CONTENTS SECTIONS Page No. 50,00,000. The stamp office determines the market value of the property by referring to an Annual Statement of Rates (commonly known as Stamp Duty Ready Reckoner) which provides the Market Values of various immovable properties in Maharashtra. It is an indirect tax collected by the State Government in Maharashtra. Section 3 of the Maharashtra Stamp Act provides that every instrument mentioned in Schedule I to the Act is chargeable with Stamp duty. 0.1% of the value of the shares ,scrip or stock. The same duty as is leviable on a Conveyance under clause (a), (b) or (c), as the case may be, of article 25, on 90 % of the market value of the property. 3. 3. If the garden of your house has an informal design . 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. The instruments or the documents have to be read as they are i.e. 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. 1stApril, 2021. 3 0 obj The amount of Stamp Duty payable depends on type of instruments. GIFT, Instrument of --not being a Settlement (Article 55) or Will or Transfer (Article 59). (iii) for a period exceeding 10 years but not exceeding 29 years, with a renewal clause contingent or otherwise. 9.17 Punishment for prevention or obstruction to entry of Officer exercising powers u/s. 9.15 Mandatory provision for furnishing information called by CCRA or any authorized Officer. // -->. No. Insection 72of the principal Act, (i) in clause (a) the word and shall be deleted; (ii) after clause (a), the following clause shall be inserted, namely : (a-a) powers conferred on it by clause (b) of section 9, to the Additional Controller of Stamps, Mumbai or any other officer; and.. (c) if relating to both movable and immovable property. The Bombay High Court in a recent case of Tata Autocomp Systems Limited v.State of Maharashtra, Writ Petition (L) No. (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. 18. (b) Where such leave and license agreement purports to be for a period exceeding 60 months with or without renewal clause; Same duty as is leviable on lease, under clause (ii), (iii) or (iv), as the case may be, of Article 36. (da) if relating to the order of the High Court under section 394 of the Companies Act, 1956 or the order of the National Company Law Tribunal under sections 230 to 234 of the Companies Acts, 2013 or confirmation issued by the Central Government under sub-section (3) of section 233 of the Companies Acts 2013 in respect of the amalgamation, merger, demerger, arrangement or reconstruction of companies (including subsidiaries of parent company) or order of the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949 in respect of amalgamation or reconstruction of Banking Companies. ], A. Circular w.e.f. The Bombay Stamp Act of 1958 is another name for it. Arunachal Pradesh. % The stamp rate was 3% from 1st Oct 2020 to 31st Dec 2020. 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. 43 SCHEDULE-I. _______ paid in *cash/by demand draft/by pay order/e-Challan, vide Receipt/Challan No._______________/GRN No._______________CIN_____________ dated the ___________. var a=new Image(); a.src=img; return a; Explanation.-- For the purposes of this clause, the term 'debenture' includes debenture stock; (b) of any interest secured by bond, mortgage deed or policy of insurance; (c) of any property under section 22 of the Administrators' General Act, 1963; (d) of any trust property without consideration from one trustee to another trustee, or from a trustee to a beneficiary. Thus, no instrument can be registered beyond 8 months from the date of execution. (i) where the trust is made for a religious or charitable purpose. Under Section 17 of the . 