UP Assembly passes bill for transfer of property on stamp duty of Rs 5000

The Uttar Pradesh Assembly on Friday passed the Indian Stamp (Uttar Pradesh Amendment) Bill-2024, which has a provision that the transfer of a property between blood relatives can be done by paying a stamp duty of Rs 5,000.

Finance and Parliamentary Affairs Minister Suresh Khanna piloted the bill.

He said the purchase and sale of land was done by making 'power of attorney', due to which there was loss of revenue.

For example, the business of selling land worth crores of rupees by making 'power of attorney' at a nominal fee was going on in full swing, but now a provision has been made that people outside blood relations will have to pay stamp duty of seven per cent of the circle rate on the power of attorney, he said.

This condition will not apply to 'power of attorney' only for the maintenance of lands. It has also been provided that in case of blood relations, there will be a facility to transfer a property paying a stamp duty of only Rs 5,000.

The bill was passed with a majority of members voting in its favour.

Meanwhile, the Uttar Pradesh Lift and Escalator Bill-2024 was introduced in the Assembly. It seeks to make it mandatory to register with the authorities for installation of new lifts and escalators in multi-storey buildings in the state.

Incidents of lifts getting stuck in multi-storey hospitals and housing complexes have been reported in many cities, including Noida and Lucknow, in Uttar Pradesh.

Urban Development and Energy Minister Arvind Kumar Sharma introduced the bill.

Parliamentary Affairs Minister Khanna introduced the Uttar Pradesh Lokayukta and Up-Lokayukta (Amendment) Bill, 2024. In this bill, amendments have been made related to the tenure of Lokayukta and Up-Lokayukta.