Punjab govt announces stamp duties exemption, concession over transfer of properties

In order to provide relief to real estate sector, Punjab government has decided to give a big discount in stamp duty on transfer of properties, reported 24NewsHD TV Channel. 

The government has also slashed stamp duty on merger of companies. With new step, Cooperative Housing Societies will get tax exemption on merger with housing authorities. Moreover, stamp duties’ exemption will also apply on merger of private companies.

Under the Companies Act 2017, stamp duty on transfer of property in merger case of companies has been waived. Likewise stamp duty waiver will apply on the merger of cooperative housing societies. 

The amendments have been made in Section 15A of the Cooperative Societies Act. The decision aims at promoting the housing and construction sector, reducing legal complexities, encouraging investment and accelerating business activities. The experts said that the government's move will reduce obstacles in the housing sector. 

The decision will promote partnerships between development authorities, cooperative housing societies and private companies. 

Reporter Rao Dilshad Hussain