These amendments were earlier discussed by the Maharashtra Cabinet and approved on December 9, 2020. EXCISE BOND, See Customs Bond or Excise Bond (Article 28). 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. (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. Act LX of 1958) as amended from time to time. Revocation of -- of, or concerning, any property when made by any instrument other than a Will. Explanation I. Repeal of enactments. In Maharashtra the Ready Reckoner changes every financial year i.e. ; by which property, whether movable or immovable, or any estate or interest in any property is transferred to, or vested in, any other person. 0.005%. 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. 100/- shall be charged. 10.2 Amendment in Article 1 of Schedule I, In SCHEDULE I of the principal Act , in Article 1, in clause (1),-, exceeds rupees 10,000 but is less than rupees 10,00,000; and, 11.1Amendment of SCHEDULE I appended to Maharashtra Stamp Act. 6/4/2020 7:10 AM 113472 Mah_Act_XIV_of_2020.pdf 6/4 . the following: Stamp Paper- The stamp charge must be executed on non-judicial stamp papers and is paid directly to the registered authority. Thereafter, on 12th June, 2020 the Petitioner filed Adjudication Case No.ADJ/1100900/224/2020 before Respondent No.3 . (((navigator.appName == "Netscape") && Stamp Duty Increased from 3% to 5% w.e.f. (a) If accompanied by articles of association under section 26 of the Companies Act, 1956, (I of 1956). (2) a letter, article, document, parcel, package or consignment, of any nature or description whatsoever or by whatever name called, given by a person, courier company, firm or body of persons whether incorporated or unincorporated to the sender of such letter, article, document, parcel, package or consignment. (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). function MSFPpreload(img) In section 70 of the principal Act, sub-section (2) shall be deleted. ARTICLE 37 LETTER OF ALLOTMENT OF SHARES. ARTICLE 17 CERTIFICATE OR OTHER DOCUMENT. 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;. ; (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. Controller of Stamps, Mumbai. 5,000, is leviable with Re. 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. Under Section 17 of the . 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. 2 % of the, amount or the market value of the separated share or shares of the property. 9.16 Designated Revenue Officers empowered to call for all Registers and relevant Books of Transactions in respect of payment of stamp duty: Including diskette, magnetic cartridge tape, CD-ROM etc. 3. You can get the eSBTR on giving a printout of proof of payment online at nominated branches of the bank. 100/- equal to or exceeding 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. 0.2% on share capital or increased share capital ,as the case may be subject to a maximum of Rs. (v) assignment of copyright under Copyright Act, 1957, -, (vi) project under Built, Operate and Transfer (BOT) system, whether with or without toll or free collection rights,-. W.e.f. Thus, no instrument can be registered beyond 8 months from the date of execution. The acceptance of on-line payment of Maharashtra State's Taxes through the internet portals of various banks have been developed, without having any implication on the existing procedure of the executive and accounting agencies of the Department. STAMPS TO BE USED -- Non-Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10 (ii). Payment of duty on certain instruments or copies thereof liable to be increased duty in Maharashtra State. Amendment to Section 70 of Maharashtra Stamp Act: By way of this amendment, the amount of stamp duty, which is determined, payable on instruments chargeable with more than 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 . 100, if such transfer or assignment is made within a period of 1 year from the date of the agreement. - For the purposes of this Article, the value of shares, scrip or stock includes the amount of premium, if any. (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. Maharashtra Stamp Act, 1958. . (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. Governor ot IVI aharasl the 2nd March 2021, is le Maharashtra Stamp (Amen No. In August 2020, Maharashtra Government announced that they are reducing the stamp duty for the next three months. However agreement for sale of flats, shops, etc. var a=new Image(); a.src=img; return a; From 1st January 2021, people were to pay a 3% stamp duty on the . Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. 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. . article 34 of maharashtra stamp act; difference between bombay stamp act and maharashtra stamp act; maharashtra stamp act 2020; maharashtra stamp act in Marathi; mumbai; Nagpur; Navi Mumbai; pune; stamp duty on service agreement in Maharashtra; Thane While the amendments to Stamp Act were initially scheduled to come into force on 9 January 2020, however, the Ministry of Finance postponed the effective date of the amendments to 1 July 2020. 9.11 Deficient portion of stamp duty : amount of maximum penalty increased. Maharashtra Stamp Act Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. 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. STAMPS TO BE USED -- Non-Judicial Stamp Paper (NJ) under Rule 6 or Impressed Label/Special Adhesive Stamp affixed by Proper Officer under Rule 11. 5,00,000; 0.1% of the amount secured by such deed subject to the minimum of Rs. (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. Once the instrument is executed, it should be registered within 4 months from the date of such executionwithout any penalty towards registration fees. 9.15 Mandatory provision for furnishing information called by CCRA or any authorized Officer. See also Letter of Allotment of Shares (Article 37); Explanation. 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. - 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 . Rs.500 plus 0.1 % of the amount above Rs.10,00,000 subject to maximum of Rs.25,00,000. From 1st January 2021 to 31st March 2021, the stamp duty was 3% on residential properties (which got revised from 1st April 2021). 100. T he governor of Maharashtra, in exercising powers conferred in him vide article 213(1) of the constitution of India, passed the Maharashtra Stamp (Amendment and Validation) Ordinance, 2021, on 5 February 2021. . STAMPS TO BE USED -- Adhesive Stamp, Rule 13 (f) or Non-Judicial Stamp, Rule 6. 100. [Redevelopment Projects] No Stamp Duty On Individual Allotment Agreements If Development Agreement Is Stamped: Bombay High Court After April 2020, stamp duty collection in Maharashtra experienced many ups and downs. Explanation.