In Uttar Pradesh, the martyrs and ex-servicemen’s heirs can now avail exemption benefit on a jointly owned property. This property owning will cover all sectors including residential, commercial and agricultural land and the buyer of the same will be exempted from paying the Stamp duty for property valuing up to rupees 20 lakhs.
Brijesh Kumar, the deputy registrar of Bareilly, said, that unlike earlier when the joint owner of the property could not avail exemption can now have a rebate on the stamp duty if the person is a legal heir of any martyr or an exserviceman. From now onwards, the legal heirs are not required to pay 5% stamp duty and 2% development charges on the share of land/house they own jointly. This order has been passed by the Principal Secretary to the inspector general [registry and stamp] on June 20 and districts received the same order on Saturday.
As per the officials at the registry office, they received nearly 20 cases of jointly owned property in which the co-owners are either the legal heirs of a martyr or of an ex-serviceman. There are a couple of reasons behind an increase in such cases as couple/people purchase property jointly for future security in case any one of the spouses passes away. The rise in working couple has an increase in the recent times and hence the concepts of co-ownership witness huge success as the co-owners are equally responsible for paying off the home loan.
The increase in land/plot prices and an estimate of incurring huge revenue loss, the State Government decided to extend rebate offered to the legal heirs of martyrs and ex-servicemen from the purchase of up to 200 sq. m. of land to a total of 7 percent.
This rebate can only be availed once in the lifetime and the State Government issued a notification of exemption in stamp duty on the property up to Rs 20 lakh in the year 2016.