Srinagar, May 28 (KNS): The Jammu and Kashmir government has announced a full waiver of stamp duty on property transfers through Gift Deeds among blood relations. This significant decision, effective from April 1, 2025, aims to reduce financial burdens on families and facilitate smoother property transactions within immediate family members.

The Finance Department issued Notification S.O. 75 on March 27, 2025, under the provisions of the Stamp Act. The exemption applies to property transfers among close relatives, including parents, siblings, children, grandparents, and grandchildren. The move is expected to simplify legal procedures and promote the transfer of ancestral or gifted properties without additional financial strain.

To avail of this benefit, both the transferor and transferee must submit any two identity documents with a newly mandated Relationship Certificate.Click Here To Follow Our WhatsApp ChannelThis certificate, issued by designated authorities, serves as proof of familial ties, ensuring the exemption is granted only to eligible beneficiaries.

The notification explicitly defines blood relations as father, mother, brother, sister, son, daughter, grandparent, or grandchild. The waiver is strictly applicable to transactions within this category.

The Relationship Certificate must contain details such as names, addresses, ages, and the nature of the relationship, authenticated with an official stamp and signature.

The policy is expected to significantly reduce costs for families transferring property among themselves. Analysts believe this will not only ease financial burdens but also streamline legal processes, strengthening intergenerational wealth distribution. (KNS)