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The report noted that Mumbai recorded upwards of 10,000 residential property registrations in April 2021.. 4. or Semi-Govt. The Ministry of Finance ("Ministry") has appointed January 09, 2020 as the day on which these proposed amendments shall come into force. 9.16 Designated Revenue Officers empowered to call for all Registers and relevant Books of Transactions in respect of payment of stamp duty: Including diskette, magnetic cartridge tape, CD-ROM etc. 3. Instruments which are not covered under the above Act are either chargeable under Indian Stamp Act, 1899 (e.g. (276 kb) Date : Jul 01, 2020. MSFPhover = if(MSFPhover) { MSFPnav1n=MSFPpreload("../_derived/back_cmp_Profile110_back.gif"); MSFPnav1h=MSFPpreload("../_derived/back_cmp_Profile110_back_a.gif"); } State Wise Stamp Duty Schedule & Concerned Act . Stamp Duty in Maharashtra: Get detailed knowledge on Maharashtra Stamp Act,Stamp duty registration charges in Maharashtra 2021 and how to calculate stamp duty. Tenancy agreement in Maharashtra When renting a property, landlords and tenantsmust engage in proper documentation to make the rental agreements legally binding. // -->. Once the instrument is executed, it should be registered within 4 months from the date of such executionwithout any penalty towards registration fees. 9.8 Simplication of procedure for filing Appeal before Addl. 1-5-1994, the stamp papers must be in the name of one of the parties to the transaction. stream %PDF-1.7 (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. The Maharashtra Stamp (Amendment and Validation) Ordinance has clarified the courts' stance that instruments which cover two or more distinct transactions - that cannot blend into one and be. { _______ paid in *cash/by demand draft/by pay order/e-Challan, vide Receipt/Challan No._______________/GRN No._______________CIN_____________ dated the ___________. AFFIDAVIT, that is to say, a statement in writing purporting to be a statement of facts, signed by the person making it and confirmed by him on oath or, in the case of persons by law allowed to affirm or declare instead of swearing, by affirmation. Sep 2021 - Oct 20212 months. (2) Letter of hypothecation accompanying a bill of exchange, ARTICLE 10 ARTICLES OF ASSOCIATION OF A COMPANY. It does not include the instrument or document/s executed between the original purchaser from the project Proponent/s and the subsequent purchaser of a residential unit located in the said area. 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. The acceptance of on-line payment of Maharashtra State's Taxes through the internet portals of various banks have been developed, without having any implication on the existing procedure of the executive and accounting agencies of the Department. Provided further that, when proper stamp duty is paid under clause (g- a) of article 5 on an agreement, or records thereof or memorandum of an agreement executed between the same parties and in respect of the same property, the duty chargeable under this clause shall be Rs. Thus, within the said area a further transaction from the original purchaser to the next purchaser is not eligible for the reduction in the stamp duty under this order. On 11th May 2020, the Maharashtra government has lost Rs 3885 crore in stamp duty in 40 days of lockdown. Provided that, the provisions of section 32A shall,mutatis mutandis, apply to such an instrument of power of attorney as they apply to a conveyance under that section. Vide Notification No. The same duty as is leviable on a Conveyance under clause (a), (b) or (c), as the case may be, of Article 25, on the market value of such property ,subject to a minimum of Rs. Aftersection 67of principal Act, the following section shall be inserted, namely : 67A. (v) assignment of copyright under Copyright Act, 1957, -, (vi) project under Built, Operate and Transfer (BOT) system, whether with or without toll or free collection rights,-. Explanation I. 5 lakhs, rate of stamp duty is 0.2% of the secured amount.. The Bihar Stamp (Amendment) Rules, 2015.Link . Governor ot IVI aharasl the 2nd March 2021, is le Maharashtra Stamp (Amen No. ARTICLES OF ASSOCIATION OF A COMPANY Where the Company has no share capital or nominal share capital or increased share capital. Insection 32Bof the principal Act, (i) in sub-section (1), after the words file an appeal against such order, to the the words Additional Controller of Stamps, Mumbai in respect of the property, which is the subject matter of the instrument, is situated in Mumbai City and Mumbai Suburban Districts and in respect of the properties situated in the other parts to the shall be inserted; (ii) in sub-section (2), after the words against the order of the the words Additional Controller of Stamps, Mumbai or the shall be inserted. If MOA is not accompanied by AOA, then Stamp duty on MOA will be 0.2% according to the share capital subject to minimum of Rs. Stamp Duty is a statutory payment like Goods and Services Tax which needs to be paid on all instruments chargeable to duty. ; by which property, whether movable or immovable, or any estate or interest in any property is transferred to, or vested in, any other person. (a) of debentures, being marketable securities whether the debenture is liable to duty or not, except debentures provided for by section 8 of the Indian Stamp Act, 1899. By Notification dated 8th February 2019, the Government of Maharashtra has introduced levy of additional stamp duty for instruments of sale, gift and usufructuary mortgage, in the form of Metro Cess. From 1st January 2021 to 31st March 2021, the stamp duty was 3% on residential properties (which got revised from 1st April 2021). 