The state government on Wednesday decided to slash stamp duty on sale deed documents by 3 per cent from September 1 to December 31, 2020, and by 2 per cent from January 1, 2021 to March 31 2021. The Ministry of Finance (“Ministry”) has appointed January 09, 2020 as the day on which these proposed amendments shall come into force. With this primary reason, the Maharashtra government, in August 2020, announced a temporary reduction of 2% to 3% in the stamp duty on property purchases. It is administered by Article 36 read with Article 25 of Schedule 1 to the Act. In support of its demand, the association mentioned the slowdown in housing sales and the drastic reduction in stamp duty revenue collections for the State Government Certain changes were to be effective from April 1, 2020. Charity Commissioner of Maharashtra has again further extended due date for submitting trust accounts for the FY 2019-20. The amount of Stamp Duty payable depends on type of documents. The new rates will be applicable from February 8, 2019. 21 of 2019, dated 23.7.2019 ... Act not applicable to rates of stamp duty on bills of exchange etc. In the adjudication proceedings, RIL argued that the maximum stamp duty payable on the Bombay Order under the provisions of the Maharashtra Stamp Act, 1958 (Stamp Act) was INR 25 crore. According to the announcement made by the state government in August 2020, the stamp duty payable on property transactions was reduced in two slabs – by 3% from September 1, 2020 to December 31, 2020 and by 2% from January 1, 2021 to March 31, 2021. The Governor of Maharashtra promulgated the Maharashtra Stamp (Amendment and Validation) Ordinance, 2021 on February 09, 2021. The duty will be reduced by 1% from existing 6% to 5% in these areas which would give a boost to the construction sector. These amendments were earlier discussed by the Maharashtra Cabinet and approved on December 9, 2020. In Maharashtra, stamp duty on loan contracts amounts to 0.1% of all lending transactions. Please find the applicable stamp duty rates applicable on each type of trade below: Trade type New applicable Stamp duty rate Delivery equity trades 0.015% or Rs 1,500 per crore on buy-side Intraday equity trades.. Whenever any movable or immovable asset changes hands, the buyer has to pay a certain amount of tax to the state government, to get it stamped, which is known a Maharashtra Budget 2021 Highlights: From Concession In Stamp Duty For Women To Interest Free Loans To Farmers, Check Key Announcements Here Maha Budget 2021: The state government proposed to increase the State Excise Duty on liquor, and the measure is expected to fetch additional Rs 800 crore. This Act is intended to levy Stamp duty on certain types of documents executed in the State or brought from outside for acting upon the same in the State. Stamp duty is decided on the basis of the state and the capital contribution. The state government on Wednesday decided to slash stamp duty on sale deed documents by three percent from 1 September to 31 December, 2020, and by 2 percent … Follow these steps to pay your stamp duty online: the same tax as on a rental deed for the residual term of the lease. Stamp duty from Jan 1, 2021, until Mar 31, 2021 will be 3%. Talwar, who recently retired as CEO of India's largest realty firm DLF, said many developers from Maharashtra made payment of the reduced stamp duty on behalf of their customers. 23 Nov, 2020, 05.45 PM IST. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. The ailing real estate has welcomed the Maharashtra government's decision to reduce the stamp duty to two per cent till December saying the move will foster demand creation and give a boost to the allied industries. The Maharashtra Government in April 2020, decided to decrease the stamp duty rates to 5% (Stamp duty 4%, Metro cess 1%) on properties that fall under the Mumbai Metropolitan Region and Municipal Corporation of Pune, Nagpur, and Pimpri-Chinchwad (PCMC). Stamp Duty on Issue and Transfer of Shares. I.GL.33/2003/7 dated 17th September, 2004. Applicability of Stamp Duty on Power of Attorney for representation before the Income Tax & Other Departments in India. See also: Maharashtra Stamp Act: An overview on stamp duty on immovable property This was in fact the second reduction in stamp duty charges by the state in 2020. The stamp duty rates applicable from September 1, 2020, till December 31, 2020, is 2%, and from January 1, 2021, till March 31, 2020, it’s 3%. April 17 2020, 11:29 PM April 17 2020, 11:29 PM. On August 26, the Maharashtra government had decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until December 31, 2020. For instance: If property of Rs.10 lakh is located in BBMP/corporation area, the stamp duty … The Maharashtra Government recently announced slashing of stamp duty by 3% from September 1 to December 31, 2020 and by 2 percent from January 1 to March 31, 2021. Mumbai, August 27, 2020 01:04 IST. To boost home sales, the Maharashtra government has temporarily reduced stamp duty on residential units from 5% to 2% until Dec 31, 2020. The amount of Stamp Duty payable depends on type of documents. The Maharashtra Stamp Act was passed in 1958 and applies to all the instruments mentioned in Schedule 1, on which the stamp duty is payable to the state. The Maharashtra Stamp Act,1958 applies to the entire State of Maharashtra. This Act was amended to include revised stamp duty on gift deeds, revised penalty clauses, stamp duty e-payment, and increment of the stamp duty … The decision was taken at a cabinet meeting held on August 26, 2020. Stamp Duty in Maharashtra. In April 2018, the stamp duty for affordable housing projects under Pradhan Mantri Awas Yojana has been capped to Rs 1,000. 91acres.com and propertyalways.com shares the current stamp duty and registration charges in Mumbai. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. The cut is expected to breathe new life into the ailing realty sector in Mumbai, Mumbai Metropolitan Region, Pune, Pimpri-Chinchwad and Nagpur. In December, 2020, the Maharashtra government amended the Maharashtra Stamp Act of 1958 to increase the stamp duty payable on certain property transaction-related documents in which a bank is a transacting party. Maharashtra Stamp (Amendment) Act, 2017 (47 of 2017) Amended by Maharashtra Act No. Stamp Duty is a statutory payment like Vat or Service Tax which needs to be paid on all instruments chargeable to duty. (Amended Stamp Act). Judge GS Patel heard an arbitration application from S Satyanaryana and Co., a Vishakhapatnam-based partnership company. 6 of 1998 was repealed by Mah. The government has also decreased stamp duty on properties in rural areas. Notification No. Mumbai, November 23, 2020:Bringing back the homebuyers into the State’s residential real estate sector, NAREDCO Maharashtra has announced yet another spell of zero- stamp duty on housing sales until 31 st December 2020. This decision was taken to make the real estate industry dynamic which was nearly stopped due to the COVID-19 pandemic. IANS; March 07, 2020, 08:08 IST Under Section 31, of Bombay Stamp Act, 1958. deals with the evaluation of instruments. The stamp obligation rates for different exchanges in Maharashtra are given beneath. And in a recent move to help the immobile realty sector, the Maharashtra government, on August 26, 2020, decided to reduce the stamp duty temporarily on properties from 5% to 2% until December 31, 2020. (3) It shall come into force on such date as the state Government may. As part of the amendments, it was decided that the stamp duty rates levied by Maharashtra will be taken as a benchmark as it accounts for 70% of the total collection. Earlier extended due date was 31st December 2020 vide circular no 583. Builder members of NAREDCO Maharashtra are offering the waiver on affordable and luxury residential properties in over 1,000 housing projects. Stamp Duty in Maharashtra. 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). By notification in the Official Gazette, direct. Provisions for stamp duties . Talwar, who recently retired as CEO of India's largest realty firm DLF, said many developers from Maharashtra made payment of the reduced stamp duty on behalf of their customers. Maharashtra stamp act 2020 Maharashtra Stamp Act: An Overview On Stamp Duty And Registration Charges Maharashtra Stamp Act Introduction In India, the Indian Stamp Act, 1899 (ISA) is a central legislation, while states have their own local stamp act to … The cut in stamp duty rates on apartments in Maharashtra from the current 5 per cent to 2 per cent till December 2020-end and retaining them at … According to the announcement made by the state government, the stamp duty payable on property transactions has been reduced in two slabs – by 3% from September 1, 2020, to December 31, 2020, and by 2% from January 1, 2021, to March 31, 2021. As per the latest amendment in the Companies Act, 2013, even the unlisted public companies shall require to hold and transfer its securities in dematerialized form only (Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014).. Maharashtra; Article 6 of the Bombay Stamp Act states the stamp duty on the equitable mortgage. 