maharashtra stamp duty act 2020 maharashtra stamp duty act 2020

(a) If accompanied by articles of association under section 26 of the Companies Act, 1956, (I of 1956). if(MSFPhover) { MSFPnav2n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav2h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } 0.5% of the consideration amount of the debenture. The same duty as is leviable on Conveyance under clause (a), (b) or (c), as the case may be, of article 25 on 50 % of the market value of the property. *Strike out whatever is not applicable., 9.5 Person who is liable to pay stamp duty. (a) of a bill of exchange, cheque or promissory note; (b) of a bill of lading, delivery order, warrant for goods or other mercantile document or title to goods; (d) of securities of the Central Government, STAMPS TO BE USED -- Non - Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules 10 & 11. 43 75. However, upon delving deeper into the property registrations data, it was found that, only 7 per cent of these registrations were . Maharashtra Stamp (Amendment) Act, 2015, Maharashtra Act No. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 10(ii). 1094/2229/CR-450-MI, dated 2nd August, 1994 - In exercise of the powers conferred by clause (a) of section 9 of the Bombay Stamp Act, 1958 (Bom. on the market value shall be substituted; (ii) the words whichever is less shall be deleted. Mudrank-2020/C.R.136/M-1 (Policy) issued by Revenue and Forest Department dated 29.08.2020 wherein the Stamp Duty chargeable under Article 25(b) of Schedule I of Maharashtra Stamp Act, 1958 on the instrument of Conveyance or Agreement to Sell of any immovable property in Mumbai City and Mumbai Suburban was reduced by Three percent (3%) for the period starting from 1st September, 2020 and ending on 31st December, 2020 and by Two percent (2%) for the period starting from 1st January, 2021 and ending on 31st March, 2021. Insection 40of the principal Act, after the words hereinafter prescribed the words with the prior approval of the Additional Controller of Stamps, Mumbai for the areas in Mumbai City and Mumbai Suburban Districts and for the other areas the Deputy Inspector General of Registration and Deputy Controller of Stamps shall be added. The same duty as is leviable on a Conveyance under clauses (b) or (c), as the case may be, of Article 25, on the market value of the property. In the absence of any such agreement, the Act provides that in the case of a Conveyance, duty is to be paid by a buyer and by the lessee in case of a lease. GST regulations, Company secretary standards, Stamp duty, contract act, etc. LEASE, including under lease or sub-lease and any agreement to let or sublet or any renewal of lease--, The same duty as is leviable on a conveyance under clause (a), (b) or (c), as the case may be, of article 25, on 10 % of the market value of the property, (ii) for a period exceeding 5 years but not exceeding 10 years, with a renewal clause contingent or otherwise. Researched and authored articles published on the firm's website and weekly newsletters. 3,q~KQLa5})lDUau2Pyq?P|#K:G::w;9,8izk+x5o/y% hn;p#glsf VK>KJU|p7y6#&Q oFa#K/ SURRENDER OF LEASE including an agreement for surrender of lease--. ; (ii) in sub-clause (iii), in column 2 , for the figure and words 3 per cent. the figure and words 4 per cent. Shall be substituted. Nothing is legal that adopts a method in effecting a transaction so as to reduce or lessen the liability of stamp duty. Only a 'duly stamped' instrument can be brought before a court of law as evidence of the execution of the contract. . Tenancy agreement in Maharashtra When renting a property, landlords and tenantsmust engage in proper documentation to make the rental agreements legally binding. STAMPS TO BE USED -- Adhesive Stamp (Section 11). (3) The Occupancy Certificate must be granted by the concerned Planning Authority. Seal of the office. Explanation I. Act to be translated and sold cheaply 43 76. An instrument covering or relating to several distinct matters is chargeable with the aggregate amount of duty with which each separate instrument would have been chargeable. 