maharashtra stamp duty act 2020

(a) as a condition of enrolment under the Air Force Act, 1950, (XLV of 1950) the Army Act, 1950 (XLVI of 1950) or the Navy Act, 1957 (LXII of 1957); (b) for the immediate purposes of being filed or used in any Court or before the officer of any Court; or. The Amended Stamp Act clarifies that no stamp duty shall be charged on any instrument (other than the principal instrument) on a single transaction. Immovable property land, house or flat can now be transferred to one's children or blood relatives without paying stamp duty for registration. 1 by Impressed Stamp Fixed by Proper Officer. 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. (c) for the sole purpose of enabling any person to receive any pension or charitable allowance. 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. The Indian stamp act, 1899 (Arunachal amendment) act, 2007 . Stamp Duty on lease agreement in Maharashtra 2. As per Maharashtra Stamp Act, all instruments are chargeable with Maharashtra stamp duty. (a) if the release deed of an ancestral property or part thereof is executed by or in favour of brother or sister (children of renouncers parents) or son or daughter or son of predeceased son or daughter of predeceased son or father or mother or spouse of the renouncer or the legal, heirs of the above relations without consideration in any form. (1) Any such individual, institution, organization, company or a body responsible for creating, executing, maintaining, recording, verifying an instrument chargeable with duty as may be notified by the State Government in the Official Gazette, shall, when called upon by any officer specifically authorised by the Chief Controlling Revenue Authority in this behalf, furnish information in the form and within the time limit specified by the Chief Controlling Revenue Authority. Instrument of partition means any instrument whereby co-owners of any property divide or agree to divide such property in severally and includes: a final order for effecting a partition passed by any revenue authority or any civil court, an award by an arbitration directing a partition, and, when any partition is effected without executing any such instrument, any instrument or instruments signed by the co-owners and recording, whether by way of declaration of such partition or otherwise, the terms of such partition amongst the co-owners. Provided further that, when proper stamp duty is paid under clause (g- a) of article 5 on an agreement, or records thereof or memorandum of an agreement executed between the same parties and in respect of the same property, the duty chargeable under this clause shall be Rs. The stamp rate was 3% from 1st Oct 2020 to 31st Dec 2020. 5 lakhs, rate of stamp duty is 0.2% of the secured amount.. The same duty as is payable under clauses (a) and (b). The last day to apply for Amnesty Scheme was 31st December 2019. 5 (a) to (g) adhesive under section 11, for Art. Regional Development Authority (MMRDA) and Municipalities of Pune, Pimpri-Chinchwad and Nagpur. Certain departments, organisations, institutions etc., to ensure payment of stamp duty-, (1) Notwithstanding anything contained in this Act, the State Government may, by notification in the Official Gazette, direct that any State Government Department, institution of local self-Government, semi Government organization, banking or non-banking financial institution or the body owned, controlled or substantially financed by the State Government or any class of them, shall ensure that the proper duty is paid to the State Government through Government Receipt Accounting System (G.R.A.S.) The Act is a fiscal measure enacted to secure revenue for the State from certain classes of instruments. Provided that, if the property is gifted to a family member being the husband, wife, brother or sister of the donor or any lineal ascendant or descendant of the donor, then the amount of duty chargeable shall be at the rate of 3 per cent on the market value of the property which is the subject matter of the gift, Provided further that ,if the residential and agricultural property is gifted to husband, wife, son, daughter, grandson and grand-daughter, the amount of duty chargeable shall be Rs.200. 2. COMPOSTION DEED, that is to say, any instrument executed by a debtor whereby he conveys his property for the benefit of his creditors or whereby payment of a composition or dividend on their debts is secured to the creditors, or whereby provision is made for the continuance of the debtor's business under the supervision of inspectors or under letters of license for the benefit of his creditors. (c) if relating to both movable and immovable property. However, the maximum penalty cannot exceed four times the amount of duty involved i.e. increased stamp duty on gift deeds and conveyance deeds by amending the amending the Maharashtra stamp duty act. As per the Ordinance dated 9th February 2021 amendment to Articles 6(1) and 40 has been carried out to bring uniformity in stamp duty chargeable on the instruments of mortgage by deposit of title deeds and simple mortgage deed. Duty can be paid by way of adhesive or impressed stamps or e-franking on the instruments and duly stamped documents are only admitted as evidence in court. The amended stamp duty rate prescribed by the Finance Act, 2019 stipulates that for issue of security other than debenture, a stamp duty of 0.005% shall be payable . Explanation III.(i) For the purposes of clause (da) the market value of shares,--, (a) in relation to the transferee company, whose shares are listed and quoted for trading on a stock exchange, means the market value of shares as on the appointed day mentioned in the Scheme of Amalgamation or when appointed day is not so fixed, the date of order of the High Court; and, (b) in relation to the transferee company, whose shares are not listed/or listed but not quoted for trading on a stock exchange, means the market value of the shares issued or allotted with reference to the market value of the shares of the transferor company or as determined by the Collector after giving the transferee company an opportunity of being heard. Revocation of -- of, or concerning, any property when made by any instrument other than a Will. (2) Dissolution of partnership or retirement of partner inclusive of Limited Liability Partnership and Joint Venture to run a business ,earn profits and to share profits ,whether in cash or in kind-. * For comparison purposes, we have relied on the stamp duty rates under Maharashtra Stamp Act 1958. x[o: ?EwK0]b=3CY:NtVL?HzrY{U5>"ru\0Nf7f~?>Vtr5}|i(?k#h V 4M}EdL1'Cgy&LDjM 24-4-2015). (a) in sub-section (1),- (i) after the word sale, the word lease, shall be inserted ; (ii) after the words development agreement, where it occurs for the second time, the word lease, shall be inserted ; (b) in the marginal note, after the word sale, the word lease, shall be inserted. (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. (iii) for a period exceeding 10 years but not exceeding 29 years, with a renewal clause contingent or otherwise. 10 May 2022 8:48 AM GMT All Development Agreements signed between September 1, 2020 and March 31, 2021 would qualify for 1.5-2% refund of stamp duty as per the scheme announced by the. State Wise Stamp Duty Schedule & Concerned Act . does not require adjudication & can be registered directly by payment of proper Stamp Duty. CQYOn. With the aim to increase revenue from stamp duty, the state government has decided to charge 3% of the ready reckoner rates of land as stamp duty if a flat is gifted to a blood relation. E-payment is a mode of payment in addition to the conventional methods of payment offered by the Government of Maharashtra which is popularly known as GRAS(Government Receipt Accounting System). 18. 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. [Redevelopment Projects] No Stamp Duty On Individual Allotment Agreements If Development Agreement Is Stamped: Bombay High Court 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. The Stamp Duty in Maharashtra (areas other than Mumbai) was reduced by 2 per cent from September 1, 2020 to December 31, 2020 and by 1.5 per cent from January 1, 2021 to March 31, 2021. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10(ii). By Notification dated 28th March 2020, the Government of Maharashtra had announced a concession in Stamp Duty rate @ 1% for 2 years with effect from 1st April 2020. Stamp duty in Maharashtra depends on whether the property is urban or rural, total transaction value, etc. (Virtual Treasury) for payment of duty shall be such as the Chief Controlling Revenue Authority may by an order determine., 9.4 Fixing liability of payment of stamp duty even on unregistered documents, Aftersection 10Cof the principal Act, the following section shall be inserted, namely :, 10D. . In case an instrument is so drafted that it is covered within the ambit of more than one Article under Schedule I, then it shall be taxed by that Article which levies the highest amount of stamp duty. through the stock exchanges or clearing corporations authorized by the stock exchange or by the depositories) on one instrument, In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of. 10.1 Deletion of requirement to round off duty amount. 9.2 Several instruments used in a single transaction: Development Agreement, Sale and new instrument (Lease) included along with mortgage or settlement. Circular w.e.f. THE MAHARASHTRA STAMP ACT (BOM. And every order made by the Board for Industrial and Financial Reconstruction under Section 18 or 19 of the Sick Industrial Companies (Special Provisions) Act, 1985, in respect of sanction of scheme specified therein or every order made by the National Company Law Tribunal under Section 31 of the Insolvency and Bankruptcy Code,2016, in respect of approval of resolution plan. It is an indirect tax collected by the State Government in Maharashtra. (i) where the Trust is made for a religious or charitable purpose; 2% of a sum equal to the amount settled or market value of the property settled. Maharashtra government slashes stamp duty to 2% until Dec 2020 to boost demand The reduced cost of the stamp duty is bound to encourage first time homebuyers, fence sitters as well as. 19. Tenancy agreement in Maharashtra When renting a property, landlords and tenantsmust engage in proper documentation to make the rental agreements legally binding. Aftersection 68of the principal Act, the following section shall be inserted, namely : 68A. MSFPhover = See also Settlement (Article 55). Instruments which are not covered under the above Act are either chargeable under Indian Stamp Act, 1899 (e.g. (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. In cases of Bonds, Release, Settlement, it is to be paid by the person making or drawing the instrument. Maximum 400%. B. Explanation(1) For the purposes of this Order, unit means, a residential unit. Provided that, the provisions of section 32A shall,mutatis mutandis, apply to such an instrument of power of attorney as they apply to a conveyance under that section. Vide Notification No. The Finance Act, 2019 ('FA 2019'), has prescribed certain amendments in the Indian Stamp Act, 1899 ("the ISA") with the intent of creating a mechanism which would enable the State to collect . Declaration of -- of, or concerning, any property when made by any writing not being a Will,--, (a) where there is disposition of property, --. (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. Maharashtra Stamp Act, 1958. . Act not applicable to rates of stamp duty on bills of exchange, etc. The Maharashtra Stamp Act extends to the whole of the State of Maharashtra. Then from 1st Jan 2021 to 31st March 2021, the stamp duty rate was 4%. if(MSFPhover) { MSFPnav2n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav2h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } 100/-. 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. W.e.f. File Photo LONDON: British house prices last month dropped by the most in more than 10 years, mortgage lender Nationwide said on Wednesday, adding to signs of a slowdown in the housing market in the face of high inflation and rising borrowing costs. 0.1% of the value of the shares ,scrip or stock. STAMPS TO BE USED -- Adhesive Stamp (Section 11). LETTER OF ALLOTMENT OF SHARES in any company or proposed company, or in respect of any loan to be raised by any company or proposed company. As mentioned in this order 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 shall stand reduced to 1% subject to certain conditions, if all the purchasers are female. However agreement for sale of flats, shops, etc. - Drafted notes on various topics such as the bill banning - Assisted the firm's corporate law team in drafting compliance checklists in relation to various acts and new amendments including the amendment to the stamp duty act, the new e-commerce rules, etc. Under Section 17 of the . 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 ,--. The Bombay High Court in a recent case of Tata Autocomp Systems Limited v.State of Maharashtra, Writ Petition (L) No. 5,00,000; Explanation No duty shall be chargeable on agreements or its record covered under sub-clauses (b) and (c ) of this article, if proper duty is paid under Article 51 A, Agreement or its records or Memorandum of Agreement--. 0.2% on share capital or increased share capital ,as the case may be subject to a maximum of Rs. Any officer not below the rank of Collector having sufficient reason to believe that, it is necessary to inspect or call for any registers, books, records including a diskette, magnetic cartridge tape, CD-ROM or any other computer readable media or any electronic record mentioned under clause (t) of sub-section (1) of section 2 of the Information Technology Act, 2000, papers, documents, instruments or proceedings which may lead to the discovery of any fraud or omission in relation to any duty, shall, at all reasonable times may himself or through any officer authorised by him in this behalf, who shall be not below the rank of Gazetted GroupB officer or Sub-Registrar, Grade-I appointed under the Registration Act, 1908 or Inspector of Stamps, enter in any premises and inspect the same in the custody of any person, office, firm or any other entity and take such notes and extracts as he may deem necessary, without payment of any fee or charge, and if necessary, seize and impound only the chargeable documents as per the provisions of section 33 . However, upon delving deeper into the property registrations data, it was found that, only 7 per cent of these registrations were . *5\Q JF5 \S Bm49OFA6Ak!FKy-v){krM{8KM1,0f o+i{Q442Ky^,|Ik6?-]B5)pCT589TtHE`i"~:l:\^F&TgX6@n_O0S9]3\=^8S#1um{1 \+*KBIa_902B!S0KM ; (b) in Article 34, in column 2, in the above proviso,- (i) for the words at the same rate as specified in this article or at the rate of rupees ten for every rupees five hundred or part thereof on the market value the words and figure at the rate of 3 per cent. In Case Duty Exceeding Re. 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. 8. . STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Impressed Label/Special Adhesive Stamp affixed by Proper Officer under Rule 11. if(MSFPhover) { MSFPnav4n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav4h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } The renewal period, if specifically mentioned, shall be treated as part of the present lease, Explanation III. 231 -- The Maharashtra Stamp Duty Act, 1974 .pdf 9/20/2016 3:47 PM 319686 S (J) 232 -- The Maharashtra Unemployment Allowance payment .pdf . if relating to transfer of tenancy of immovable property, for every square meter of the area of the tenanted property the right of tenancy in which is the subject matter of transfer and situated Within the limits of--, (i) the Municipal Corporation of Greater Bombay--. STAMPS TO BE USED -- Non-Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10 (ii). The stamp office determines the market value of the property by referring to an Annual Statement of Rates (commonly known as Stamp Duty Ready Reckoner) which provides the Market Values of various immovable properties in Maharashtra. Drafted and reviewed various agreements such as Producer, Line Producer, Director, Artist, Music Producer, Endorsement, Service, In-Film Branding Agreements. As per Section 2(23A) of Indian Stamp Act, the term "securities" shall include securities as per Section 2(h) of Securities Contracts (Regulation) Act, 1956 , i.e. 394 of the Companies Act, 1956 or the order of the National Company Law Tribunal under sections 230 to 234 of the Companies Act, 2013 or every confirmation issued by the Central Government under section 233 (3) of the Companies Act, 2013, in respect of amalgamation, merger, demerger, arrangement or reconstruction of the companies ( including subsidiaries of parent company ); and every order made by the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949 in respect of amalgamation or reconstruction of Banking Companies and every order made by the Board for Industrial and Financial Reconstruction under section 18 or 19 of the Sick Industrial Companies (Special Provisions) Act, 1985, in respect of sanction of Scheme specified therein or every order made by the National Company Law Tribunal under section 31 of the Insolvency and Bankruptcy Code, 2016, in respect of approval of resolution plan. Provided that in case of instrument executed by consortium of banks, the duty chargeable shall not exceed 50 lakhs. (6) Any project proponent or the Purchaser of any unit for which the reduction in the stamp duty is granted under this Order, and which fails to fulfill the purpose or objectives of the said policy or commits breach of any of the conditions or special regulations as specified in the said policy or this order, shall be liable to pay the whole stamp duty and penalty, if any, as if there was no reduction in stamp duty from the beginning. STAMPS TO BE USED -- Adhesive Stamp, Rule 13 (f) or Non-Judicial Stamp, Rule 6. 9.8 Simplication of procedure for filing Appeal before Addl. 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. However, same is not available in the case of Resale and other types of instruments. Signature of the Officer. (c) where such share contribution is brought in by way of property, excluding cash. (b) when possession is not given or agreed to be given as aforesaid. Sale Certificate issued by any competent office or authority under any Recovery Act, Agreement relating to the Deposit of title deeds, where such deposit has been made by way of security for the repayment of a loan or an existing or future debts. Who bears and pays the stamp duty is a matter of agreement between the parties. A person can be punished with rigorous imprisonment for up to 6 months (not less than 1 month) and with fine up to 5,000, if it is proved that the instrument was undervalued or short payment of duty was made with intention to evade duty. 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. 4. Circular w.e.f. INSPECTORSHIP DEED, see Composition Deed (Article 24). if(MSFPhover) { MSFPnav8n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav8h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } The existing ceiling of stamp duty payable on an agreement relating to deposit of title deeds, pawn, pledge or hypothecation where the amount secured exceeds Rs.5 lakhs stamp duty has been amended to 0.3% of the amount secured subject to a maximum of Rs. See also Letter of Allotment of Shares (Article 37); Explanation. Insufficiently stamped documents are not admitted as evidence in the court. 5 lakhs, rate of stamp duty is 0.3% of the secured amount.. Rate of stamp duty has been increased from 0.2% . 100/- equal to or exceeding Rs. (2) having area more than 27.88 squares meters (300 square feet). 68. The Explanation to the definition provides that any instrument by which one co-owner transfers his property to another co-owner would be deemed to be a conveyance provided that it is not an instrument of partition. 9.12 Voluntary disclosure of fact of instrument not duly stamped. if(MSFPhover) { MSFPnav3n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav3h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); }