In a significant move, after introducing the facility to transfer immovable property to blood relatives with a stamp duty of only Rs 5,000, Uttar Pradesh is now set to simplify family property division and management. Chief Minister Yogi Adityanath has said that the stamp duty on the division of immovable property among family members, as well as on transferring property by a living person to their family members, should also be fixed at Rs 5,000.
In an important meeting on Tuesday, the chief minister stated, “High expenses often lead to disputes and court cases during family property divisions. By implementing minimal stamp duty, settlements among family members will become much easier.â€
Emphasising that the state government, under the guidance of the Prime Minister, has undertaken numerous efforts to improve the ease of living for the common man, Yogi said: “Simplifying the property division and management process will provide greater convenience to the people.â€
In the partition deed, all parties are joint shareholders in the divided property, and the division occurs among them. The proposed exemption in the partition deed will cover all the lineal descendants of the same deceased who are co-owners. This means that if the current living sharer in the original property of the grandfather is an uncle, nephew, or niece, they can utilise this exemption.
In a settlement deed, the settling party (living) distributes their property among several parties. Under the proposed exemption, the settling party can transfer property to all their lineal descendants, regardless of generation. This means that property can be settled in favour of living great-grandparents, great-grandchildren, or any other descendants.