1.5 lakh. To boost the stagnant real estate market hit by COVID-19, the Maharashtra government on August 26 decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until December 31, 2020, sources said.Stamp duty from Jan 1, 2021, until March 31, 2021, will be 3 percent, they said. The Maharashtra Stamp Act, 1958 applies to instruments that come under the purview of Schedule 1 and attract stamp duty. Maharashtra government's decision to reduce the stamp duty during September to March of the last fiscal year helped a lot in reviving sales in the state, he noted. Apr 17 2020, 11:29 PM Apr 17 2020, 11:29 PM. Immovable property — land, house or flat — can now be transferred to one's children or blood relatives without paying stamp duty … From July 1 onwards, Amendments to the Indian Stamp Act, 1899, as proposed under Part I, Chapter IV of the Finance Act, 2019 have been enforced by the Central Government. West Quay Multiport Pvt Ltd, headquartered in Mumbai, is the sponsor. “The phased reduction in the stamp duty rates from the present 5% in Mumbai and Pune to 2% (until December 2020) and 3% (January - March 2021) is a much-awaited measure from the Government of Maharashtra as the residential real estate markets in … LX of 1958] [This Act received the assent of the President on 4 th June, 1958; and assent was first published in the Bombay Government Gazette, Part IV, on the 11 th June, 1958.]. LA] THE MAHARASHTRA STAMP ACT. CONTENTS SECTIONS Page No. 1. Short title, extent and cornmencement 6 2. Definitions 6 3. Instruments chargeable with duty 11 4. Several instruments used in single transaction of development agreement,sale, lease, mortgageor settlement 12 5. Through a notification the Revenue Department said these amended provisions will come into effect from July 1, 2020. NEW DELHI: Bringing back the homebuyers into the State’s residential real estate sector, NAREDCO Maharashtra has announced yet another spell of zero- stamp duty on housing sales until 31st December 2020. The decision will allow more homebuyers to buy affordable and luxury residential properties at the lowest ever prices during the pandemic. Update on Feb 14, 2019: In a move that will make real estate transactions more expensive in Mumbai, stamp duty in the city has been increased to six per cent on all property transactions. Stamp duty charges in Mumbai are 6 per cent, while registration charges are 1 per cent 1. In 2019-20, the state earned Rs 29,500 crore through stamp duty. With stamp duty collection touching a historic low, amid the Coronavirus-induced lockdowns, the Maharashtra government on August 26, 2020, decided to temporarily reduce the stamp duty on a property purchase in two slabs by up to 3%. 1.5 lakh and Rs. From January 1 to March end, the stamp duty will be 3% for registered agreements. This additional duty was levied on Mumbai in order to fund various infrastructural projects. On 16 March 2020, the government of the Indian state of Maharashtra issued an order increasing the maximum stamp duty payable on schemes of amalgamation, mergers, demergers, arrangements, or reconstructions of companies and banks in the state of Maharashtra from INR 250 million to INR 500 million as from that date. This will translate into savings of Rs. Maharashtra: Realtors seek reduction in stamp duty as property sale tanks in May Last year, in August, the government had announced a discount of 3 per cent stamp duty for those who have paid it before December 31, 2020 and 2 per cent discount for those who paid it by March 2021. Maharashtra government had in September 2020 announced a 2-3 per cent cut in stamp duty. 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: “Any instrument comprising or relating to several distinct matters or transactions shall be chargeable with the aggregate amount of the duties … To boost the stagnant real estate market hit by COVID-19, the Maharashtra … Thus, the stamp duty is to be paid before or at the time of executing the e- agreement and cannot be paid after execution.