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In a relief to small and middle-class families, the government of Gujarat has decided that for transfers made through allotment letters and share certificates by societies, associations, and non-trading corporations, only 20% duty will be collected by the state, effectively waiving 80% of the duty charges.
This exemption is granted under Section 9(a) of the Gujarat Stamp Act, 1958. As per the decision, only 20% of the original duty amount, along with any penalty (if applicable), will be recovered and even that will not exceed the amount of the actual duty payable.
With this reduction, the calculation of penalties and other related charges will also be adjusted. Ultimately, the payable amount will not exceed the stamp duty that would otherwise have been applicable under the earlier rules.
The provisions of the forthcoming official notification related to this decision will apply strictly to transfers made through allotment letters and share certificates by societies, associations, and non-trading corporations.