Stamp duty exemption to be decided by High Court

The Punjab and Haryana high court will be deciding if the parties directly purchasing Greater Mohali Area Development Authority (Gmada) developed plots from land owners whose land was acquired would be entitled for exemption from paying stamp duty in execution of conveyance deed in their favour. The high court has asked GMADA and Punjab government to file a reply on the issue, by taking cognizance of several petitions filed by those who had purchased plots in Gmada developed sector in New Chandigarh from land owners. Justice Rakesh Kumar Jain has issued the notice in the wake of a petition filed by UrmilaKakkar and others. The counsel for the petitioners, Arav Gupta, contended that the petitioners were the transferees from the land owners whose land was acquired by GMADA for the purpose of developing New Chandigarh. It was submitted that the land owners were given fully developed plots according to the share of their acquired land and Letters of Intent (LOI) were also issued to them for the purpose of execution of conveyance deed in their favour. In the current issue, LOIs were issued to land owners but they did not get the conveyance deed executed in their favour and sold the plots only on the basis of LOI to the present petitioners, who had got executed the conveyance deed in their favour. The matter would now come up for hearing on July 23.