SRINAGAR: Chief Minister Omar Abdullah on Friday presented a Rs 1.12 lakh crore budget for Jammu & Kashmir for the fiscal year 2025-26, marking the first budget of an elected government in the region since 2018.
In a significant reform, CM Omar announced the exemption of stamp duty on property transfers within blood relations, aiming to streamline transactions and reduce legal disputes.
“To promote ease of transactions and reduce legal disputes over property transfers, I propose a reform in the stamp duty structure for gift transactions among blood relatives,” the CM said.
“Currently, the stamp duty for such transactions varies from 3 per cent to 7 per cent, which discourages formal registration. To address this, I propose reducing the stamp duty on property gifted to blood relatives to zero, benefiting families by encouraging legal documentation and reducing inheritance disputes. This initiative will provide financial relief, ensure transparency, and streamline property transfers in Jammu & Kashmir,” he added.
Presenting the budget, Omar stated, “The total net budget estimates for the fiscal year 2025-26 are Rs 1,12,310 crore, excluding the provision for ways and means advances and overdraft.”
The expected revenue receipts stand at Rs 97,982 crore, while capital receipts are projected at Rs 14,328 crore. The revenue expenditure is estimated at Rs 79,703 crore, with capital expenditure expected to be Rs 32,607 crore.
“The total gross receipts are estimated at Rs 1,40,309.99 crore, including the provision for ways and means advances and an overdraft of Rs 28,000 crore. Given these receipts, the total gross expenditure is estimated to be Rs 1,40,309.99 crore,” Omar said.
According to him, the estimated own revenues, both tax and non-tax, stand at Rs 31,905 crore. Additionally, Rs 41,000 crore is expected as central assistance, with Rs 13,522 crore allocated under CSS/PMDP to the Union Territory.
“The tax/GDP ratio is projected at 7.5 per centfor 2025-26. Fiscal deficit for the year 2025-26 is estimated to be 3.0 per cent, which is substantially lower than 5.5 per cent in 2024-25 (RE). The details are placed before the august House through the FRBM document,” he said.
The GDP for 2025-26 is projected at Rs 2,88,422 crore, reflecting a growth of 9.5% over the previous year.
Among the key welfare measures in the budget, Omar proposed providing free rations of 10 kg per person to all Antyodaya Anna Yojana (AAY) beneficiaries from 1 April 2025 to ensure enhanced nutritional support for the most vulnerable.
He also proposed 200 units of free electricity per month for all Antyodaya families in Jammu & Kashmir and an increase in financial assistance under the Marriage Assistance Scheme for AAY category girls from Rs 50,000 to Rs 75,000.