The state Cabinet, in a meeting chaired by Chief Minister Mehbooba Mufti, sanctioned reduction of stamp duty and no stamp duty in case the property is registered in the name of a female member of the family, an official spokesperson said here.
He said the cabinet approved levying of stamp duty at the rate of 5 per cent in the urban areas and three per cent in the rural areas if the property is registered in the name of a male member of the family.
However, there will be no stamp duty if the property in both urban as well as rural areas is registered in the name of a female member of the family, the spokesperson said
The chief minister said this would encourage families to register their properties in the name of women.
"Pleased to announce that we have abolished stamp duty on the sale of property registered in the name of females. This incentive will encourage families to register their properties in the name of their sisters, daughters, wives & mothers, Mufti tweeted.
"Women, as of now own bare minimum immovable assets even after contributing the maximum to our society," she said in another tweet.
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