21 Dec, 2020, 01.54 PM IST. 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. With an intent to bring uniformity in rates of . Provided also that where proper stamp duty is paid on a registered agreement to sell an immovable property, treating it as a deemed conveyance and subsequently a conveyance deed is executed without any modification then such a conveyance shall be treated as other instrument under section 4 and the duty of Rs. . (2) The Master Layout Plan or subsequent building plan of an approved project under the Pradhan Mantri Awas Yojana- Housing for All (Urban) must be sanctioned or approved by the Planning Authority. (c) where such share contribution is brought in by way of property, excluding cash. Both the parties shall put in writing the terms of the agreement on the document or in case of a gift deed, the property that is being gifted and get it signed. 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. 18. Llb 1 sem hons law law of contract 1 5105 mar 2020; Common law remedies against pollution; . 1stApril, 2021. 5 (h) impressed stamp under Rule 6, ARTICLE 6 AGREEMENT RELATING TO DEPOSIT OF TITLE DEEDS, PAWN, PLEDGE, OR HYPOTHECATION, AGREEMENT RELATING TO DEPOSIT OF TITLE DEEDS, PAWN, PLEDGE, OR HYPOTHECATION, that is to say, any instrument evidencing an agreement relating to--. However, an instrument can be registered within additional 4 months by paying penalty which is equivalent to 2.5 times per month or part thereof subject to maximum 10 times. (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). 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. 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. Maharashtra Stamp . <>/Metadata 4834 0 R/ViewerPreferences 4835 0 R>> 100/- and fractions of less than Rs. (a) Where the leave and license agreement purports to be for a term not exceeding 60 months with or without renewal clause. Controller of Stamps, Mumbai. if(MSFPhover) { MSFPnav2n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav2h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } (5) No refund shall be granted where stamp duty has already been paid by any project proponent or the Purchaser of any unit prior to the date of publication of this Order in the Maharashtra Government Gazette. B. 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. { To avail of this facility the taxpayer is required to have a net-banking account with any of the banks listed by the government on the website. The Act is a fiscal measure enacted to secure revenue for the State from certain classes of instruments. - CA VIMAL PUNMIYA STAMP DUTY INTRODUCTION: thThe Bombay Stamp Act, 1958 came into force on 16 Feb, 1959 and is applicable in the State of Maharashtra. MHADA, CIDCO, BPT, MC, MIDC etc., or Income Tax Dept. 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. 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. Section 5 of the Act has been substituted and shall be deemed to have been substituted with effect from the August 11, 2015, with the following: 9.9 Deficient portion of stamp duty : amount of maximum penalty increased. . These amendments were earlier discussed by the Maharashtra Cabinet and approved on December 9, 2020. 0.5% of the consideration amount of the debenture. --For the purpose of this article more persons than one when belonging to the same firm shall be deemed to be one person. Insection 40of the principal Act, after the words hereinafter prescribed the words with the prior approval of the Additional Controller of Stamps, Mumbai for the areas in Mumbai City and Mumbai Suburban Districts and for the other areas the Deputy Inspector General of Registration and Deputy Controller of Stamps shall be added. 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. Instruments executed in State. 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. The Maharashtra government is all set to hike stamp duty on house registration by 1 per cent from the next financial year. _______ paid in *cash/by demand draft/by pay order/e-Challan, vide Receipt/Challan No._______________/GRN No._______________CIN_____________ dated the ___________. the following: - 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. Circular w.e.f. Provided that in case of instrument executed by consortium of banks, the duty chargeable shall not exceed 50 lakhs. Thereafter, on 12th June, 2020 the Petitioner filed Adjudication Case No.ADJ/1100900/224/2020 before Respondent No.3 . State Wise Stamp Duty Schedule & Concerned Act . You can also place the fountain amidst the two paths. The same duty as is payable under clauses (a) and (b). Let us understand how the above fall in Stamp Duty in Maharashtra has affected the cost of property for homebuyers. Stamp duty is chargeable on an instrument and not on a transaction. 100/-. STAMPS TO BE USED -- Non-Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10 (ii). LETTER OF ALLOTMENT OF SHARES in any company or proposed company, or in respect of any loan to be raised by any company or proposed company. if relating to transfer of tenancy of immovable property, for every square meter of the area of the tenanted property the right of tenancy in which is the subject matter of transfer and situated Within the limits of--, (i) the Municipal Corporation of Greater Bombay--. then value declared by these departments in notice is treated as final market value. <> Sale Certificate issued by any competent office or authority under any Recovery Act, Agreement relating to the Deposit of title deeds, where such deposit has been made by way of security for the repayment of a loan or an existing or future debts. 