“New Relief for Property Buyers: J&K Allows Transfer of Previously Paid Stamp Duty”
The recent update on stamp duty in Jammu and Kashmir marks a significant change for property transactions. The administration now permits the transfer of previously paid stamp duty on Power of Attorney (PoA) documents to new sale deeds, effectively ending the long-standing issue of “double stamp duty” in property deals. Before this, stamp duty charges often applied twice—first when executing a PoA and again upon completing a sale deed—leading to increased financial burden on property buyers.Now, property owners who previously paid stamp duty on PoA will be exempt from additional charges when they transfer the property via a sale deed. This change is expected to streamline the process and reduce property transaction costs, making property ownership more accessible.Stamp duty rates in Jammu and Kashmir are generally 3% for women and 7% for men, with a 1.2% registration fee on the property value. However, first-time homebuyers benefit from a 50% reduction in stamp duty for residential purchases or long-term leases.This reform simplifies property registrations and supports housing affordability by reducing unnecessary financial obligations on buyers, particularly benefiting those purchasing properties through legal representatives or family members.
