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. 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. as mentioned in sub-section (1) as a proper officer for defacing the challan and making the endorsement on such instruments. From 1st January 2021, people were to pay a 3% stamp duty on the . 20 lakhs. Circular w.e.f. 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. The same duty as is leviable on a conveyance under clause (a), (b) or (c), as the case may be, of article 25 on 25 % of the market value of the property. The second wave of Covid-19 and the rollback of the stamp duty cut in Maharashtra impacted the housing sales in April, showed a report by Knight Frank India.. As per Article 5(h)(B) of Schedule I of the Act, read with Section 4 of the Act and as per the latest judgement of Bombay High Court on writ petition of Prabha Laxman Ghate and PIL of Chandrakant Nanekar, the stamp duty on free flats/ galas given to owner of the land by the developer is chargeable with Rs. 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). (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. Finance Department (FD), Government of Maharashtra, has decided to receive payments electronically. (1) Instrument of any partnership inclusive of ,Limited Liability Partnership and Joint Venture to run a business ,earn profits and to share profits ,whether in cash or in kind-. 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. 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. New Stamp Duty Rates (applicable with effect from 1 July 2020) Stamp Duty Rates applicable prior to 1 July 2020* Issue of securities (other than debentures) through a stock exchange, depositories or otherwise. Regulatory Insights that stamp duty on 2 pwc "debentures" is chargeable only under any Article 27 (Union list) of the Constitution of India and not under the 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. You can also place the fountain amidst the two paths. (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 ; . Goisu Realty Private Limited vs State Of Maharashtra And 3 Ors on 5 However, from 1st April 2021, the stamp duty rate . (da) if relating to the order of the High Court under section 394 of the Companies Act, 1956 or the order of the National Company Law Tribunal under sections 230 to 234 of the Companies Acts, 2013 or confirmation issued by the Central Government under sub-section (3) of section 233 of the Companies Acts 2013 in respect of the amalgamation, merger, demerger, arrangement or reconstruction of companies (including subsidiaries of parent company) or order of the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949 in respect of amalgamation or reconstruction of Banking Companies. The Bombay High Court in a recent case of Tata Autocomp Systems Limited v.State of Maharashtra, Writ Petition (L) No. Explanation I. The Maharashtra government is all set to hike stamp duty on house registration by 1 per cent from the next financial year. 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. (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. New 2020 Stamp Duty For Debentures - Does It Cut The Clutter - Mondaq It does not include the instrument or document/s executed between the original purchaser from the project Proponent/s and the subsequent purchaser of a residential unit located in the said area. (i) within the limits of any Municipal Corporation or any Cantonment area annexed to it or any urban area not mentioned in sub clause (ii). 9.10 Section 38of the principal Act shall be deleted. (1) Instruments executed by persons taking advances under the Land Improvement Loans Act, 1883 (XIX of 1883), or the Agriculturists' Loans Act, 1884 (XII of 1884), or by their sureties as security for the repayments of such advances. STAMPS TO BE USED- Non-Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules10 & 11]. The Maharashtra Stamp Act, passed in 1958, applies to all instruments listed in Schedule 1 on which the state collects stamp duty. - For the purposes of this Article, the value of shares, scrip or stock includes the amount of premium, if any. Llb 1 sem hons law law of contract 1 5105 mar 2020; Common law remedies against pollution; . Stamp Duty and Registration Charges in Maharashtra The act basically specifies the amount to be paid to state authorities. No. (276 kb) Date : Jul 01, 2020. The state government announced stamp duty reduction on lease agreements on 24th December 2020. (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. In August 2020, Maharashtra Government announced that they are reducing the stamp duty for the next three months. These amendments were earlier discussed by the Maharashtra Cabinet and approved on December 9, 2020. (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. 18. Two key amendments to the Maharashtra Stamp Act, 1958 have been introduced in relation to stamping of documents encompassing multiple transactions and stamp duty rates in case of mortgage by deposit of title deeds and mortgage deed. (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. Such instruments can be admissible in evidence on payment of the requisite amount of duty and a penalty @ 2% per month on the deficient amount of duty calculated from the date of execution. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. In cases of Bonds, Release, Settlement, it is to be paid by the person making or drawing the instrument. 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, Maharashtra Stamp (Amendment) Act, 2015, Maharashtra Act No. (i) If the amount secured by such deed does not exceed Rs.5,00,000, 0.1% of the amount secured by such deed , subject to minimum of Rs.100, 0.3% of the amount secured by such deed , subject to maximum of twenty lakh rupees. if(MSFPhover) { MSFPnav3n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav3h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } Explanation II. The Maharashtra Stamp Act and Stamp Duty in Mumbai. (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. *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 endobj 1 of 2021), introduced le 348 of the Constitution of By order and m th xa Legislative Assembly on ng translation in English of tl Bill, 2021 (L. A. as they are worded or drafted. The two leading decisions on this definition are those of the Supreme Court in the case of. 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. These amendments were earlier discussed by the Maharashtra Cabinet and approved on December 9, 2020. 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. 50/- shall be disregarded. Nothing is legal that adopts a method in effecting a transaction so as to reduce or lessen the liability of stamp duty. The instruments specified in the Schedule-I to the Act are covered by this Act. depending on Until April 2020, Maharashtra stamp duty has been reduced for two years in areas under Mumbai. STAMPS TO BE USED -- Adhesive Stamp Paper Rule 11, ARTICLE 39 MEMORANDUM OF ASSOCIATION OF A COMPANY (Detailed chart attached). Maximum 400%. 100. 50,000 or part thereof. With the objective of bringing uniformity in the stamp duty levied on securities transactions across states, the Government of India amended the Indian Stamp Act 1899 (revised Act), through Finance Act, 2019, and the relevant Stamp Rules . // -->
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