SAD opposes stamp duty on property transfer in Punjab

Chandigarh, Feb 6 (IANS) 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 a 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 was already reeling under increased value added tax (VAT) on petrol and diesel.

Stating that the AAP government was “vigorously searching on an everyday basis to find new ways and means to tax the people,” Majithia said the government had amended the Indian Stamp Act to impose a .25 per cent stamp duty on loans sanctioned by banks as well as loan crediting companies. He said it would make both vehicles and homes more expensive.

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

By doing so, he said, a needless burden had been put on people who resorted to transfer property through these measures to their blood relatives.

Demanding Chief Minister Bhagwant Mann tell Punjabis where the Punjab tax payers money was being spent, Majithia said “this government has nothing to show by way of development or creation of infrastructure. It seems this money, like thousands of crores earlier, will be used on cheap publicity stunts and self publicity, besides financing the chartered plane journeys of AAP convener Arvind Kejriwal rather than the welfare of Punjabis”.

He demanded both measures be rolled back immediately.