In all other cases, it is to be paid by the person executing the instrument. Important Timeline of Maharashtra State. 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. Stamp Duty is payable in full and is to be paid on the deadline. _______ paid in *cash/by demand draft/by pay order/e-Challan, vide Receipt/Challan No._______________/GRN No._______________CIN_____________ dated the ___________. 100. Now, with the passage of this bill, this one year set-off period has now been extended to three years. 100. Proof of Title: 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. 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. In cases of Bonds, Release, Settlement, it is to be paid by the person making or drawing the instrument. A person can be punished with rigorous imprisonment for up to 6 months (not less than 1 month) and with fine up to 5,000, if it is proved that the instrument was undervalued or short payment of duty was made with intention to evade duty. - For the purposes of this Article, return of money paid as advance, on security deposit by lessee to the lessor shall not be treated as consideration for the surrender. Stamp duty is a legal tax payable in full and acts as an evidence for any sale or purchase of a property. Declaration of -- of, or concerning, any property when made by any writing not being a Will,--, (a) where there is disposition of property, --. Stamp duty in Mumbai, Thane, Navi Mumbai, Pune, Nagpur and Nashik on sale, mortgage and gift deed details will attract a 1% metro cess from April 1, 2022 as these places have metro projects -operational or work under progress. bodies or local authorities e.g. Stamp duty is payable as per the provisions of Section 3 of the Indian Stamp Act, 1899. * The amount of stamp duty has been calculated as per the provisions of Maharashtra Stamp Act( Bom. STAMPS TO BE USED -- Special Adhesive Stamp with word Notarial (section 11) Rule 19(d). 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. --Where under clause (f), duty has been paid on the power of attorney, and a conveyance relating to that property is executed in pursuance of power of attorney between the executant of the power of attorney and the person in whose favour it is executed, the duty on conveyance shall be the duty calculated on the market value of the property reduced by duty paid on the power of attorney. (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. To use this stamp duty calculator, follow this simple step: Step 1: Visit the stamp duty online calculator page. 100. Explanation III. agreement over any right to a registered geographical indication (section 24). (c) When a collateral or auxiliary or additional or substituted security, or by way of further assurance for the above-mentioned purpose where the principal or primary security is duly stamped. (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. (iv) for a period exceeding 29 years , or in perpetuity, or does not purport for any definite period, or for lease for a period exceeding 29 years, with a renewal clause contingent or otherwise. According to a FPJ report, in Mumbai, revenue expected through metro cess for 2022-23 is Rs 1000 crore. All agreements for leave and license must be stamped and registered. 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. Generally, the stamp duty is paid by the buyer, in some cases, the buyer and seller decide to split the stamp duty as per an earlier signed agreement. Thanks. it changes every April. ), Addresses of the parties, Document name that is the LLP agreement and; Stamp Paper Value. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. Of all the charges, stamp duty is the major component. (parseInt(navigator.appVersion) >= 3 )) || By an Order dated 31st March 2018 of Revenue and Forest Department, the stamp duty 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) of Lower Income Group (LIG) category for the allotment of residential premises located in the areas as approved under the Pradhan Mantri Awas Yojana- Housing for All (Urban) is fixed to the extent of Rs.1000/- subject to fulfilment of certain conditions. 4.90 for every Rs. You can register as user on the portal and can avail services such as the registration for importer, goods, agent, transporter etc. 50 or an amount equal to 5% of the amount of consideration ,whichever is higher, (2) having area more than 27.88 squares meters (300 square feet), (i) any advertisement on mass media, made for promotion of any product; or programme or event with an intention to make profits or business out it,-. Stamp duty - Know about Stamp duty and Act in India. Stamp Duty is a statutory payment like Goods and Services Tax which needs to be paid on all instruments chargeable to duty. Stamp Duty charges vary from one state to another and may depend on gender, municipal areas or income groups within the state too. The state government announced stamp duty reduction on lease agreements on 24th December 2020. 5 % For properties under the jurisdiction of Municipal Corporation . In Case Duty Exceeding Re. 100/- and fractions of less than Rs. - For the purposes of this Article, the value of shares, scrip or stock includes the amount of premium, if any. Vide Notification No. They cannot be in the name of the Chartered Accountant or Lawyer of the parties. Under the license, the licensor retains ownership of the IP and the licensee has the right to use the IP only in accordance with the terms of the license. In absence of any State stamp legislation, the IS Act applies. By Notification dated 28th March 2020, the Government of Maharashtra had announced a concession in Stamp Duty rate @ 1% for 2 years with effect from 1st April 2020. (i) If the amount secured by such deed does not exceed Rs.5,00,000, 0.1% of the amount secured by such deed , subject to minimum of Rs.100, 0.3% of the amount secured by such deed , subject to maximum of twenty lakh rupees. 43 (b).The parties cannot rely on statements or conduct outside the License Agreement to establish any right or duty beyond or contrary to those expressly provided in or limited by the License Agreement. Stamp duty is a duty payable upon the execution of certain instruments or documents specified in the Indian Stamp Act, 1899 ("IS Act") or the relevant state Stamp Act as the case maybe. (a) when executed for the sole purpose of procuring the registration of one or more documents in relation to a single transaction or for admitting execution of one or more such documents; (b) when required in suits or proceedings under the Presidency Small Cause Courts Act, 1882, (XV of 1882). Stamp Duty The e-stamping Portal will be integrated with myTax Portal. On a brighter note, the 1% stamp duty waiver . Stamp duty rate: The rates at which stamp duty is charged in various Indian states at present range from 4 per cent to 10 per cent. 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. 2.2 The stamp papers must be in the name of one of the parties to the transaction. every order made by the High Court u/s. var a=new Image(); a.src=img; return a; APPLICABILITY The Maharashtra Stamp Act extends to the whole of the State of Maharashtra. Explanation I. 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. As per the Order dated 31st March 2021 Government has introduced concessional stamp duty rate for Female homebuyers. if(MSFPhover) { MSFPnav5n=MSFPpreload("../_derived/back_cmp_Profile110_back.gif"); MSFPnav5h=MSFPpreload("../_derived/back_cmp_Profile110_back_a.gif"); } ; by which property, whether movable or immovable, or any estate or interest in any property is transferred to, or vested in, any other person. . As per announcement, stamp duty was brought down to 2% (from 5%) until 31st December 2020 and 3% for the period between 1st January 2021 and 31st March 2021. Kindly clarify. The same duty as is leviable under clause (a), (b) or (c) of Article 25 on the amount of Consideration. Controller of Stamps ,Mumbai/Designated Officers. 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. In some states, a flat fee is also charges as property registration charge. The stamp paper used for paying stamp duty on an LLP agreement is non-judicial stamp paper. The normal stamp duty to be paid is as per clause 5 (c) of schedule 1-A of the Indian Stamp Act applicable to Delhi i.e. Stamp Duty is charged on all property transactions in India, ranging from 3 percent to 7 percent. The purchaser has to enter into an agreement with the seller of the flat and the stamp duty is computed as per the agreement value . 1000 and maximum of Rs.50,00,000. 1-5-1994, the stamp papers must be in the name of one of the parties to the transaction. (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. // -->