Punjab abolishes 2 per cent stamp duty tax

stamp-duty

Proising a major relief to people interesting in buying own house and boost real estate sector, the Punjab Cabinet on Monday decided to abolish the stamp duty of two per cent levied on immovable property while awarding the power of attorney.

A decision to this effect was taken by the Cabinet in a meeting held under the chairmanship of Chief Minister Parkash Singh Badal.

Speaking on the matter, a spokesperson of the Chief Minister’s Office said the decision would be a major relief for people aspiring to buy their own houses.

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The stamp duty would now be a nominal Rs 1000 on the General Power of Attorney and Rs 500 on Special Power of Attorney, irrespective of the market value.