maharashtra stamp duty act 2020

- 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. The Ready Reckoner is also available online on the IGR website. No. In section 70 of the principal Act, sub-section (2) shall be deleted. The Maharashtra Legislative Assembly have passed a Bill which inter alia extends the set-off period for payment of stamp duty on resale of Immovable Property purchased from developer/ promoter as investment from one year to three years. Insection 72of the principal Act, (i) in clause (a) the word and shall be deleted; (ii) after clause (a), the following clause shall be inserted, namely : (a-a) powers conferred on it by clause (b) of section 9, to the Additional Controller of Stamps, Mumbai or any other officer; and.. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 11. (3) The Occupancy Certificate must be granted by the concerned Planning Authority. In Vastu, placing an outdoor water fountain in the east or northeast direction is ideal. 1 by Impressed Stamp Fixed by Proper Officer. 59 of 2017 . 43 75. Explanation I.-For the purposes of this article, where in the case of agreement to sell an immovable property, the possession of any immovable property is transferred or agreed to be transferred to the purchaser before the execution, or at the time of execution, or after the execution of, such agreement [* * *] then such agreement to sell shall be deemed to be a conveyance and stamp duty thereon shall be leviable accordingly: Provided that, the provisions of Section 32A shall applymutatis mutandisto such agreement which is deemed to be a conveyance as aforesaid, as they apply to a conveyance under that section: Provided further that, where subsequently a conveyance is executed in pursuance of such agreement of sale, the stamp duty, if any, already paid and recovered on the agreement of sale which is deemed to be a conveyance, shall be adjusted towards the total duty leviable on the conveyance. 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. 100. Circular w.e.f. Provided further that, if the proper stamp duty is paid under clause (g) of article 48 on a power of attorney executed between the same 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 ,--. 9.2 Several instruments used in a single transaction: Development Agreement, Sale and new instrument (Lease) included along with mortgage or settlement. if(MSFPhover) { MSFPnav3n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav3h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } 5 (a) to (g) adhesive under section 11, for Art. 68. (c) When a collateral or auxiliary or additional or substituted security, or by way of further assurance for the above-mentioned purpose where the principal or primary security is duly stamped. % However agreement for sale of flats, shops, etc. STAMPS TO BE USED -- Non-Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10 (ii). The Maharashtra Stamp Act, passed in 1958, applies to all instruments listed in Schedule 1 on which the state collects stamp duty. 0.1% of the value of the shares ,scrip or stock. ACT LX OF 1958) (Modified up to the 03 Jun 2022) 1958:Bom.LA] THE MAHARASHTRA STAMP ACT. (i) where the trust is made for a religious or charitable purpose. 0.005%. Repeal of enactments. 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. (2) Letter of hypothecation accompanying a bill of exchange. After April 2020, stamp duty collection in Maharashtra experienced many ups and downs. 31.03.2020 that the Company had committed default in payment of instrument deed . The Act is intended to levy stamp duty on certain types of documents executed in the state or brought from outside for Instrument of partition means any instrument whereby co-owners of any property divide or agree to divide such property in severally and includes: a final order for effecting a partition passed by any revenue authority or any civil court, an award by an arbitration directing a partition, and, when any partition is effected without executing any such instrument, any instrument or instruments signed by the co-owners and recording, whether by way of declaration of such partition or otherwise, the terms of such partition amongst the co-owners. (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. . 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. 4. Instruments which are not covered under the above Act are either chargeable under Indian Stamp Act, 1899 (e.g. 44 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. 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. EXCISE BOND, See Customs Bond or Excise Bond (Article 28). // -->