maharashtra stamp duty act 2020

BOMBAY STAMP ACT, INDIAN STAMP ACT & REGISTRATION ACT. 50 or an amount equal to 5% of the amount of consideration ,whichever is higher, (2) having area more than 27.88 squares meters (300 square feet), (i) any advertisement on mass media, made for promotion of any product; or programme or event with an intention to make profits or business out it,-. The Amendment introduces a new definition of clearance list which is each client's list of transactions of sale and purchase relating to contracts traded on the stock exchange. Provided further that, when proper stamp duty is paid under clause (g- a) of article 5 on an agreement, or records thereof or memorandum of an agreement executed between the same parties and in respect of the same property, the duty chargeable under this clause shall be Rs. 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. 9.15 Mandatory provision for furnishing information called by CCRA or any authorized Officer. 6/4/2020 7:10 AM 113472 Mah_Act_XIV_of_2020.pdf 6/4 . Assam. 100, if such transfer or assignment is made within a period of 1 year from the date of the agreement. Stamp Duty Increased from 3% to 5% w.e.f. Stamp Paper- The stamp charge must be executed on non-judicial stamp papers and is paid directly to the registered authority. 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. STAMPS TO BE USED- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper under Rule 10(ii), MORTGAGE DEED, not being an agreement relating to Deposit of Title Deeds, Pawn or Pledge or Hypothecation (Article 6), Bottomry Bond (Article 14), Mortgage of a Crop (Article 41), Respondentia Bond (Article 53), or Security Bond or Mortgage Deed (Article 54)-. - CA VIMAL PUNMIYA STAMP DUTY INTRODUCTION: thThe Bombay Stamp Act, 1958 came into force on 16 Feb, 1959 and is applicable in the State of Maharashtra. Vide Notification No. 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. (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. 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. (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. The Amended Stamp Act clarifies that no stamp duty shall be charged on any instrument (other than the principal instrument) on a single transaction. (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. 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. Explanation II. 10.1 Deletion of requirement to round off duty amount. An instrument covering or relating to several distinct matters is chargeable with the aggregate amount of duty with which each separate instrument would have been chargeable. (ii) For the purpose of clause (da), the number of shares issued or allotted in exchange or otherwise shall mean, the number of shares of the transferor company accounted as per exchange ratio as on appointed date. (Policy) issued by Revenue and Forest Department dated 29.08.2020 wherein the Stamp Duty chargeable under Article 25(b) of Schedule - I of . 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--. % 5,00,000; Explanation No duty shall be chargeable on agreements or its record covered under sub-clauses (b) and (c ) of this article, if proper duty is paid under Article 51 A, Agreement or its records or Memorandum of Agreement--. These amendments were first proposed under the Finance Act of 2019 and the Indian Stamp. In cases of Bonds, Release, Settlement, it is to be paid by the person making or drawing the instrument. 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 . 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--. The Bihar Stamp (Amendment) Rules, 2015.Link . Maharashtra Government announced stamp duty reduction in August 2020 till March 31, 2021. When compared to March, property registrations fell by 50% in April . on the market value shall be substituted; (ii) the words whichever is less shall be deleted. 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. Any person can apply to the Collector of Stamps for adjudication of the stamp duty payable on the instrument. Provided that in case of instrument executed by consortium of banks, the duty chargeable shall not exceed 50 lakhs. (b) where there is no disposition of property, --. 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. As per the Order dated 31st March 2021 Government has introduced concessional stamp duty rate for Female homebuyers. Section 3 of the Maharashtra Stamp Act provides that every instrument mentioned in Schedule I to the Act is chargeable with Stamp duty. * For comparison purposes, we have relied on the stamp duty rates under Maharashtra Stamp Act 1958. ADMINISTRATION BOND including a bond given under section 6 of the government Savings Banks Act, 1873 or the Indian Succession Act, 1925. 0.2 % of the amount agreed in the contract. If the amount secured is more than Rs.5 lakhs then the Stamp duty shall be 0.3% of the amount secured subject to a maximum of Rs.20 Lakhs. 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. 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. It had reduced stamp duty to 2% from 5% within 1st September 2020 to 31st December 2020, to boost real estate demand in Pune. 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.. There are a host of legal formalities involved. (iii) for a period exceeding 10 years but not exceeding 29 years, with a renewal clause contingent or otherwise. 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. The Act is intended to levy stamp duty on certain types of documents executed in the state or brought from outside for You can get the eSBTR on giving a printout of proof of payment online at nominated branches of the bank. (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. (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. The new rate after the reduction was 2% (from earlier 5%) and applied from 1st September to 31st December 2020. 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. *Strike out whatever is not applicable., 9.5 Person who is liable to pay stamp duty. However, as a general matter we believe the changes will achieve uniformity and affordability. The government's two year concession from stamp duty hike ends in March . (D) Of Valuations for Duty 20. The Maharashtra stamp duty Act 2020, reduced the stamp duty on properties for the next two years. 9.12 Voluntary disclosure of fact of instrument not duly stamped. Tenancy agreement in Maharashtra When renting a property, landlords and tenantsmust engage in proper documentation to make the rental agreements legally binding. 10,00,000. Recently Maharashtra Government has allowed online registration of first sale agreement of developers approved by the Stamp duty and Registration Authorities. Thereafter, on 12th June, 2020 the Petitioner filed Adjudication Case No.ADJ/1100900/224/2020 before Respondent No.3 . If the garden of your house has an informal design . ARTICLE 17 CERTIFICATE OR OTHER DOCUMENT. Once the instrument is executed, it should be registered within 4 months from the date of such executionwithout any penalty towards registration fees. // -->. Therefore , the Respondent states that the Debenture Trust . The amendments to the Indian Stamp Act 1899 (Act) have come into effect from 1 July 2020. Follow these steps, to pay your stamp duty online: Step 1: Visit the Maharashtra Stamp Duty online payment portal. - 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 . STAMPS TO BE USED -- Adhesive Stamp (Section 11). depending on Until April 2020, Maharashtra stamp duty has been reduced for two years in areas under Mumbai. The recent notification of the Maharashtra government to abolish stamp duty on gifts between relatives (Referring to the Maharashtra Stamp Act Amendment Bill 20/2015). 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: LETTER OF GUARANTEE,SeeAgreement (Article 5). // -->