Stamp duty on mortgage under article 40(b) of schedule I of the Act, when possession is not given or agreed to be given and if the amount secured is less than Rs.5 lakhs then the Stamp Duty shall be 0.1% of the amount secured subject to a minimum of Rs.100. 100. ACT LX OF 1958) (Modified up to the 03 Jun 2022) 1958:Bom.LA] THE MAHARASHTRA STAMP ACT. (1) Instruments executed by persons taking advances under the Land Improvement Loans Act, 1883 (XIX of 1883), or the Agriculturists' Loans Act, 1884 (XII of 1884), or by their sureties as security for the repayments of such advances. Insection 34of the principal Act, in the proviso, in clause (a), in sub-clause (ii), in the proviso, for the word double the words four times shall be substituted. 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. function MSFPpreload(img) 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. Stamp duty in Maharashtra depends on whether the property is urban or rural, total transaction value, etc. On 11th May 2020, the Maharashtra government has lost Rs 3885 crore in stamp duty in 40 days of lockdown. (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. 8. . <> The instruments specified in the Schedule-I to the Act are covered by this Act. . These amendments were earlier discussed by the Maharashtra Cabinet and approved on December 9, 2020. In section 70 of the principal Act, sub-section (2) shall be deleted. The Penalty on the instruments mentioned in the Appendix is reduced to ten per cent of total penalty on the deficient portion of the duty. 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. 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). Explanation- for the purpose of this clause, the principal or primary security shall mean, the security created under clause (a) or (b) above. _______ paid in *cash/by demand draft/by pay order/e-Challan, vide Receipt/Challan No._______________/GRN No._______________CIN_____________ dated the ___________. 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. Explanation II-For the purposes of this Article ,any new instrument executed for additional loan or extension of previous loan shall be treated as a fresh instrument and chargeable with the duty to the extent of additional amount being secured or disbursed or sanctioned. article 34 of maharashtra stamp act; difference between bombay stamp act and maharashtra stamp act; maharashtra stamp act 2020; maharashtra stamp act in Marathi; mumbai; Nagpur; Navi Mumbai; pune; stamp duty on service agreement in Maharashtra; Thane 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 . STAMPS TO BE USED -- Special Adhesive Stamp with word Notarial (section 11) Rule 19(d). Enter the details and pay the duty through your Internet banking account. SURRENDER OF LEASE including an agreement for surrender of lease--. (aa) Additional Controller of Stamps, Mumbai means the officer or officers so designated by the State Government and includes any other officer whom the State Government may, by notification in the Official Gazette, appoint in this behalf ; . 9.6 Deficient portion of stamp duty : amount of maximum penalty increased. Tenancy agreement in Maharashtra When renting a property, landlords and tenantsmust engage in proper documentation to make the rental agreements legally binding. 50,00,000. (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. EXCISE BOND, See Customs Bond or Excise Bond (Article 28). (1) having area upto 27.88 squares meters (300 square feet); Rs. You can also place the fountain amidst the two paths. Provided that, in case of instrument executed in favour of consortium of banks, the duty chargeable shall not exceed Rs.50,00,000/-, (2) The pawn, pledge, or hypothecation of movable property, where such pawn, pledge or hypothecation has been made by way of security for their repayment of money advanced or to be advanced by way of loan or an existing or future debt--, (3) The instrument falling under this article when executed as a collateral or auxiliary or additional security and where the proper duty has been paid on the Principal or Primary security under this article. The amount currently is barely Rs 200 or Rs . Earlier it was charged under article 25(b) which amounted to 5% on Market Value of the premises. xiR~d%[Ko"#WR~H#4%9:9 j~eie )vr. 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. Maharashtra Stamp Act, 1958. . 10.1 Deletion of requirement to round off duty amount. 5,000, is leviable with Re. 59 of 2017 . 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. Repeal of enactments. 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. As per the Maharashtra Stamp Act, the stamp duty rates are as follows - Conveyance . As per Article 53 of Indian Stamp Act, 1899, RECEIPT for any money or other property the amount or value of which exceeds Rs. (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. *Strike out whatever is not applicable., 9.5 Person who is liable to pay stamp duty. 5; (b) where the instrument relates to the partition of agricultural land, the rate of duty applicable shall be Rs. . // -->. (A) for the purpose of non-residential use of any nature whatsoever; Rs. (a) for or relating to the purchase of sale of goods or merchandise exclusively, not being an agreement or memorandum of agreement chargeable under entry (d), entry (e), entry (f) or entry (g) of this Article or a note or memorandum chargeable under Article 43; AGREEMENT TO LEASE: See Lease (Article 36). The last day to apply for Amnesty Scheme was 31st December 2019. // -->