This is only applicable in the areas falling under the Mumbai Metropolitan Region Development Authority (MMRDA) and municipal corporations of Pune, Pimpri-Chinchwad, and Nagpur. (276 kb) Date : Jul 01, 2020. 5 (a) to (g) adhesive under section 11, for Art. The Bombay High Court in a recent case of Tata Autocomp Systems Limited v.State of Maharashtra, Writ Petition (L) No. (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,-. 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,-. 100. 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. Who bears and pays the stamp duty is a matter of agreement between the parties. 50/- shall be disregarded. 5 lakhs, rate of stamp duty is 0.3% of the secured amount.. Rate of stamp duty has been increased from 0.2% . Depending upon the Instrument, it may be based upon the Market Value, Area, or other various criteria. Revocation of -- of, or concerning, any property when made by any instrument other than a Will. 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-. The government's two year concession from stamp duty hike ends in March . Therefore , the Respondent states that the Debenture Trust . STAMPS TO BE USED- Non-Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules10 & 11]. on the refundable security deposit or money advanced or to be advanced, by whatever name called. (a) if the amount agreed does not exceed Rs. LX of 1958), the Government of Maharashtra, having satisfied that it is necessary to do so in the public interest, hereby reduces, with effect from the 1st August, 1994, the maximum duty chargeable on Articles of Association of a Company under Article 10 of Schedule I of the said Act, to Rs. However, an instrument can be registered within additional 4 months by paying penalty which is equivalent to 2.5 times per month or part thereof subject to maximum 10 times. By Notification dated 8th February 2019, the Government of Maharashtra has introduced levy of additional stamp duty for instruments of sale, gift and usufructuary mortgage, in the form of Metro Cess. : detection of frauds under Information Technology Act. ; by which property, whether movable or immovable, or any estate or interest in any property is transferred to, or vested in, any other person. Explanation I. Instruments which are not covered under the above Act are either chargeable under Indian Stamp Act, 1899 (e.g. . Act LX of 1958) as amended from time to time. *Strike out whatever is not applicable., 9.5 Person who is liable to pay stamp duty. The Central Government through the Finance Act, 2019 ('Finance Act') has introduced various amendments to the Indian Stamp Act, 1899 ('Stamp Act'). 100/- and fractions of less than Rs. 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. Seal of the office. (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. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper under Rule l0(ii). If the garden of your house has a formal design, then you must place the water fountain in a central location so that it can serve as a focal point. Explanation I. The stamp rate was 3% from 1st Oct 2020 to 31st Dec 2020. 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. if(MSFPhover) { MSFPnav6n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav6h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } (2) Any such individual, institution, organization, company or a body responsible to furnish the information under sub-section (1) fails to furnish the same within the specified time, the Chief Controlling Revenue Authority or any other officer authorised by him in this behalf, direct such defaulter to pay by way of penalty, a sum not less than rupees five hundred but which may extend to rupees ten thousand for each failure.. 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. The same duty as is leviable on a conveyance under clause (a), (b) or as the case may be (c) of Article 25, on the market value of the share, interest, part or claim renounced. 0.2%. 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. 9.11 Deficient portion of stamp duty : amount of maximum penalty increased. 50/- shall be rounded of to the next Rs. 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. * The amount of stamp duty has been calculated as per the provisions of Maharashtra Stamp Act( Bom. through the stock exchanges or clearing corporations authorized by the stock exchange or by the depositories) on one instrument, In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of. (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-. --Where under clause (f), duty has been paid on the power of attorney, and a conveyance relating to that property is executed in pursuance of power of attorney between the executant of the power of attorney and the person in whose favour it is executed, the duty on conveyance shall be the duty calculated on the market value of the property reduced by duty paid on the power of attorney. (ii) Maharashtra Stamp Act [1958 : Bom. 25,00,000. The amount currently is barely Rs 200 or Rs . ((navigator.appName == "Microsoft Internet Explorer") && CQYOn. 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--. Stamp duty is payable at rates mentioned in Schedule - I 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. Once the instrument is executed, it should be registered within 4 months from the date of such executionwithout any penalty towards registration fees. (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. 59 of 2017 . 19 May, 2017, 10.37 AM IST. xiR~d%[Ko"#WR~H#4%9:9 j~eie )vr. Memorandum of any association nor formed for profit and registered under section 25 of the Companies Act, 1956, (I of 1956). Mundrak. You can log into the website of the authorized bank, click the link for payment of stamp duty/registration fees. AWARD, that is to say, any decision in writing by an arbitrator or umpire, on a reference made otherwise than by an order of the Court in the course of a suit, being an award made as a result of a written agreement to submit, present or future differences to Arbitration but not being an award directing a partition--. With an intent to bring uniformity in rates of . 100, if such transfer or assignment is made within a period of 1 year from the date of the agreement. // --> . 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. 