1 Revenue stamp. Rs.500 plus 0.1 % of the amount above Rs.10,00,000 subject to maximum of Rs.25,00,000. Aftersection 67of principal Act, the following section shall be inserted, namely : 67A. endobj <>/Metadata 4834 0 R/ViewerPreferences 4835 0 R>> Explanation- for the purpose of this clause, the principal or primary security shall mean, the security created under clause (a) or (b) above. This is only applicable in the areas falling under the Mumbai Metropolitan Region Development Authority (MMRDA) and municipal corporations of Pune, Pimpri-Chinchwad, and Nagpur. The Maharashtra government opted not to extend the waiver on stamp duty and registration expenses in Maharashtra beyond March 31, 2021, after announcing a rate drop in August 2020. bodies or local authorities e.g. 10.2 Amendment in Article 1 of Schedule I, In SCHEDULE I of the principal Act , in Article 1, in clause (1),-, exceeds rupees 10,000 but is less than rupees 10,00,000; and, 11.1Amendment of SCHEDULE I appended to Maharashtra Stamp Act. These words were substituted for the words "One rupee for every rupee, one hundred or part thereof" The Maharashtra Stamp (Amendment)Act, 2015, s. 20(1)(B), (w.e.f. if(MSFPhover) { MSFPnav8n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav8h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } Even instruments executed outside the State are liable to duty within 3 months on their receipt in the State, provided it relates to a property situated in the State or a matter or thing to be done in the state. ], A. The Reckoner divides the immovable property into various categories such as land, residential units, industrial units/office, shops, etc., and fixes their market value accordingly. Stamp duty is payable at rates mentioned in Schedule - I of The Maharashtra Stamp Act. Insection 30of the principal Act, (a) in clause (f), the word and shall be deleted ; (b) after clause (f), the following clause shall be inserted, namely : (f-a) in case of instruments of works contract as provided in Article 63 of SCHEDULE I, by the person receiving the contract;. Arunachal Pradesh. Stamp Duty on lease agreement in Maharashtra 2. 9.6 Deficient portion of stamp duty : amount of maximum penalty increased. Act not applicable to rates of stamp duty on bills of exchange, etc. if(MSFPhover) { MSFPnav6n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav6h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } It amends section 5, article 6 and article 40 of schedule I of the Maharashtra Stamp Act, 1958, and has been released in addition to the circular issued by the Office of the Inspector . Assam. If you are a registered user, fill in the login details. Provided further that, if the proper stamp duty is paid under clause (g) of article 48 on a power of attorney executed between the same . ARTICLES OF ASSOCIATION OF A COMPANY Where the Company has no share capital or nominal share capital or increased share capital. The Maharashtra Stamp (Amendment and Validation) Ordinance has clarified the courts' stance that instruments which cover two or more distinct transactions - that cannot blend into one and be. // -->. . ADMINISTRATION BOND including a bond given under section 6 of the government Savings Banks Act, 1873 or the Indian Succession Act, 1925. 5; (b) where the instrument relates to the partition of agricultural land, the rate of duty applicable shall be Rs. Or, 0.7% of the aggregate of the market value of share allotment. Provided that in case of instrument executed by consortium of banks, the duty chargeable shall not exceed 50 lakhs. The state government has earned only Rs 15 crore through stamp duty and registration in the last 40 days - a steep fall in comparison to the Rs 4000 crore it usually generates in such a period. (a) if the amount agreed does not exceed Rs. After announcing a stamp duty in Maharashtra rate cut in August 2020, the Maharashtra government decided not to extend waiver on Stamp duty and registration charges in Maharashtra beyond March 31, 2021. (a) where on a dissolution of the partnership or on retirement of a partner any property is taken as his share by a partner other than a partner who brought in that property as his share of contribution in the partnership. STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Special Adhesive Stamp affixed by Proper Officer under Rule 11. In case of exchange, it is to be paid by the parties in equal shares and in case of partition, by the parties in proportion to their respective shares. However, same is not available in the case of Resale and other types of instruments. Vide Notification No. Bihar. every order made by the High Court u/s. . Declaration of -- of, or concerning, any property when made by any writing not being a Will,--, (a) where there is disposition of property, --. (c) when authorizing one person or more to act in a single transaction other than the case mentioned in clause (a); (d) when authorizing one person to act in more than one transaction or generally; (e) when authorizing more than one person to act in single transaction or more than one transaction jointly or severally or generally; (f) (i) when given for consideration and authorizing to sell an immovable property; The same duty as is leviable on a Conveyance under clause (a), (b) or (c), as the case may be of Article 25, on the market value of the property. 