On Thursday, the state government of Goa, approved amending the Indian Stamp (Goa second amendment bill) 2023 in article 32 of Schedule-I-A of the Indian Stamp Act to include the nomenclature of nephew, niece, son-in-law, and sister-in-law in order to execute a gift deed in their name.
The bill will be presented during the present legislative session and will most likely be assigned to the select committee for further consideration.
The bill proposes amending Clause (a) of Article 32 of Schedule I-A to the Indian Stamp Act, 1899 (2 of 1899), as it is currently in force in the state, to provide for a drop in stamp duty charged on instruments of gift executed in favor of a nephew, niece, son-in-law, or daughter-in-law, and to encourage the registration of more such instruments.
According to the cabinet note, the current duties on the instrument of ‘Gift’ required under Article 32 of Schedule I-A of the Indian Stamp Act have been deemed to be excessive. When a gift deed is executed in favor of family members, the revenue department determined that such duty may not be justified.
As a result, on July 21, 2021, an amendment was introduced in the Indian Stamp (Goa Amendment) Act, 2021, and the stamp duty on ‘gift’ was lowered to Rs 5,000 if the instrument of gift deed is carried out in favour of a family member, which is father, mother, brother, sister, wife, husband, daughter, son, grandson, or granddaughter. The amendment received approval by the assembly on January 18.