Stamp duty exempted on property transfers within blood relations; Tax, cess revised on petrol, diesel, natural gas
Jammu: The cabinet on Thursday gave its go-ahead to implementation of key budget announcements made by Chief Minister Omar Abdullah in his budget speech on March 07.
Sources said that the cabinet meeting was held under the chairmanship of Chief Minister Omar Abdullah.
“The meeting commenced at 3: 00 PM and lasted till 4:30 PM,” they said, adding that the cabinet gave its nod to modalities worked-out by different departments for implementation of announcements of free power and free ration to AAY beneficiaries and enhancement of pension and marriage assistance scheme.
The key budget announcement include 200 units of free electricity for all Antyodaya Anna Yojana (AAY) households under the PM’s Surya Ghar Muft Bijli Yojana and 10 kilograms of free ration per person for the families falling in this category.
In his budget speech, the CM also announced increasing pensions for over 10 lakh elderly, widows, divorcees, and specially-abled individuals.
As per CM’s budget speech announcement, monthly pensions will now be Rs 1,250 for those below 60 years, Rs 1,500 for those aged 60-80, and Rs 2,000 for individuals above 80 years.
The Marriage Assistance Scheme for AAY category girls has also seen an increase, with financial aid enhancing to Rs 75000 from Rs 50000.
Meanwhile, the Government of Jammu and Kashmir has announced the remission of Stamp Duty on property transfers executed through Gift Deeds within blood relations. The decision, taken in the public interest, was formalized through a notification issued by the Finance Department under the authority of Santosh D Vaidya, IAS, Principal Secretary to the Government.
The exemption will come into effect from April 1, 2025, and will apply only if both the transferor and transferee provide any two documents mentioned in Annexure-A of the notification. As per the order, the term ‘Blood Relations’ includes father, mother, brother, sister, son, daughter, grandfather, grandmother, grandson, and granddaughter.
This move is expected to simplify property transfers among family members while reducing financial burdens. The Finance Department has advised citizens to ensure proper documentation to avail of this benefit.
Moreover, the Jammu and Kashmir government has revised the tax and cess rates on petrol, diesel, aviation turbine fuel (ATF), and natural gas.
The changes outlined by the Finance Department, will come into effect from April 1, 2025.
According to a notification, tax on motor spirit (petrol) will be 24% minus Rs 3.50 per litre, with an additional cess of Rs 2 per litre. Diesel oil will be taxed at 16% minus Rs 4.50 per litre, along with a cess of Rs 1 per litre.
The notification further states that aviation turbine fuel (ATF) will be taxed at 5%, while natural gas will be subject to 21% tax.
The order was issued under Section 3 and 3A of the Jammu and Kashmir Motor Spirit and Diesel Oil (Taxation of Sales) Act Samvat 2005, supersedes all previous notifications on the subject.
