Akali Dal opposes stamp duty on property transfer in Punjab

Chandigarh: Shiromani Akali Dal (SAD) on Tuesday condemned the Aam Aadmi Party (AAP) government in Punjab for increasing stamp duty on loans sanctioned by banks as well as imposing two per cent stamp duty on property transfer through power of attorney. .

In a statement here, SAD leader Bikram Singh Majithia said the two measures would impose a burden of Rs 1,000 crore on the common man who is already reeling under increased value added tax (VAT) on petrol and diesel.

Majithia said the AAP government is vigorously searching every day to find new ways and means of taxing the people. The government has amended the Indian Stamp Act to impose .25 per cent stamp duty on loans sanctioned by banks. Also loan giving companies. He said that due to this both vehicles and houses will become expensive.

He said the government has also imposed two per cent stamp duty on property transfer through power of attorney. He said that now the government will impose transfer fees on both general and special power of attorney.

Doing so, he said, has placed an unnecessary burden on people who transfer assets to their blood relatives through these measures.

Demanding Chief Minister Bhagwant Mann to explain to Punjabis where Punjab taxpayers’ money is being spent, Majithia said, “This government has nothing to show in terms of development or creation of infrastructure . It seems that this money, like thousands of crores of rupees earlier, will be used on cheap publicity stunts and self-promotion, apart from funding AAP convenor Arvind Kejriwal’s chartered plane trips, rather than on the welfare of Punjabis.

He demanded immediate withdrawal of both measures.