11.2Stamp duty of Rs.1000/- only for property located in areas approved under the Pradhanmantri Awas Yojana subject to certain conditions, No.Mudrank-2015/1745/UOR.24/CR-573/M-1.In exercise of the powers conferred by clause (a) of section 9 of the Maharashtra Stamp Act (LX of 1958) (hereinafter referred to as the said Act) and in supersession of the Government Order, Revenue and Forests Department, No.Mudrank-2015/1745/ U.O.R.24/CR-573/M-1, dated the 1st December 2016, the Government of Maharashtra, being satisfied that it is necessary to do so in the public interest, hereby reduces and fixes the stamp duty to the extent of Rs.1000/-(Rupees One Thousand only) as otherwise chargeable under clause (b) of Article 25 of Schedule-I appended to the said Act, on the first instrument of transaction, between the project Proponent/s and the Purchaser of any unit belonging to the beneficiary of Economically Weaker Section (EWS) or Lower Income Group (LIG) category for the allotment of residential premises as specified in the Schedule appended hereto, relating to the property located in the areas as approved under the Pradhan Mantri Awas Yojana- Housing for All (Urban), a Centrally Sponsored Scheme of the Ministry of Housing and Urban Poverty Alleviation, Government of India, subject to the following conditions, namely:. 200 or an amount equal to 5% of the amount of consideration ,whichever is higher. if(MSFPhover) { MSFPnav2n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav2h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } To understand the legislative competence of the centre & state to legislate on stamp duty one must refer to the Seventh Schedule to the Constitution of India: The Maharashtra Stamp Act and Stamp Duty in Mumbai. (c) where such share contribution is brought in by way of property, excluding cash. <> In a landmark ruling, the Bombay High Court recently held that once stamp duty has been paid on the development agreement (DA), no separate stamp duty can be . (i) within the limits of any Municipal Corporation or any Cantonment area annexed to it or any urban area not mentioned in sub clause (ii). HIRING AGREEMENT or agreement for service, see Agreement (Article 5). 18. ARTICLE 37 LETTER OF ALLOTMENT OF SHARES. 63. (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. Two key amendments to the Maharashtra Stamp Act, 1958 have been introduced in relation to stamping of documents encompassing multiple transactions and stamp duty rates in case of mortgage by deposit of title deeds and mortgage deed. After six months it is mere a piece of paper. Conveyance has been defined to include: every decree or final order of any Civil Court. Conditions (1) Maharashtra Housing and Area Development Authority (MHADA) must certify that the Project is an approved project under the Pradhan Mantri Awas Yojana- Housing for All (Urban). STAMPS TO BE USED -- Non-Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10 (ii). Any person can apply to the Collector of Stamps for adjudication of the stamp duty payable on the instrument. . (A) for the purpose of non-residential use of any nature whatsoever; Rs. xiR~d%[Ko"#WR~H#4%9:9 j~eie )vr. B. 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 :. 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-. For example,some states like Rajasthan and Maharashtra levied stamp duty on transfer of listed shares whereas Tamil Nadu did not levy any stamp duty. Rs.500 plus 0.1 % of the amount above Rs.10,00,000 subject to maximum of Rs.25,00,000. (2) For the purposes of this Order, the first instrument of transaction means, the first document executed between the project Proponent/s and the Purchaser (hereinafter referred to as the original purchaser) in respect of residential unit located in the areas as approved under the Pradhan Mantri Awas Yojana- Housing For All (Urban) Project area (hereinafter referred to as the said area). . (Policy) issued by Revenue and Forest Department dated 29.08.2020 wherein the Stamp Duty chargeable under Article 25(b) of Schedule - I of . 25-3-2013: As per amended Section 17 of Registration Act, 1908 registration of: Irrevocable Power of Attorney relating to transfer of immovable property in any way, executed on or after 1-4-2013. The instruments or the documents have to be read as they are i.e. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 10(ii). Assam. Stamp duty is usually paid for transactional documents such as property transactions, etc. 10. As per announcement, stamp duty was brought down to 2% (from 5%) until 31st December . bodies or local authorities e.g. (a) where the amount or value set forth in such contract does not exceed Rs. Stamp Duty on Merger Maharashtra // -->