By Notification dated 8th February 2019, the Government of Maharashtra has introduced levy of additional stamp duty for instruments of sale, gift and usufructuary mortgage, in the form of Metro Cess. 3,q~KQLa5})lDUau2Pyq?P|#K:G::w;9,8izk+x5o/y% hn;p#glsf VK>KJU|p7y6#&Q oFa#K/ 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. For the purpose of this article, the market value, for the instruments falling under section 2 (n) (iii) (Toll Agreements) and article 5 (g-e) (Hire Purchase agreement), shall be the total contract value and they shall be chargeable to duty same as under clause (a) of article 25. (2) having area more than 27.88 squares meters (300 square feet). Aftersection 67of principal Act, the following section shall be inserted, namely : 67A. 5 lakhs, rate of stamp duty is 0.3% of the secured amount.. Rate of stamp duty has been increased from 0.2% . (ii) conferring exclusive rights of telecasting, broadcasting or exhibition of an event or a film, -, (iii) specific performance by any person or a group of persons where the value of contract exceeds rupees 1,00,000,-, (iv) creation of any obligation, right or interest and having monetary value, but not covered under any other article, -. (parseInt(navigator.appVersion) >= 4 ))); 100 or an amount equal to 5% of the amount of consideration, whichever is higher, (iii) any Municipal Corporations other than those Municipal Corporations mentioned in columns (i) and (ii)--, Rs. The Maharashtra Legislative Assembly have passed a Bill which inter alia extends the set-off period for payment of stamp duty on resale of Immovable Property purchased from developer/ promoter as investment from one year to three years. However, from 1st April 2021, the stamp duty rate . _______ paid in *cash/by demand draft/by pay order/e-Challan, vide Receipt/Challan No._______________/GRN No._______________CIN_____________ dated the ___________. Instruments executed in State. 0.2%. for Art. Only authorised vendors can sell the stamps. Signature of the Officer. 9.9 Deficient portion of stamp duty : amount of maximum penalty increased. Insection 39of the principal Act, in sub-section (1), in sub-clause (b), in the first proviso, for the word double the words four times shall be substituted. 25,00,000. 1% of the amount of share contribution subject to maximum of Rs.15,000. Exemptions Affidavit or declaration in writing when made --. Repeal of enactments. Key changes introduced by the Maharashtra Stamp (Amendment and 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. : as mentioned in sub-section (1) as a proper officer for defacing the challan and making the endorsement on such instruments. In cases of Bonds, Release, Settlement, it is to be paid by the person making or drawing the instrument. For example,some states like Rajasthan and Maharashtra levied stamp duty on transfer of listed shares whereas Tamil Nadu did not levy any stamp duty. B. Further it has to be paid on time to avoid penalty. MHADA, CIDCO, BPT, MC, MIDC etc., or Income Tax Dept. Insection 31of the principal Act, in sub-section (4), in the proviso, for the word double the wordsfour timesshall be substituted. Bill rsuance of clause (3) of artic Maharasht the followi and 3TI' G 12009/35528 The term "Instrument" has been defined to include every document by which any right or liability is or purports to be created, transferred, limited, extended, extinguished or recorded. Applicability of Stamp Duty on Bill of Entry - NITYA Tax Associates If the garden of your house has an informal design . However agreement for sale of flats, shops, etc. 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. MSFPhover = The Indian Stamp (Assam Amendment) Act, 2013. AWARD, that is to say, any decision in writing by an arbitrator or umpire, on a reference made otherwise than by an order of the Court in the course of a suit, being an award made as a result of a written agreement to submit, present or future differences to Arbitration but not being an award directing a partition--. In case of instruments which are based upon Market Value of the property which is the subject matter of an instrument, means the price which such property would have fetched if sold in open market on date of execution of such instrument or consideration stated in the instrument whichever is higher and needs to be paid in full and in time. The eSBTR is a receipt of duty paid to the government. Amendments in the Stamp Act: Highlighting the issues and need for LX of 1958), the Government of Maharashtra, having satisfied that it is necessary to do so in the public interest, hereby reduces, with effect from the 1st August, 1994, the maximum duty chargeable on Articles of Association of a Company under Article 10 of Schedule I of the said Act, to Rs. Recently, specific changes have been made in the Maharashtra Stamp Act that deals with the electronic payment of stamp duty, gift deeds stamp duty, new penalty clauses, and changes in stamp duty amount under specific clauses. stream (a) when possession of the property or any part of the property or any part of the property comprised in such deed is given by the mortgagor or agreed to be given; The same duty as is leviable on a conveyance under clauses (a), (b) or (c), as the case may be, of Article 25, for the amount secured by such deed. Vide Notification No. Instruments which are not covered under the above Act are either chargeable under Indian Stamp Act, 1899 (e.g. 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 which is the subject matter of the gift. Regional Development Authority (MMRDA) and Municipalities of Pune, Pimpri-Chinchwad and Nagpur. Stamp Duty in Mumbai - Stamp Duty and Registration Charges in Mumbai 5,00,000; 0.1% of the amount secured by such deed subject to the minimum of Rs. (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. (a) Where the leave and license agreement purports to be for a term not exceeding 60 months with or without renewal clause. 63. Insufficiently stamped documents are not admitted as evidence in the court. Explanation- for the purpose of this clause, the principal or primary security shall mean, the security created under clause (a) or (b) above. (D) Of Valuations for Duty 20. Indian Stamp Act, 1899 Amendments and Rules made thereunder. 19 May, 2017, 10.37 AM IST. ICSI - Stamp Acts The report noted that Mumbai recorded upwards of 10,000 residential property registrations in April 2021.. 10. Maharashtra Stamp (Amendment) Act, 2017 (47 of 2017) Amended by Maharashtra Act No. Articles of any association not formed for profit and registered under section 25 of the Companies Act, 1956 See also Memorandum of Association of a Company (Article 39). Explanation I. PDF The Maharashtra Stamp Act* The expression co-owners includes all kinds of, Immovable Property includes land, benefits to arise out of land and things attached to the earth or permanently fastened to anything attached to the earth. Stamp Duty under Maharashtra Stamp Act - WIRC-ICAI Stamp Duty Calculator Maharashtra - Updated As per Article 53 of Indian Stamp Act, 1899, RECEIPT for any money or other property the amount or value of which exceeds Rs. 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. (276 kb) Date : Jul 01, 2020. PAYMENT OF STAMP DUTY 4.1 S.17 of the Act provides that all instruments chargeable with duty and executed in Maharshtra should be stamped before or at the time of execution or immediately thereafter or on the next working day following the date of execution. // -->