Gandhinagar, June 30 Gujarat Chief Minister Bhupendra Patel, on Monday, approved a substantial waiver on payable duty for housing ownership transfers.
As per the decision, societies, associations and non-trading corporations transferring property ownership through allotment letters or share certificates will now pay only 20 per cent of the eligible stamp duty, with a massive 80 per cent exemption on the total duty amount.
This exemption will be provided under Section 9(a) of the Gujarat Stamp Act, 1958, and is expected to benefit thousands of families seeking to formalise property transfers within cooperative housing setups.
Earlier, societies, associations and non-trading corporations were required to pay the full 100 per cent of the eligible stamp duty when transferring property ownership through allotment letters or share certificates -- a cost that often burdened middle- and lower-middle-class families seeking housing regularisation.
With the new decision offering an 80 per cent waiver, this financial load is significantly reduced, making formal ownership more affordable and accessible.
This move is expected to boost housing regularisation, encourage legal property transfers, and provide a strong push to the state's urban development and affordable housing goals, particularly benefiting cooperative housing societies across Gujarat.
The Gujarat Stamp Act, 1958, is a key legislative framework governing the imposition and collection of stamp duty on various legal and financial documents executed within the state.
Enacted to ensure proper documentation and revenue collection on transactions such as property sales, leases, mortgages, and transfers, the Act defines the applicable rates and procedures for stamping instruments.
Under Section 9(a) of the Act, the state government is empowered to grant partial or full exemptions on stamp duty in specific cases, particularly in public interest or to support certain economic or social objectives.
In Gujarat, transferring property within co‑operative societies or associations typically involves registering the transfer via an allotment letter or share certificate, submitting these documents along with a transfer deed to the local sub‑registrar's office, paying applicable stamp duty, and obtaining registry certification.
The sub‑registrar verifies identities, title clearances, and encumbrance certificates before officially recording the new owner's name.
Following registration, updated share certificates and allotment letters are handed to the transferee, and the land registry and municipal records are accordingly updated to reflect the change of ownership.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor