With a view to boost the real estate sector, the Punjab Cabinet decided to abolish the stamp duty of two per cent levied on immovable property while awarding the power of attorney.
A decision to this effect was taken by the Cabinet in a meeting held under the chairmanship of chief minister Parkash Singh Badal here.
The stamp duty would now be a nominal Rs 1000 on the General Power of Attorney and Rs 500 on Special Power of Attorney, irrespective of the market value.
In another major decision, Cabinet decided in principle to offer the proprietary rights under concessional terms and conditions to the small and marginal agricultural farmers cultivating up to five acres of provincial government agricultural land.
These tillers who have been cultivating government land for at least 20 years would be entitled to allotment at significant discount from the collector rates.