office and a record room.