(A) for the purpose of non-residential use of any nature whatsoever; Rs. Works contract, that is to say, a contract for works and labour or services involving transfer of property in goods (whether as goods or in some other form) in its execution and includes a sub-contract, GIFT, Instrument of --not being a Settlement (Article 55) or Will or Transfer (Article 59). Press Releases. 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. (2) having area more than 27.88 squares meters (300 square feet). 1 Revenue stamp. The Maharashtra Stamp Act extends to the whole of the State of Maharashtra. Insection 30of the principal Act, (a) in clause (f), the word and shall be deleted ; (b) after clause (f), the following clause shall be inserted, namely : (f-a) in case of instruments of works contract as provided in Article 63 of SCHEDULE I, by the person receiving the contract;. 2 0 obj . . Explanation I. Works Contract, that is to say, a contract for works and labour or services involving transfer of property in goods (whether as goods or in some other form) in its execution and includes a sub contract,-. Enter the details and pay the duty through your Internet banking account. Drafted and reviewed various agreements such as Producer, Line Producer, Director, Artist, Music Producer, Endorsement, Service, In-Film Branding Agreements. 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. 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. Explanation I. 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. 1,00,00,000 or part thereof of the value of security, (b) if relating to purchase or sale of securities, other than those following under item (a) above,-, Re.0.20 for every Rs.10,000 or part thereof, (c) if relating to futures and options trading, (d) if relating to forward contracts of commodities traded through and association or otherwise. Explanation II-For the purposes of this Article ,any new instrument executed for additional loan or extension of previous loan shall be treated as a fresh instrument and chargeable with the duty to the extent of additional amount being secured or disbursed or sanctioned. Stamp Duty on lease agreement in Maharashtra 2. E-payment is a mode of payment in addition to the conventional methods of payment offered by the Government of Maharashtra which is popularly known as GRAS(Government Receipt Accounting System). All agreements for leave and license must be stamped and registered. 9.10 Section 38of the principal Act shall be deleted. (ii) when authorizing to sell or transfer immovable property without consideration or without showing any consideration, as the case may be, -, (a) If given to the father, mother, brother, sister, wife, husband, daughter, son, grandson, granddaughter or father, mother, brother or sister of the spouse; and. 43 75. 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. 44 state of Maharashtra under Article 25(da) of Schedule I to the Maharashtra Stamp Act, was INR 250 million. Stamp duty is payable at rates mentioned in Schedule - I of The Maharashtra Stamp Act. x[o: ?EwK0]b=3CY:NtVL?HzrY{U5>"ru\0Nf7f~?>Vtr5}|i(?k#h V 4M}EdL1'Cgy&LDjM No. 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. 4 0 obj 100. 43 SCHEDULE-I. Step 2: Click 'Pay Without Registration' if you are not registered with the portal. 8. . 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 . In Vastu, placing an outdoor water fountain in the east or northeast direction is ideal. The Maharashtra Legislative Assembly have passed a Bill which inter alia extends the set-off period for payment of stamp duty on resale of Immovable Property purchased from developer/ promoter as investment from one year to three years. 9.15 Mandatory provision for furnishing information called by CCRA or any authorized Officer. CANCELLATION --Instrument of, if attested and not otherwise provided for. Under Section 17 of the . These amendments were earlier discussed by the Maharashtra Cabinet and approved on December 9, 2020. Then from 1st Jan 2021 to 31st March 2021, the stamp duty rate was 4%. 1 0 obj Earlier it was charged under article 25(b) which amounted to 5% on Market Value of the premises. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. 2 % of the, amount or the market value of the separated share or shares of the property. Act LX of 1958) as amended from time to time. 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. * The amount of stamp duty has been calculated as per the provisions of Maharashtra Stamp Act( Bom. %PDF-1.7 However, upon delving deeper into the property registrations data, it was found that, only 7 per cent of these registrations were . - 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. 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. Explanation For the purposes of this sub clause, the unit shall include a flat, apartment, tenement, block or any other unit by whatever name called, as approved by the Competent Authority in the building plan. 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. As per announcement, stamp duty was brought down to 2% (from 5%) until 31st December . AWARD, that is to say, any decision in writing by an arbitrator or umpire, on a reference made otherwise than by an order of the Court in the course of a suit, being an award made as a result of a written agreement to submit, present or future differences to Arbitration but not being an award directing a partition--. Once the instrument is executed, it should be registered within 4 months from the date of such executionwithout any penalty towards registration fees. (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). 100 or an amount equal to 5% of the amount of consideration, whichever is higher, (iii) any Municipal Corporations other than those Municipal Corporations mentioned in columns (i) and (ii)--, Rs. CONTENTS SECTIONS Page No. [Redevelopment Projects] No Stamp Duty On Individual Allotment Agreements If Development Agreement Is Stamped: Bombay High Court Hence, it is crucial to duly stamp a contract. The Ready Reckoner is also available online on the IGR website. 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. (c) when authorizing one person or more to act in a single transaction other than the case mentioned in clause (a); (d) when authorizing one person to act in more than one transaction or generally; (e) when authorizing more than one person to act in single transaction or more than one transaction jointly or severally or generally; (f) (i) when given for consideration and authorizing to sell an immovable property; 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 the property. // -->