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). ; by which property, whether movable or immovable, or any estate or interest in any property is transferred to, or vested in, any other person. 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: (a) as a condition of enrolment under the Air Force Act, 1950, (XLV of 1950) the Army Act, 1950 (XLVI of 1950) or the Navy Act, 1957 (LXII of 1957); (b) for the immediate purposes of being filed or used in any Court or before the officer of any Court; or. for Art. 20 lakhs. endobj 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. 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. STAMPS TO BE USED -- Adhesive Stamp Paper Rule 11, ARTICLE 39 MEMORANDUM OF ASSOCIATION OF A COMPANY (Detailed chart attached). %PDF-1.7 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. In the absence of any such agreement, the Act provides that in the case of a Conveyance, duty is to be paid by a buyer and by the lessee in case of a lease. As per Article 5(h)(B) of Schedule I of the Act, read with Section 4 of the Act and as per the latest judgement of Bombay High Court on writ petition of Prabha Laxman Ghate and PIL of Chandrakant Nanekar, the stamp duty on free flats/ galas given to owner of the land by the developer is chargeable with Rs. ARTICLE 25 - CONVEYANCE DEED, SALE DEED, AGREEMENT FOR SALE, CONVEYANCE (not being a transfer charged or exempted under Article 59) --, On the true market value of the property which is the subject matter of the Conveyance,--, (b) if relating to immovable property situated ,--. Act not applicable to rates of stamp duty on bills of exchange, etc. Explanation for the purposes of this Article, not withstanding anything contained herein above, the highest duty on either of the property exchanged shall be chargeable. Vide Notification No. 0.2%. CERTIFICATE OR OTHER DOCUMENT, evidencing the right or title of the holder thereof, or any other person either to any shares, scrip or stock in or of, any incorporated company or other body corporate, or to become proprietor of shares, scrip or stock in or of, any such company or body. Hence, it is crucial to duly stamp a contract. 50/- shall be disregarded. . W.e.f. The same duty as a conveyance under clause (a), (b), or (c), as the case may be, of Article 25, for a sum equal to the amount settled or the market value of the property settled. LETTER OF GUARANTEE,SeeAgreement (Article 5). Mundrak. 0.2 % of the amount agreed in the contract. 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. (ii) the Municipal Corporations of the Cities of Thane, Pune, Nagpur and Navi Mumbai-. 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. (i) where the trust is made for a religious or charitable purpose. CONTENTS SECTIONS Page No. * For comparison purposes, we have relied on the stamp duty rates under Maharashtra Stamp Act 1958. 1 by Impressed Stamp Fixed by Proper Officer. (a) if the amount agreed does not exceed Rs. 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 394 of the Companies Act, 1956 or the order of the National Company Law Tribunal under sections 230 to 234 of the Companies Act, 2013 or every confirmation issued by the Central Government under section 233 (3) of the Companies Act, 2013, in respect of amalgamation, merger, demerger, arrangement or reconstruction of the companies ( including subsidiaries of parent company ); and every order made by the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949 in respect of amalgamation or reconstruction of Banking Companies and every order made by the Board for Industrial and Financial Reconstruction under section 18 or 19 of the Sick Industrial Companies (Special Provisions) Act, 1985, in respect of sanction of Scheme specified therein or every order made by the National Company Law Tribunal under section 31 of the Insolvency and Bankruptcy Code, 2016, in respect of approval of resolution plan. Any consideration in the form of premium or money advanced or to be advanced or security deposit by whatever name called shall, for the purpose of market value be treated as consideration passed on, Explanation II. (3) The Occupancy Certificate must be granted by the concerned Planning Authority. An instrument covering or relating to several distinct matters is chargeable with the aggregate amount of duty with which each separate instrument would have been chargeable. Explanation(1) For the purposes of this Order, unit means, a residential unit. The term "Instrument" has been defined to include every document by which any right or liability is or purports to be created, transferred, limited, extended, extinguished or recorded. With the aim to increase revenue from stamp duty, the state government has decided to charge 3% of the ready reckoner rates of land as stamp duty if a flat is gifted to a blood relation. (a) where the amount or value set forth in such contract does not exceed Rs. In exercise of the powers conferred by Article 213 (1) of the Constitution of India, the Governor of Maharashtra promulgated the Maharashtra Stamp (Amendment and Validation) Ordinance, 2021 (" Ordinance ") on February 09, 2021, which shall come into force with effect from February 09, 2021. Explanation I. The Bombay Stamp Act, 1958 now known as the Maharashtra Stamp Act, 1958 ("MSA") which came into force on 16th February, 1959 is the law for stamp duty within the State of Maharashtra. The amount of Stamp Duty payable depends on type of instruments. Researched and authored articles published on the firm's website and weekly newsletters. Any party to an instrument can also. // -->