100. if(MSFPhover) { MSFPnav8n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav8h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } 231 -- The Maharashtra Stamp Duty Act, 1974 .pdf 9/20/2016 3:47 PM 319686 S (J) 232 -- The Maharashtra Unemployment Allowance payment .pdf . Act not applicable to rates of stamp duty on bills of exchange, etc. 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. 9.6 Deficient portion of stamp duty : amount of maximum penalty increased. Maharashtra. Stamp duty in Maharashtra depends on whether the property is urban or rural, total transaction value, etc. STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Impressed Label/Special Adhesive Stamp affixed by Proper Officer under Rule 11. Insection 31of the principal Act, in sub-section (4), in the proviso, for the word double the wordsfour timesshall be substituted. 22-12-2011: As per new circular from IGR, the old agreement, which has expired 8 months period from the date of execution cannot be registered. The Central Government through the Finance Act, 2019 ('Finance Act') has introduced various amendments to the Indian Stamp Act, 1899 ('Stamp Act'). if(MSFPhover) { MSFPnav6n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav6h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } Mumbai, Maharashtra, India. Mundrak. Explanation I--For the purposes of clause (1) of this Article, notwithstanding anything contained in any judgment, decree or order of any court or order of any authority, any letter, note, memorandum or writing relating to the deposit of title deeds whether written or made either before or at the time when or after the deposit of title deeds is effected, and whether it is in respect of the security for the first loan or any additional loan or loans taken subsequently, such letter, note, memorandum or writing shall, in the absence of any separate agreement or memorandum of agreement relating to deposit of such title deeds, be deemed to be an instrument evidencing an agreement relating to the deposit of title deeds. 10,00,000; 0.25 % of the amount agreed in the contract subject to minimum of Rs.100. (a) for or relating to the purchase of sale of goods or merchandise exclusively, not being an agreement or memorandum of agreement chargeable under entry (d), entry (e), entry (f) or entry (g) of this Article or a note or memorandum chargeable under Article 43; AGREEMENT TO LEASE: See Lease (Article 36). Provided that, the provisions of section 32A shall,mutatis mutandis, apply to such agreement, records thereof or memorandum, as they apply to an instrument under that section: 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 parties in respect of the same property then, the stamp duty under this article shall be Rs. In exercise of the powers conferred by Article 213 (1) of the Constitution of India, the Governor of Maharashtra promulgated the Maharashtra Stamp (Amendment and Validation) Ordinance, 2021 (" Ordinance ") on February 09, 2021, which shall come into force with effect from February 09, 2021. ** Amount given is leviable only if the Memorandum of Association (MOA) is accompanied by Articles of Association (AOA). 18. Repeal of enactments. Mudrank-2022/C.R.No.78/M-1 (Policy) issued by Revenue and Forest Department dated 01.04.2022 wherein the Government of Maharashtra had introduced Amnesty Scheme for certain type of documents. 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. If the garden of your house has an informal design . var a=new Image(); a.src=img; return a; 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. 9.8 Simplication of procedure for filing Appeal before Addl. 0.2% on share capital or increased share capital ,as the case may be subject to a maximum of Rs. Drafted and reviewed various agreements such as Producer, Line Producer, Director, Artist, Music Producer, Endorsement, Service, In-Film Branding Agreements. 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. 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 new rate after the reduction was 2% (from earlier 5%) and applied from 1st September to 31st December 2020. 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. 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. (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. Areas for the allotment of residential premises (4), 12.1MAJOR ARTICLES AS PER SCHEDULE I OF THE MAHARASHTRA STAMP ACT, (1) A debt written or signed by, or on behalf of, a debtor in order to supply evidence of such debt in any book (other than a bankers pass book) or on a separate piece of paper when such book or paper is left in the creditors possession ,and the amount or value of such debt-. ; (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. Explanation for the purposes of this Article, not withstanding anything contained herein above, the highest duty on either of the property exchanged shall be chargeable. stream 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. State Wise Stamp Duty Schedule & Concerned Act . The Bombay High Court in a recent case of Tata Autocomp Systems Limited v.State of Maharashtra, Writ Petition (L) No. ADMINISTRATION BOND including a bond given under section 6 of the government Savings Banks Act, 1873 or the Indian Succession Act, 1925. -- A mortgagor who gives to mortgagee a power of attorney to collect rents, or a lease of the property mortgaged or part thereof, is deemed to give possession within the meaning of this article. Section 3 of the Maharashtra Stamp Act provides that every instrument mentioned in Schedule I to the Act is chargeable with Stamp duty. 0.005%. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. Maharashtra Stamp Act Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. (iii) within the limits of anyGrampanchayatarea or any such area not mentioned in sub-clause (ii). Stamp Duty Calculator Maharashtra - Updated Calculate Stamp Duty, Registration Fee, Rebate for Women, LBT GST, and TDS in just six (6) easy steps Validity of this calculator is from 1st April, 2021 up to 31stMar, 2022. 10,00,000. 2 % of the, amount or the market value of the separated share or shares of the property. Maharashtra Government announced stamp duty reduction in August 2020 till March 31, 2021. (ii) an amount equal to 0.7 %, 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, whichever is higher: Provided further that, in case of reconstruction or demerger the duty chargeable shall not exceed, -, (i) an amount equal to 5 % of the true market value of the immovable property located within the State of Maharashtra transferred by the Demerging Company to the Resulting company; or. Stamp Duty Increased from 3% to 5% w.e.f. NOTARIAL ACT, that is to say, any instrument, endorsement, note, attestation, certificate or entry not being a Protest (Article 49) executed by a Notary Public in the performance of the duties of his office, or by any other person lawfully acting as a Notary Public. However agreement for sale of flats, shops, etc. Insufficiently stamped documents are not admitted as evidence in the court. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper under Rule l0(ii). The amendments to the Indian Stamp Act 1899 (Act) have come into effect from 1 July 2020. <> The same duty as is payable under clauses (a) and (b). By an Order dated 31st March 2018 of Revenue and Forest Department, the stamp duty on the first instrument of transaction between the project Proponent/s and the Purchaser of any unit belonging to the beneficiary of Economically Weaker Section (EWS) of Lower Income Group (LIG) category for the allotment of residential premises located in the areas as approved under the Pradhan Mantri Awas Yojana- Housing for All (Urban) is fixed to the extent of Rs.1000/- subject to fulfilment of certain conditions. 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. 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;. 5 lakhs, rate of stamp duty is 0.2% of the secured amount.. - For the purposes of this Article, the value of shares, scrip or stock includes the amount of premium, if any. (aa) Additional Controller of Stamps, Mumbai means the officer or officers so designated by the State Government and includes any other officer whom the State Government may, by notification in the Official Gazette, appoint in this behalf ; . After six months it is mere a piece of paper. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 11. Such impounded instruments must be sent to the Collector who would then determine the amount of duty and penalty, if any, payable on the same. 3,q~KQLa5})lDUau2Pyq?P|#K:G::w;9,8izk+x5o/y% hn;p#glsf VK>KJU|p7y6#&Q oFa#K/ The Maharashtra government is all set to hike stamp duty on house registration by 1 per cent from the next financial year. it changes every April. Controller of Stamps ,Mumbai/Designated Officers. 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. As per the Order dated 31st March 2021 Government has introduced concessional stamp duty rate for Female homebuyers. Works contract, that is to say, a contract for works and labour or services involving transfer of property in goods (whether as goods or in some other form) in its execution and includes a sub-contract, To understand the legislative competence of the centre & state to legislate on stamp duty one must refer to the Seventh Schedule to the Constitution of India: 2. 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. - For the purposes of this Article, return of money paid as advance, on security deposit by lessee to the lessor shall not be treated as consideration for the surrender. In section 70 of the principal Act, sub-section (2) shall be deleted. Conducted research on NFTs . All agreements for leave and license must be stamped and registered. STAMP DUTY. Maharashtra Stamp . STAMPS TO BE USED -- Non - Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules 10 & 11]. the difference in the stamp duty had to be paid within three months from the receipt of the Debenture Trust Deed in state of Maharashtra , but the same has not been paid. MSFPhover = Stamp duty is usually paid for transactional documents such as property transactions, etc. 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. If the property is sold by Govt. You can also place the fountain amidst the two paths. The same duty as is leviable on a Conveyance under clause (a), (b) (c), as the case may be, of Article 25, on the market value of the property of the greatest value. GIFT, Instrument of --not being a Settlement (Article 55) or Will or Transfer (Article 59). 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). In a landmark ruling, the Bombay High Court recently held that once stamp duty has been paid on the development agreement (DA), no separate stamp duty can be . 10. 43 75. However, same is not available in the case of Resale and other types of instruments. For charging stamp duty, the instrument is not to be treated by the name it bears but by the substance or real nature of the transaction recorded therein. 9.2 Several instruments used in a single transaction: Development Agreement, Sale and new instrument (Lease) included along with mortgage or settlement. Currently, as per the Maharashtra Stamp Act, the stamp duty for arbitral awards stands at five hundred rupees in Maharashtra; and in case of Delhi, as per Schedule 1A to the Stamp (Delhi Amendment) Act 2001, the stamp duty is calculated at roughly 0% of the value of the property to which the award relates. - For the avoidance of doubt, it is hereby declared that nothing in this Act shall apply to rates of stamp duty in respect of bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of . 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. Instruments executed out of State. 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. (a) in Article 25, in clause (b),- (i) in sub-clause (ii), in column 2 , for the figure and words 4 per cent. the figure and words 5 per cent. Shall be substituted. CONTENTS SECTIONS Page No. . The Governor of Maharashtra promulgated the Maharashtra Stamp (Amendment and Validation) Ordinance, 2021 on February 09, 2021. (2) The Master Layout Plan or subsequent building plan of an approved project under the Pradhan Mantri Awas Yojana- Housing for All (Urban) must be sanctioned or approved by the Planning Authority. (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. 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. Press Releases. (a) If accompanied by articles of association under section 26 of the Companies Act, 1956, (I of 1956). Rs.500 plus 0.1 % of the amount above Rs.10,00,000 subject to maximum of Rs.25,00,000. If any person prevents or obstructs entry of any officer authorized under section 68 or fails to give any reasonable assistance to him, he shall, on conviction, be punished with imprisonment for a term which shall not be less than one month, but which may extend to six months and with fine which may extend to rupees five thousand.. increased stamp duty on gift deeds and conveyance deeds by amending the amending the Maharashtra stamp duty act. endobj You can get the eSBTR on giving a printout of proof of payment online at nominated branches of the bank. 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. ACT LX OF 1958) (Modified up to the 03 Jun 2022) 1958:Bom.LA] THE 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. The amount currently is barely Rs 200 or Rs . if(MSFPhover) { MSFPnav3n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav3h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } Only authorised vendors can sell the stamps. 9.18 Delegation of certain powers to CCRA : Addl. 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). 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). does not require adjudication & can be registered directly by payment of proper Stamp Duty. as mentioned in sub-section (1) as a proper officer for defacing the challan and making the endorsement on such instruments.