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 . 31.03.2020 that the Company had committed default in payment of instrument deed . Further it has to be paid on time to avoid penalty. Act not applicable to rates of stamp duty on bills of exchange, etc. _______ paid in *cash/by demand draft/by pay order/e-Challan, vide Receipt/Challan No._______________/GRN No._______________CIN_____________ dated the ___________. Explanation III. Even instruments executed outside the State are liable to duty within 3 months on their receipt in the State, provided it relates to a property situated in the State or a matter or thing to be done in the state. 0.2% on share capital or increased share capital ,as the case may be subject to a maximum of Rs. (Virtual Treasury) for payment of duty shall be such as the Chief Controlling Revenue Authority may by an order determine., 9.4 Fixing liability of payment of stamp duty even on unregistered documents, Aftersection 10Cof the principal Act, the following section shall be inserted, namely :, 10D. or Semi-Govt. (iii) for a period exceeding 10 years but not exceeding 29 years, with a renewal clause contingent or otherwise. (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). <>/Metadata 4834 0 R/ViewerPreferences 4835 0 R>> 1-5-1994, the stamp papers must be in the name of one of the parties to the transaction. 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. Or, 0.7% of the aggregate of the market value of share allotment. -- 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. Both the parties shall put in writing the terms of the agreement on the document or in case of a gift deed, the property that is being gifted and get it signed. as mentioned in sub-section (1) as a proper officer for defacing the challan and making the endorsement on such instruments. In Maharashtra the Ready Reckoner changes every financial year i.e. 3,q~KQLa5})lDUau2Pyq?P|#K:G::w;9,8izk+x5o/y% hn;p#glsf VK>KJU|p7y6#&Q oFa#K/ ARTICLES OF ASSOCIATION OF A COMPANY Where the Company has no share capital or nominal share capital or increased share capital. MSFPhover = GST regulations, Company secretary standards, Stamp duty, contract act, etc. TRANSFER (whether with or without consideration). State Wise Stamp Duty Schedule & Concerned Act . 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;. RECORD OF TRANSACTION (Electronics or otherwise) effected by a trading member through a stock exchange or the association referred to in Section 10 B-, (a) if relating to sale and purchase of Government securities, Rs.50 for every Rs. 3 0 obj After April 2020, stamp duty collection in Maharashtra experienced many ups and downs. (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. ADMINISTRATION BOND including a bond given under section 6 of the government Savings Banks Act, 1873 or the Indian Succession Act, 1925. Insection 31of the principal Act, in sub-section (4), in the proviso, for the word double the wordsfour timesshall be substituted. 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. Stamp Duty on lease agreement in Maharashtra 2. Note.--The largest share remaining after the property is partitioned (or, if there are two or more shares of equal value and not smaller than any of the other shares, then one such equal shares) shall be deemed to be that from which the other shares are separated. You can also place the fountain amidst the two paths. Explanation I-For the purpose of clause (b),''Securities means the securities as defined in clause (h) of section 2 of the Securities Contract (Regulations) Act 1956. 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. 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. Instrument of gift has been defined to include, where the gift is of any movable or immovable property but has not been made in writing, any instrument recording whether by way of declaration or otherwise the making or acceptance of such oral gift. Explanation II-- Where in the case of an agreement to mortgage the amount or part thereof sought to be secured by such an agreement is advanced or disbursed to the mortgagor or without execution of a mortgage deed, then such an agreement to mortgage shall, notwithstanding anything contained in clause (d) of section 2, become chargeable under this Article as mortgage-deed on the date of making of such advance or disbursement either in part or in whole. 68. 0.2 % of the amount agreed in the contract. Maharashtra government slashes stamp duty to 2% until Dec 2020 to boost demand The reduced cost of the stamp duty is bound to encourage first time homebuyers, fence sitters as well as. (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. Buy Now Mumbai's stamp duty Stamp duty in Mumbai varies based on the location of the property and the kind of deed. (a) of debentures, being marketable securities whether the debenture is liable to duty or not, except debentures provided for by section 8 of the Indian Stamp Act, 1899. From 1st January 2021, people were to pay a 3% stamp duty on the . HIRING AGREEMENT or agreement for service, see Agreement (Article 5). Maharashtra Government announced stamp duty reduction in August 2020 till March 31, 2021. Sep 2021 - Oct 20212 months. 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. 10. These amendments were earlier discussed by the Maharashtra Cabinet and approved on December 9, 2020. 1094/2229/CR-450-MI, dated 2nd August, 1994 - In exercise of the powers conferred by clause (a) of section 9 of the Bombay Stamp Act, 1958 (Bom. VALUATION, See Appraisement (Article 8). 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. STAMPS TO BE USED -- Non-Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10 (ii). (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. Hence, it is crucial to duly stamp a contract. (2) Letter of hypothecation accompanying a bill of exchange. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10(ii). Under Section 17 of the . { 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.. (6) Any project proponent or the Purchaser of any unit for which the reduction in the stamp duty is granted under this Order, and which fails to fulfill the purpose or objectives of the said policy or commits breach of any of the conditions or special regulations as specified in the said policy or this order, shall be liable to pay the whole stamp duty and penalty, if any, as if there was no reduction in stamp duty from the beginning. The eSBTR is a receipt of duty paid to the government. Declaration of -- of, or concerning, any property when made by any writing not being a Will,--, (a) where there is disposition of property, --. If on adjustment, no duty is required to be paid then a minimum duty for the conveyance shall be Rs. 