-- For the purposes of this clause, the term 'debenture' includes debenture stock; (b) of any interest secured by bond, mortgage deed or policy of insurance; (c) of any property under section 22 of the Administrators' General Act, 1963; (d) of any trust property without consideration from one trustee to another trustee, or from a trustee to a beneficiary. %PDF-1.7 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,-. endobj * For comparison purposes, we have relied on the stamp duty rates under Maharashtra Stamp Act 1958. endobj Section 5 of the Act has been substituted and shall be deemed to have been substituted with effect from the August 11, 2015, with the following: 5 (h) impressed stamp under Rule 6, ARTICLE 6 AGREEMENT RELATING TO DEPOSIT OF TITLE DEEDS, PAWN, PLEDGE, OR HYPOTHECATION, AGREEMENT RELATING TO DEPOSIT OF TITLE DEEDS, PAWN, PLEDGE, OR HYPOTHECATION, that is to say, any instrument evidencing an agreement relating to--. 100. (3) It shall be the duty of the proper officer so authorized under sub-section (2) to make an endorsement on the instruments after defacing the challan, as follows : Stamp duty of Rs. Controller of Stamps ,Mumbai/Designated Officers. (2) For the purposes of this Order, the first instrument of transaction means, the first document executed between the project Proponent/s and the Purchaser (hereinafter referred to as the original purchaser) in respect of residential unit located in the areas as approved under the Pradhan Mantri Awas Yojana- Housing For All (Urban) Project area (hereinafter referred to as the said area). If on adjustment, no duty is required to be paid then a minimum duty for the conveyance shall be Rs. xiR~d%[Ko"#WR~H#4%9:9 j~eie )vr. <>/Metadata 4834 0 R/ViewerPreferences 4835 0 R>> 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. 4 0 obj if(MSFPhover) { MSFPnav1n=MSFPpreload("../_derived/back_cmp_Profile110_back.gif"); MSFPnav1h=MSFPpreload("../_derived/back_cmp_Profile110_back_a.gif"); } 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. Instruments executed out of State. Buy Now Mumbai's stamp duty Stamp duty in Mumbai varies based on the location of the property and the kind of deed. (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). The Act is a fiscal measure enacted to secure revenue for the State from certain classes of instruments. AFFIDAVIT, that is to say, a statement in writing purporting to be a statement of facts, signed by the person making it and confirmed by him on oath or, in the case of persons by law allowed to affirm or declare instead of swearing, by affirmation. *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 (276 kb) Date : Jul 01, 2020. 9.7 Deficient portion of stamp duty : amount of maximum penalty increased. . (b) Where such leave and license agreement purports to be for a period exceeding 60 months with or without renewal clause; Same duty as is leviable on lease, under clause (ii), (iii) or (iv), as the case may be, of Article 36. The amount currently is barely Rs 200 or Rs . You can pay stamp duty online via an electronic secured bank treasury receipt (eSBTR)-an online payment service. (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-. TRANSFER (whether with or without consideration). Explanation- for the purpose of this clause, the principal or primary security shall mean, the security created under clause (a) or (b) above. 100. then value declared by these departments in notice is treated as final market value. Provided that, in case of instrument executed in favour of consortium of banks, the duty chargeable shall not exceed Rs.50,00,000/-, (2) The pawn, pledge, or hypothecation of movable property, where such pawn, pledge or hypothecation has been made by way of security for their repayment of money advanced or to be advanced by way of loan or an existing or future debt--, (3) The instrument falling under this article when executed as a collateral or auxiliary or additional security and where the proper duty has been paid on the Principal or Primary security under this article. STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Impressed Label/Special Adhesive Stamp affixed by Proper Officer under Rule 11. This implies that stamp duty is also payable on contracts entered in electronic form if such instrument is listed . The Central Government through the Finance Act, 2019 ('Finance Act') has introduced various amendments to the Indian Stamp Act, 1899 ('Stamp Act'). 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 ,--. Explanation. 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. Also read: Stamp duty on property registration in Gujarat Stamp duty in Mumbai 2023 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. ((navigator.appName == "Microsoft Internet Explorer") && Immovable property land, house or flat can now be transferred to one's children or blood relatives without paying stamp duty for registration. 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--. Recently Maharashtra Government has allowed online registration of first sale agreement of developers approved by the Stamp duty and Registration Authorities. Online Payment of Stamp Duty in Maharashtra without Registration (A) for the purpose of non -residential use of any nature whatsoever; The same duty as is payable under Article 36(iv). 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. With an intent to bring uniformity in rates of . Signature of the Officer. STAMPS TO BE USED- Non-Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules10 & 11]. 9.12 Voluntary disclosure of fact of instrument not duly stamped. The Union Government notified Part I of Chapter IV of the Finance Act, 2019 and promulgated the Indian Stamp (Collection of Stamp- Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019.The Amendment seeks to: address the stamp duty regime recognising the technological changes in the field of financial securities, which today are primarily, done electronically through the stock exchange or through authorized clearing corporations and the depositories; and, provide for a centralized collection mechanism under which the stamp duty is to be collected at one place by one agency (i.e. (b) when possession is not given or agreed to be given as aforesaid. Exemptions Affidavit or declaration in writing when made --. (a) Where the leave and license agreement purports to be for a term not exceeding 60 months with or without renewal clause. Act not applicable to rates of stamp duty on bills of exchange, etc. (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, -. The same duty as is leviable on a Conveyance under clause (a), (b) or (c), as the case may be, of article 25, on 90 % of the market value of the property. - 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. 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. Tenancy agreement in Maharashtra When renting a property, landlords and tenantsmust engage in proper documentation to make the rental agreements legally binding. 100/-. 1 0 obj }