maharashtra stamp duty act 2020

Forsection 68of the principal Act, the following section shall be substituted, namely : 68. 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. Particulars: Erstwhile stamp duty: Amended stamp duty: Remarks: Mortgage by deposit of title deeds under article 6(1) of schedule I: If amount secured by the deed is more than Rs. 10.1 Deletion of requirement to round off duty amount. Explanation I. Under Section 17 of the . (ii) an amount equal to 0.7%, of the aggregate of the market value of the shares issued or allotted to the Resulting Company and the amount of consideration paid, for such demerger, whichever is higher: Exemption: Assignment of copyright under the Copyright Act, 1957 (IXV of 1957). 9/20/2016 4:14 PM 628284 The Maharashtra Stamp Act..pdf depending on Until April 2020, Maharashtra stamp duty has been reduced for two years in areas under Mumbai. The Maharashtra government is all set to hike stamp duty on house registration by 1 per cent from the next financial year. If on adjustment, no duty is required to be paid then a minimum duty for the conveyance shall be Rs. Maharashtra The Stamp duty should not exceed 5% of the true market value of the true market value of the immovable property when the transfer is taken place within Maharashtra. (parseInt(navigator.appVersion) >= 4 ))); 0.1 % of the amount agreed in the contract subject to minimum of Rs.100. ARTICLES OF ASSOCIATION OF A COMPANY Where the Company has no share capital or nominal share capital or increased share capital. It is an indirect tax collected by the State Government in Maharashtra. 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. . Explanation. 1 Revenue stamp. then value declared by these departments in notice is treated as final market value. // --> . <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.2 842.4] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> However, as a general matter we believe the changes will achieve uniformity and affordability. See also Letter of Allotment of Shares (Article 37); Explanation. 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. 50/- shall be disregarded. 4 0 obj 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. TRANSFER (whether with or without consideration). 5; (b) where the instrument relates to the partition of agricultural land, the rate of duty applicable shall be Rs. (a) where the amount or value set forth in such contract does not exceed Rs. CONTENTS SECTIONS Page No. STAMP DUTY UNDER THE MAHARASHTRA STAMP ACT 1. STAMPS TO BE USED -- Non - Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules 10 & 11]. Any instrument executed in the state of Maharashtra shall be liable for payment of Stamp duty according to Section 3 of the Act at the rates provided in Schedule I to The Maharashtra Stamp Act. As per the Maharashtra Stamp Act, the stamp duty rates are as follows - Conveyance . 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. 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. Vide Notification No. 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. (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. In cases of Bonds, Release, Settlement, it is to be paid by the person making or drawing the instrument. Instruments executed in State. as mentioned in sub-section (1) as a proper officer for defacing the challan and making the endorsement on such instruments. Explanation(1) For the purposes of this Order, unit means, a residential unit. 1 by Impressed Stamp Fixed by Proper Officer. 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). Now, with the passage of this bill, this one year set-off period has now been extended to three years. 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. . Thus, no instrument can be registered beyond 8 months from the date of execution. if(MSFPhover) { MSFPnav3n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav3h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } the following: If you are a registered user, fill in the login details. 25-3-2013: As per amended Section 17 of Registration Act, 1908 registration of: Irrevocable Power of Attorney relating to transfer of immovable property in any way, executed on or after 1-4-2013. . STAMPS TO BE USED -- Non-Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10 (ii). 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 such property ,subject to a minimum of Rs. (iv) for a period exceeding 29 years , or in perpetuity, or does not purport for any definite period, or for lease for a period exceeding 29 years, with a renewal clause contingent or otherwise. Similarly, Stamp Duty under above Article in rest of Maharashtra State was reduced by Two percent (2%) for the period starting from 1st September, 2020 and ending on 31st December, 2020 and by One Half percent (1.5%) for the period starting from 1st January, 2021 and ending on 31st March, 2021. 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. (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-. The Ministry of Finance ("Ministry") has appointed January 09, 2020 as the day on which these proposed amendments shall come into force. 20,00,000/-. Instruments which are not covered under the above Act are either chargeable under Indian Stamp Act, 1899 (e.g. (iii) within the limits of anyGrampanchayatarea or any such area not mentioned in sub-clause (ii). 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. 9.11 Deficient portion of stamp duty : amount of maximum penalty increased. xiR~d%[Ko"#WR~H#4%9:9 j~eie )vr. 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. 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. Aftersection 68of the principal Act, the following section shall be inserted, namely : 68A. STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Impressed Label/Special Adhesive Stamp affixed by Proper Officer under Rule 11. Explanation I. ADOPTION DEED, that is to say, any instrument(other than a Will) recording an adoption or conferring or purporting to confer an authority to adopt. 5,00,000; 0.1% of the amount secured by such deed subject to the minimum of Rs. Controller of Stamps, Mumbai. Explanation I. Controller of Stamps ,Mumbai/Designated Officers. Once the instrument is executed, it should be registered within 4 months from the date of such executionwithout any penalty towards registration fees. (ii) when authorizing to sell or transfer immovable property without consideration or without showing any consideration, as the case may be, -, (a) If given to the father, mother, brother, sister, wife, husband, daughter, son, grandson, granddaughter or father, mother, brother or sister of the spouse; and.