If amount secured by the deed is more than Rs. The amendments to the Indian Stamp Act 1899 (Act) have come into effect from 1 July 2020. %PDF-1.7 increased stamp duty on gift deeds and conveyance deeds by amending the amending the Maharashtra stamp duty act. Amendments to the Indian Stamp Act - An Overview of Key Changes Any person can apply to the Collector of Stamps for adjudication of the stamp duty payable on the instrument. Finance Department (FD), Government of Maharashtra, has decided to receive payments electronically. ], A. 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. (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. (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. Let us understand how the above fall in Stamp Duty in Maharashtra has affected the cost of property for homebuyers. India - Recent Amendments To The Maharashtra Stamp Act. *Strike out whatever is not applicable., 9.5 Person who is liable to pay stamp duty. (b) when possession is not given or agreed to be given as aforesaid. The Amended Stamp Act clarifies that no stamp duty shall be charged on any instrument (other than the principal instrument) on a single transaction. ; (b) in Article 34, in column 2, in the above proviso,- (i) for the words at the same rate as specified in this article or at the rate of rupees ten for every rupees five hundred or part thereof on the market value the words and figure at the rate of 3 per cent. 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. 0.2 % of the amount agreed in the contract. if(MSFPhover) { MSFPnav1n=MSFPpreload("../_derived/back_cmp_Profile110_back.gif"); MSFPnav1h=MSFPpreload("../_derived/back_cmp_Profile110_back_a.gif"); } Declaration of -- of, or concerning, any property when made by any writing not being a Will,--, (a) where there is disposition of property, --. 1-5-1994, the date of issue of the stamp paper must not be more than 6 months older than the date of the transaction. Stamp duty is chargeable on an instrument and not on a transaction. The new rate after the reduction was 2% (from earlier 5%) and applied from 1st September to 31st December 2020. The 1.1% fall was the biggest year-on-year drop since November 2012 and also the first annual decrease since June 2020, early in the coronavirus . 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--. The report noted that Mumbai recorded upwards of 10,000 residential property registrations in April 2021.. 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.. The last day to apply for Amnesty Scheme was 31st December 2019. Recently, specific changes have been made in the Maharashtra Stamp Act that deals with the electronic payment of stamp duty, gift deeds stamp duty, new penalty clauses, and changes in stamp duty amount under specific clauses. then value declared by these departments in notice is treated as final market value.

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