(i) where the Trust is made for a religious or charitable purpose; 2% of a sum equal to the amount settled or market value of the property settled. File Photo LONDON: British house prices last month dropped by the most in more than 10 years, mortgage lender Nationwide said on Wednesday, adding to signs of a slowdown in the housing market in the face of high inflation and rising borrowing costs. Explanation I.-For the purposes of this article, where in the case of agreement to sell an immovable property, the possession of any immovable property is transferred or agreed to be transferred to the purchaser before the execution, or at the time of execution, or after the execution of, such agreement [* * *] then such agreement to sell shall be deemed to be a conveyance and stamp duty thereon shall be leviable accordingly: Provided that, the provisions of Section 32A shall applymutatis mutandisto such agreement which is deemed to be a conveyance as aforesaid, as they apply to a conveyance under that section: Provided further that, where subsequently a conveyance is executed in pursuance of such agreement of sale, the stamp duty, if any, already paid and recovered on the agreement of sale which is deemed to be a conveyance, shall be adjusted towards the total duty leviable on the conveyance. 1000 and maximum of Rs.50,00,000. The same duty as is leviable on a Conveyance under clauses (b) or (c), as the case may be, of Article 25, on the market value of the property. The Act is intended to levy stamp duty on certain types of documents executed in the state or brought from outside for 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. 0.1 % of the amount agreed in the contract subject to minimum of Rs.100. % if(MSFPhover) { MSFPnav7n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav7h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } Explanation II. 9.1 Additional Controller of Stamps, Mumbai : New Statutory Authority, Insection 2of the Maharashtra Stamp Act (hereinafter referred to as the principal Act), before the existing clause (a), the following clause shall be inserted, namely :. 100/- shall be charged. INSPECTORSHIP DEED, see Composition Deed (Article 24). 10 % of the aggregate of the market value of the shares issued or allotted in exchange or otherwise and the amount of consideration paid for such amalgamation: Provided that, the amount of duty, chargeable under this clause shall not exceed, -, (i) an amount equal to 5 % of the true market value of the immovable property located within the State of Maharashtra of the transferor company; or. The expression co-owners includes all kinds of, Immovable Property includes land, benefits to arise out of land and things attached to the earth or permanently fastened to anything attached to the earth. CQYOn. As per Article 53 of Indian Stamp Act, 1899, RECEIPT for any money or other property the amount or value of which exceeds Rs. Further it has to be paid on time to avoid penalty. Seal of the office. 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. (276 kb) Date : Jul 01, 2020. [Redevelopment Projects] No Stamp Duty On Individual Allotment Agreements If Development Agreement Is Stamped: Bombay High Court on the market value shall be substituted; (ii) the words whichever is less shall be deleted. . 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. 9.12 Voluntary disclosure of fact of instrument not duly stamped. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. On the execution of the Lease Deed, on 10th June, 2020, the Petitioner paid an amount of Rs.100,75,10,400/- towards the stamp duty under Article 36(iv) read with Article 25(b) of Schedule I and Section 2(na) of the Stamp Act. W.e.f. Provided that, if the property is gifted to a family member being the husband, wife, brother or sister of the donor or any lineal ascendant or descendant of the donor, then the amount of duty chargeable shall be at the rate of 3 per cent on the market value of the property which is the subject matter of the gift, Provided further that ,if the residential and agricultural property is gifted to husband, wife, son, daughter, grandson and grand-daughter, the amount of duty chargeable shall be Rs.200. Particulars: Erstwhile stamp duty: Amended stamp duty: Remarks: Mortgage by deposit of title deeds under article 6(1) of schedule I: If amount secured by the deed is more than Rs. Governor ot IVI aharasl the 2nd March 2021, is le Maharashtra Stamp (Amen No. 0.005%. In August 2020, Maharashtra Government announced that they are reducing the stamp duty for the next three months. 1 of 2021), introduced le 348 of the Constitution of By order and m th xa Legislative Assembly on ng translation in English of tl Bill, 2021 (L. A. 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. Earlier, if the resale of such Immovable Property took place within one year of purchase, the stamp duty payable would only be on the difference of the property rates calculated in the purchase price and the resale price, and not on the entire consideration amount when the property is resold. In case an instrument is so drafted that it is covered within the ambit of more than one Article under Schedule I, then it shall be taxed by that Article which levies the highest amount of stamp duty. Exemptions Affidavit or declaration in writing when made --. MCA;- Stamp Duty Rates in Various States. - Drafted notes on various topics such as the bill banning - Assisted the firm's corporate law team in drafting compliance checklists in relation to various acts and new amendments including the amendment to the stamp duty act, the new e-commerce rules, etc. 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-. In section 70 of the principal Act, sub-section (2) shall be deleted. The amendments to the Indian Stamp Act 1899 (Act) have come into effect from 1 July 2020. 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. 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. . As per Section 2(23A) of Indian Stamp Act, the term "securities" shall include securities as per Section 2(h) of Securities Contracts (Regulation) Act, 1956 , i.e. Any party to an instrument can also. 1 0 obj