43 SCHEDULE-I. Transfer of Shares, Debentures, Bills of Exchange, Receipt, etc) or not chargeable at all (i.e., if they are not specified under the Act as well as under the Indian Stamp Act). The act basically specifies the amount to be paid to state authorities. (ii) within the limits of any Municipal Council or Nagar Panchayat or Cantonment area annexed to it, or any rural area within the limits of the Mumbai Metropolitan Region Development Authority, or the Influence Areas as per the annual statement of rates published under the Bombay Stamp (Determination of True Market Value of Property) Rules, 1995. The same duty as is leviable on a Conveyance under clauses (b) or (c), as the case may be of Article 25, on the market value of the property. STAMP DUTY UNDER THE MAHARASHTRA STAMP ACT 1. ARTICLE 37 LETTER OF ALLOTMENT OF SHARES. . If on adjustment, no duty is required to be paid then a minimum duty for the conveyance shall be Rs. To avail of this facility the taxpayer is required to have a net-banking account with any of the banks listed by the government on the website. 25,00,000. ARTICLE 25 - CONVEYANCE DEED, SALE DEED, AGREEMENT FOR SALE, CONVEYANCE (not being a transfer charged or exempted under Article 59) --, On the true market value of the property which is the subject matter of the Conveyance,--, (b) if relating to immovable property situated ,--. STAMPS TO BE USED- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper under Rule 10(ii), MORTGAGE DEED, not being an agreement relating to Deposit of Title Deeds, Pawn or Pledge or Hypothecation (Article 6), Bottomry Bond (Article 14), Mortgage of a Crop (Article 41), Respondentia Bond (Article 53), or Security Bond or Mortgage Deed (Article 54)-. STAMP DUTY. 100. (i) where the trust is made for a religious or charitable purpose. The concession is applicable to Mumbai Metropolitan Region, Pune, Nagpur and Pimpri Chinchwad. Whilst the changes will reduce stamp duty for most debentures issuances, but for large issuances over Rs.5,000 crore the stamp duty will be in excess of Rs.25 lakh (which was the maximum amount prior to the Amendments to the Stamp Act). (c) where a final order for effecting a partition passed by any Revenue Authority or any Civil Court or an award by an arbitrator directing a partition, is stamped with the stamp required for an instrument of partition, and an instrument of partition in pursuance of such order or award is subsequently executed, the duty on such instrument shall not exceed Rs. From 1st January 2021, people were to pay a 3% stamp duty on the . Explanation. Who bears and pays the stamp duty is a matter of agreement between the parties. (c) where such share contribution is brought in by way of property, excluding cash. If the garden of your house has an informal design . (g) when given to a promoter or developer by whatever name called, for construction on, development of, or sale or transfer (in any manner whatsoever) of, any immovable property. CANCELLATION --Instrument of, if attested and not otherwise provided for. 0.2%. if(MSFPhover) { MSFPnav1n=MSFPpreload("../_derived/back_cmp_Profile110_back.gif"); MSFPnav1h=MSFPpreload("../_derived/back_cmp_Profile110_back_a.gif"); } Conditions (1) Maharashtra Housing and Area Development Authority (MHADA) must certify that the Project is an approved project under the Pradhan Mantri Awas Yojana- Housing for All (Urban). CQYOn. The Stamp Duty in Mumbai, Thane, Navi Mumbai, Pune, Nagpur and Nashik on transaction of Sale, Mortgage and Gift Deed will attract a 1% metro cess from 1st April,2022 over and above the Stamp Duty rate. Controller of Stamps ,Mumbai/Designated Officers. These amendments were first proposed under the Finance Act of 2019 and the Indian Stamp (Collection of Stamp-Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019 (Rules). Insufficiently stamped documents are not admitted as evidence in the court. RECORD OF TRANSACTION (Electronics or otherwise) effected by a trading member through a stock exchange or the association referred to in Section 10 B-, (a) if relating to sale and purchase of Government securities, Rs.50 for every Rs. Governor ot IVI aharasl the 2nd March 2021, is le Maharashtra Stamp (Amen No. ; by which property, whether movable or immovable, or any estate or interest in any property is transferred to, or vested in, any other person. Earlier, if the resale of such Immovable Property took place within one year of purchase, the stamp duty payable would only be on the difference of the property rates calculated in the purchase price and the resale price, and not on the entire consideration amount when the property is resold. or Semi-Govt. [Redevelopment Projects] No Stamp Duty On Individual Allotment Agreements If Development Agreement Is Stamped: Bombay High Court The 1.1% fall was the biggest year-on-year drop since November 2012 and also the first annual decrease since June 2020, early in the coronavirus . You can get the eSBTR on giving a printout of proof of payment online at nominated branches of the bank. After six months it is mere a piece of paper. The Penalty on the instruments mentioned in the Appendix is reduced to ten per cent of total penalty on the deficient portion of the duty. (i) If relating to giving authority or power to a promoter or a developer by whatever name called, for construction on, development of or, sale or transfer (in any manner whatsoever) of, any immovable property. The Central Government through the Finance Act, 2019 ('Finance Act') has introduced various amendments to the Indian Stamp Act, 1899 ('Stamp Act'). STAMPS TO BE USED -- Special Adhesive Stamp with word Notarial (section 11) Rule 19(d). 10 % of the aggregate of the market value of the shares issued or allotted in exchange or otherwise and the amount of consideration paid for such amalgamation: Provided that, the amount of duty, chargeable under this clause shall not exceed, -, (i) an amount equal to 5 % of the true market value of the immovable property located within the State of Maharashtra of the transferor company; or. Provided that, on conveyance of property by the person, under an agreement under this sub-clause to the subsequent purchaser, the duty chargeable for each unit under this sub- clause shall be adjusted against the duty chargeable under Article 25 (conveyance) after keeping the balance of Rs. The government's two year concession from stamp duty hike ends in March . The Bombay Stamp Act of 1958 is another name for it. Depending upon the Instrument, it may be based upon the Market Value, Area, or other various criteria. Insection 32Bof the principal Act, (i) in sub-section (1), after the words file an appeal against such order, to the the words Additional Controller of Stamps, Mumbai in respect of the property, which is the subject matter of the instrument, is situated in Mumbai City and Mumbai Suburban Districts and in respect of the properties situated in the other parts to the shall be inserted; (ii) in sub-section (2), after the words against the order of the the words Additional Controller of Stamps, Mumbai or the shall be inserted. The same duty as is leviable on a conveyance under clause (a), (b) or as the case may be (c) of Article 25, on the market value of the share, interest, part or claim renounced. On the execution of the Lease Deed, on 10th June, 2020, the Petitioner paid an amount of Rs.100,75,10,400/- towards the stamp duty under Article 36(iv) read with Article 25(b) of Schedule I and Section 2(na) of the Stamp Act. (3) It shall be the duty of the proper officer so authorized under sub-section (2) to make an endorsement on the instruments after defacing the challan, as follows : Stamp duty of Rs. (Policy) issued by Revenue and Forest Department dated 29.08.2020 wherein the Stamp Duty chargeable under Article 25(b) of Schedule - I of . . The Stamp Duty is calculated as per Schedule-I of The Maharashtra Stamp Act. Instruments executed in State. Finance Department (FD), Government of Maharashtra, has decided to receive payments electronically. However, an instrument can be registered within additional 4 months by paying penalty which is equivalent to 2.5 times per month or part thereof subject to maximum 10 times.