The state government has earned only Rs 15 crore through stamp duty and registration in the last 40 days - a steep fall in comparison to the Rs 4000 crore it usually generates in such a period. 1stApril, 2021. Amendments to the Indian Stamp Act - Khaitan & Co . - For the avoidance of doubt, it is hereby declared that nothing in this Act shall apply to rates of stamp duty in respect of bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of . ], A. The Indian stamp act, 1899 (Arunachal amendment) act, 2007 . STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 11. Stamp duty is usually paid for transactional documents such as property transactions, etc. it changes every April. Amendments to the Indian Stamp Act - An Overview of Key Changes The Ready Reckoner is also available online on the IGR website. 21 Dec, 2020, 01.54 PM IST. These words were substituted for the words "One rupee for every rupee, one hundred or part thereof" The Maharashtra Stamp (Amendment)Act, 2015, s. 20(1)(B), (w.e.f. 10,00,000; 0.25 % of the amount agreed in the contract subject to minimum of Rs.100. The Maharashtra government is all set to hike stamp duty on house registration by 1 per cent from the next financial year. It had reduced stamp duty to 2% from 5% within 1st September 2020 to 31st December 2020, to boost real estate demand in Pune. 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. Amendment to Section 70 of Maharashtra Stamp Act: By way of this amendment, the amount of stamp duty, which is determined, payable on instruments chargeable with more than Rs. INSPECTORSHIP DEED, see Composition Deed (Article 24). 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. Maharashtra. 10 May 2022 8:48 AM GMT All Development Agreements signed between September 1, 2020 and March 31, 2021 would qualify for 1.5-2% refund of stamp duty as per the scheme announced by the. (da) if relating to the order of the High Court under section 394 of the Companies Act, 1956 or the order of the National Company Law Tribunal under sections 230 to 234 of the Companies Acts, 2013 or confirmation issued by the Central Government under sub-section (3) of section 233 of the Companies Acts 2013 in respect of the amalgamation, merger, demerger, arrangement or reconstruction of companies (including subsidiaries of parent company) or order of the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949 in respect of amalgamation or reconstruction of Banking Companies. The same duty as is leviable on Conveyance under clause (a), (b) or (c), as the case may be, of article 25 on 50 % of the market value of the property. . The Bihar Stamp (Amendment) Rules, 2015.Link . Circular w.e.f. The second wave of Covid-19 and the rollback of the stamp duty cut in Maharashtra impacted the housing sales in April, showed a report by Knight Frank India.. Tenancy agreement in Maharashtra When renting a property, landlords and tenantsmust engage in proper documentation to make the rental agreements legally binding. ; (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. if(MSFPhover) { MSFPnav8n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav8h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } 9.6 Deficient portion of stamp duty : amount of maximum penalty increased. 43 75. (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. lj.maharashtra.gov.in - /Site/Upload/Acts/ 100/- any fraction of Rs. Works contract and Levy of Stamp Duty under the Maharashtra Stamp Act (a) where there is no share of contribution in partnership, or where such share contribution brought in by way of cash does not exceed rupees 50,000; (b) where such share contribution brought in by way of cash is in excess of Rs. After six months it is mere a piece of paper. MHADA, CIDCO, BPT, MC, MIDC etc., or Income Tax Dept. (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. You can pay stamp duty online via an electronic secured bank treasury receipt (eSBTR)-an online payment service. Stamp Duty and Registration Charges Maharashtra - Digit Insurance The Ministry of Finance ("Ministry") has appointed January 09, 2020 as the day on which these proposed amendments shall come into force. 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. Maharashtra government slashes stamp duty to 2% until Dec 2020 to boost 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. HIRING AGREEMENT or agreement for service, see Agreement (Article 5). Now, with the passage of this bill, this one year set-off period has now been extended to three years. 0.3% of the amount secured by such deed subject to maximum of Rs. <> Insection 39of the principal Act, in sub-section (1), in sub-clause (b), in the first proviso, for the word double the words four times shall be substituted. T he governor of Maharashtra, in exercising powers conferred in him vide article 213(1) of the constitution of India, passed the Maharashtra Stamp (Amendment and Validation) Ordinance, 2021, on 5 February 2021. 100. 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. Any instrument executed in the state of Maharashtra shall be liable for payment of Stamp duty according to Section 3 of the Act at the rates provided in Schedule I to The Maharashtra Stamp Act. 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. 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. // -->