On Tuesday, The CM Yogi cabinet ini uttar pradesh held an important meeting where several key decisions were taken. one of the major decison was related to the division of the ancestral property. the cabinet approved a proposal that the paperwork for dividing such property, incuding stamp duty and registry, will now cost only Rs.5,000 each. this means the entire process can be completed in just Rs.10,000. the move aims to make the property divison simpler and cheaper for families. however, the government has also set certain conditions that must be followed while completing this process.
Recently, on Tuesday the Yogi cabinet in uttar pradesh held an important meeting and approved several big decisions. One of the major announcements was related to the division of ancestral propert. till now, people has to spend a lot money on stamp duty and registration fees to divide their family property legally, this process was often seen as complicated and costly. The cabinet has now approved a proposal that will make this process simpler and more affordable.
According to the new decision, people will have to pay only Rs.5,000 for registration. this means that the complete paperwork for dividing ancestral property will be finished in Just Rs.10,000. the step is being seen as a big relief for common people because property division is a frequent need in families, especially in rural areas where land is shared among the brothers and relatives. By reducing the expenses, the government hopes t o ease financial pressure and reduce the disputes over property. the government has also introduced some conditions that must be followed while sing this new facility. these conditions are meat to ensure transparency and prevent the misuse of the process.
Who will get the Benefit?
According to the reports, this relief will apply only to the division of the residential, commercaila and agrocultural properties. other types of properties, such as those owned by the firms, companis, trusts or institutions will not get the benefits of this decision. according he government, simplifying the stamp duty and registration fees for family property division will encourgae people to register their properties. under the new rule, a maximum of Rs.5,000 will be charged as stamp duty and another Rs.5000 will be charged as registration fees. the government estimates that this decision could lead to a loss of reveue of about Rs.5.58 crore in stamp duty and around Rs.80.67 lakh in registration fees.
