Landmark Bill Passed: UP Assembly Approves Reduced Stamp Duty for Blood Relative Property Transfers

In a significant move, the Uttar Pradesh Assembly has passed a bill that slashes stamp duty to a mere Rs 5,000 for property transfers between blood relatives. This amendment aims to curb revenue loss and bring transparency to land transactions.

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The Uttar Pradesh Assembly has passed three significant bills on Friday, February 9, 2024, covering stamp duty amendments, lift and escalator regulations, and amendments to the Lokayukta Act.

Stamp Duty Amendment Bill

The Indian Stamp Uttar Pradesh Amendment Bill-2024 was passed, introducing a provision that allows the transfer of property between blood relatives by paying a nominal stamp duty of Rs 5,000. This move aims to curb the practice of using power of attorney to evade stamp duty payments during land transactions.

Finance and Parliamentary Affairs Minister Suresh Khanna highlighted that the purchase and sale of land through power of attorney resulted in revenue loss. To address this, a provision has been made requiring individuals outside blood relations to pay a stamp duty of seven percent of the circle rate on the power of attorney. However, this condition does not apply to power of attorney used solely for the maintenance of lands.

Lift and Escalator Bill

The Uttar Pradesh Lift and Escalator Bill-2024 was introduced in the Assembly. This bill seeks to mandate the registration of new lifts and escalators installed in multi-storey buildings across the state. The move comes in response to incidents of lifts getting stuck in multi-storey hospitals and housing complexes in cities like Noida and Lucknow.

Urban Development and Energy Minister Arvind Kumar Sharma introduced the bill, emphasizing the need for safety regulations and regular inspections to prevent accidents and ensure the well-being of citizens.

Lokayukta and Up-Lokayukta Amendment Bill

The Uttar Pradesh Lokayukta and Up-Lokayukta Amendment Bill, 2024, was also introduced in the Assembly. This bill proposes amendments related to the tenure of the Lokayukta and Up-Lokayukta, aiming to enhance the effectiveness and efficiency of the anti-corruption ombudsman in the state.

Parliamentary Affairs Minister Khanna introduced the bill, highlighting the importance of strengthening the Lokayukta institution to combat corruption and ensure transparency in governance.

The bills passed by the Uttar Pradesh Assembly are expected to bring about significant changes in property transactions, safety regulations for lifts and escalators, and the functioning of the Lokayukta in the state.