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. according to the share capital of the company ,subject to minimum of Rs.1,000 and maximum of Rs.50,00,000. Transfer of Shares, Debentures, Bills of Exchange, Receipt, etc) or not chargeable at all (i.e., if they are not specified under the Act as well as under the Indian Stamp Act). The same duty as is leviable on a Conveyance under clause (a), (b) (c), as the case may be, of Article 25, on the market value of the property of the greatest value. PAYMENT OF STAMP DUTY 4.1 S.17 of the Act provides that all instruments chargeable with duty and executed in Maharshtra should be stamped before or at the time of execution or immediately thereafter or on the next working day following the date of execution. (4) The project proponent or the Purchaser of any unit which availed the reduction under this Order shall not be entitled for concession or remission of stamp duty as per any other order or policy. 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. 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. 20 lakhs. stream However agreement for sale of flats, shops, etc. (A) for the purpose of non -residential use of any nature whatsoever; The same duty as is payable under Article 36(iv). (a) of a bill of exchange, cheque or promissory note; (b) of a bill of lading, delivery order, warrant for goods or other mercantile document or title to goods; (d) of securities of the Central Government, STAMPS TO BE USED -- Non - Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules 10 & 11. Stamp duty in Maharashtra depends on whether the property is urban or rural, total transaction value, etc. Nothing is legal that adopts a method in effecting a transaction so as to reduce or lessen the liability of stamp duty. (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. E-payment is a mode of payment in addition to the conventional methods of payment offered by the Government of Maharashtra which is popularly known as GRAS(Government Receipt Accounting System). The Stamp Duty in Maharashtra (areas other than Mumbai) was reduced by 2 per cent from September 1, 2020 to December 31, 2020 and by 1.5 per cent from January 1, 2021 to March 31, 2021. 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. Maharashtra The Stamp duty should not exceed 5% of the true market value of the true market value of the immovable property when the transfer is taken place within Maharashtra. On 11th May 2020, the Maharashtra government has lost Rs 3885 crore in stamp duty in 40 days of lockdown. Finance Department (FD), Government of Maharashtra, has decided to receive payments electronically. increased stamp duty on gift deeds and conveyance deeds by amending the amending the Maharashtra stamp duty act. The new rate after the reduction was 2% (from earlier 5%) and applied from 1st September to 31st December 2020. Highlights of the Order: Government of Maharashtra has vide order1 dated 16 March 2020 increased the maximum stamp duty payable on scheme of arrangement of companies / banks in the state of Maharashtra from INR 250 million to INR 500 million. 22-12-2011: As per new circular from IGR, the old agreement, which has expired 8 months period from the date of execution cannot be registered. BOMBAY STAMP ACT, INDIAN STAMP ACT & REGISTRATION ACT. Provided that, the provisions of section 32A shall,mutatis mutandis, apply to such an instrument of power of attorney as they apply to a conveyance under that section. (1) having area upto 27.88 squares meters (300 square feet); Rs. Insection 32Aof the principal Act, (i) in sub-section (1), after the words by way of assignment the following portion shall be inserted, namely : and also any other instruments mentioned in SCHEDULE I chargeable with duty on the basis of market value of the property; (ii) in sub-section (2), in the third proviso, for the word double the words four times shall be substituted; (iii) in sub-section (4), (a) the first and second provisos shall be deleted; (b) in the third proviso, for the word double the words four times shall be substituted. The same duty as a conveyance under clause (a), (b), or (c), as the case may be, of Article 25, for a sum equal to the amount settled or the market value of the property settled. Press Releases. COMPOSTION DEED, that is to say, any instrument executed by a debtor whereby he conveys his property for the benefit of his creditors or whereby payment of a composition or dividend on their debts is secured to the creditors, or whereby provision is made for the continuance of the debtor's business under the supervision of inspectors or under letters of license for the benefit of his creditors. To avail of this facility the taxpayer is required to have a net-banking account with any of the banks listed by the government on the website. Conveyance has been defined to include: every decree or final order of any Civil Court. Follow these steps, to pay your stamp duty online: Step 1: Visit the Maharashtra Stamp Duty online payment portal. if(MSFPhover) { MSFPnav8n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav8h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } 9.3 E-payment through Government Receipt Accounting System (GRAS): Virtual Treasury, Insection 10of the principal Act, after sub-section (3), the following sub-section shall be inserted, namely :, (3A) The procedure to regulate the use of e-payment, through Government Receipt Accounting System (G.R.A.S.) Provided always that,-- (a) when an instrument of partition containing an agreement to divide property in severalty is executed and a partition is effected in pursuance of such agreement, the duty chargeable upon the instrument effecting such partition shall be reduced by the amount of duty paid in respect of the first instrument, but shall not be less than Rs.
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