9.7 Deficient portion of stamp duty : amount of maximum penalty increased. -- 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. (a) as a condition of enrolment under the Air Force Act, 1950, (XLV of 1950) the Army Act, 1950 (XLVI of 1950) or the Navy Act, 1957 (LXII of 1957); (b) for the immediate purposes of being filed or used in any Court or before the officer of any Court; or. 63. (5) No refund shall be granted where stamp duty has already been paid by any project proponent or the Purchaser of any unit prior to the date of publication of this Order in the Maharashtra Government Gazette. Regional Development Authority (MMRDA) and Municipalities of Pune, Pimpri-Chinchwad and Nagpur. Stamp Duty in Maharashtra - A Simple Guide | Piramal Realty ], A. 0.2%. (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. 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. In section 70 of the principal Act, sub-section (2) shall be deleted. 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. . 478 of 2022 ('Tata Autocomp') granted interim relief by directing Maharashtra Government to refrain from levying Stamp Duty under Article 29 (Article 24 in Bombay Stamp Act, 1958) of Schedule I of the Maharashtra Stamp Act, 1958 ('Stamp Act') on Bill of Entry ('BOE . Let us understand how the above fall in Stamp Duty in Maharashtra has affected the cost of property for homebuyers. GST regulations, Company secretary standards, Stamp duty, contract act, etc. State Wise Stamp Duty Schedule & Concerned Act . if(MSFPhover) { MSFPnav5n=MSFPpreload("../_derived/back_cmp_Profile110_back.gif"); MSFPnav5h=MSFPpreload("../_derived/back_cmp_Profile110_back_a.gif"); } It may be noted that now adjudication is compulsory in all cases where an instrument is required to be adjudicated as per Ready Reckoner before registration as the Registrar of Sub-Assurances insists upon the same. Signature of the Officer. Insection 31of the principal Act, in sub-section (4), in the proviso, for the word double the wordsfour timesshall be substituted. if(MSFPhover) { MSFPnav8n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav8h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } 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. Applicability of Stamp Duty on Bill of Entry - NITYA Tax Associates The same duty as is payable under clauses (a) and (b). (iii) for a period exceeding 10 years but not exceeding 29 years, with a renewal clause contingent or otherwise. It amends section 5, article 6 and article 40 of schedule I of the Maharashtra Stamp Act, 1958, and has been released in addition to the circular issued by the Office of the Inspector . Explanation I. (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. 0.2 % of the amount agreed in the contract. Explanation For the purposes of this sub clause, the unit shall include a flat, apartment, tenement, block or any other unit by whatever name called, as approved by the Competent Authority in the building plan. What are the consequences of inadequate stamping of a contract if(MSFPhover) { MSFPnav4n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav4h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } 100. 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. MHADA, CIDCO, BPT, MC, MIDC etc., or Income Tax Dept. 9.2 Several instruments used in a single transaction: Development Agreement, Sale and new instrument (Lease) included along with mortgage or settlement. 50/- shall be rounded of to the next Rs. (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. Drafted and reviewed various agreements such as Producer, Line Producer, Director, Artist, Music Producer, Endorsement, Service, In-Film Branding Agreements. For the purpose of this article, the market value, for the instruments falling under section 2 (n) (iii) (Toll Agreements) and article 5 (g-e) (Hire Purchase agreement), shall be the total contract value and they shall be chargeable to duty same as under clause (a) of article 25. it changes every April. There are a host of legal formalities involved. 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-. Certain departments, organisations, institutions etc., to ensure payment of stamp duty-, (1) Notwithstanding anything contained in this Act, the State Government may, by notification in the Official Gazette, direct that any State Government Department, institution of local self-Government, semi Government organization, banking or non-banking financial institution or the body owned, controlled or substantially financed by the State Government or any class of them, shall ensure that the proper duty is paid to the State Government through Government Receipt Accounting System (G.R.A.S.) (ii) If relating to the purchase of one or more units in any scheme or project by a person from a developer: Same duty as is leviable under clause (a), (b) or (c), as the case may be, of Article 25 on the market value of the unit. on the refundable security deposit or money advanced or to be advanced, by whatever name called. Stamp Duty Refund Also Applicable To All Development Agreements Signed LX (C) Of the time of stamping Instruments 17. Maharashtra Stamp Act - BCAS // -->. Vide Notification No. Stamp Paper- The stamp charge must be executed on non-judicial stamp papers and is paid directly to the registered authority. The Maharashtra Stamp (Second Amendment) Act, 2017 have increased the percentage of stamp duty in certain cases under Article 25 and Article 34 of Schedule I to the Maharashtra Stamp Act, 1958. The renewal period, if specifically mentioned, shall be treated as part of the present lease, Explanation III. <> Forsection 68of the principal Act, the following section shall be substituted, namely : 68. 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. In case of instruments which are based upon Market Value of the property which is the subject matter of an instrument, means the price which such property would have fetched if sold in open market on date of execution of such instrument or consideration stated in the instrument whichever is higher and needs to be paid in full and in time. 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. As mentioned in this order 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 shall stand reduced to 1% subject to certain conditions, if all the purchasers are female. Provided also that where proper stamp duty is paid on a registered agreement to sell an immovable property, treating it as a deemed conveyance and subsequently a conveyance deed is executed without any modification then such a conveyance shall be treated as other instrument under section 4 and the duty of Rs. 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. Stamp Duty and Registration Charges in Maharashtra in 2023 - Housing News 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. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.2 842.4] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>