0.3% of the amount secured by such deed subject to maximum of Rs. (3) It shall be the duty of the proper officer so authorized under sub-section (2) to make an endorsement on the instruments after defacing the challan, as follows : Stamp duty of Rs. if(MSFPhover) { MSFPnav2n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav2h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } HIRING AGREEMENT or agreement for service, see Agreement (Article 5). Maharashtra Stamp Act, 1958. . The existing ceiling of stamp duty payable on an agreement relating to deposit of title deeds, pawn, pledge or hypothecation where the amount secured exceeds Rs.5 lakhs stamp duty has been amended to 0.3% of the amount secured subject to a maximum of Rs. The Penalty on the instruments mentioned in the Appendix is reduced to ten percent of total penalty on the deficient portion of the duty for the period commencing from 1. in sub-clause (c), in column (1) ,the word and shall be deleted; for sub-clause (d) ,the following sub-clauses shall be substituted ,namely:-, AGREEMENT OR ITS RECORDS OR MEMORANDUM OF AN AGREEMENT, AGREEMENT RELATING TO DEPOSIT OF TITLE DEEDS, PAWN, PLEDGE OR HYPOTHECATION, CLEARANCE LIST FOR HOUSE OF STOCK EXCHANGE, CLEARANCE LIST FOR HOUSE OF COTTON ASSOCIATION, CLEARANCE LIST FOR HOUSE OF A BULLION ASSOCIATION, CLEARANCE LIST FOR HOUSE OF OIL SEED ASSOCIATION, CLEARANCE LIST RELATING TO TRANSACTIONS FOR THE PURCHASE OR SALE OF OIL SEEDS SUBMITTED TO THE CLEARING HOUSE OF A OIL SEED ASSOCIATION. You can also place the fountain amidst the two paths. if(MSFPhover) { MSFPnav1n=MSFPpreload("../_derived/back_cmp_Profile110_back.gif"); MSFPnav1h=MSFPpreload("../_derived/back_cmp_Profile110_back_a.gif"); } 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--. Any person can apply to the Collector of Stamps for adjudication of the stamp duty payable on the instrument. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. (1) The deposit of title deeds or instrument constituting or being evidence of the title to any property whatever (other than a marketable security), where such deposit has been made by way of security for the repayment of money advanced or to be advanced by way of loan or an existing or future debt; (a) if the amount secured by such deed does not exceed Rs. (parseInt(navigator.appVersion) >= 3 )) || Maharashtra Government announced stamp duty reduction in August 2020 till March 31, 2021. See also Settlement (Article 55). Act LX of 1958) as amended from time to time. (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). ARTICLES OF ASSOCIATION OF A COMPANY Where the Company has no share capital or nominal share capital or increased share capital. (a) If accompanied by articles of association under section 26 of the Companies Act, 1956, (I of 1956). Stamp duty is usually paid for transactional documents such as property transactions, etc. Stamp Duty is a statutory payment like Goods and Services Tax which needs to be paid on all instruments chargeable to duty. Recently the state cabinet had amended the Maharashtra stamp duty act and had hiked the stamp duty on gift deeds from Rs 500 to 3% of the land value. 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. Mumbai, Maharashtra, India. (ii) For the purpose of clause (da), the number of shares issued or allotted in exchange or otherwise shall mean, the number of shares of the transferor company accounted as per exchange ratio as on appointed date. The Ready Reckoner is also available online on the IGR website. Insection 31of the principal Act, in sub-section (4), in the proviso, for the word double the wordsfour timesshall be substituted. 9.12 Voluntary disclosure of fact of instrument not duly stamped. In Maharashtra the Ready Reckoner changes every financial year i.e. as mentioned in sub-section (1) as a proper officer for defacing the challan and making the endorsement on such instruments. endobj As mentioned in this order the Stamp Duty chargeable under Article 25(b) of Schedule I of Maharashtra Stamp Act, 1958 on the instrument of Conveyance or Agreement to Sell of any immovable property shall stand reduced to 1% subject to certain conditions, if all the purchasers are female. 50/- shall be rounded of to the next Rs. Once the instrument is executed, it should be registered within 4 months from the date of such executionwithout any penalty towards registration fees. - 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. However, same is not available in the case of Resale and other types of instruments. Further, the Ministry vide notification dated January 08, 2020 has deferred the effective date of amendments in the Act to April 01, 2020. Explanation I-For the purpose of clause (b),''Securities means the securities as defined in clause (h) of section 2 of the Securities Contract (Regulations) Act 1956. 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. : detection of frauds under Information Technology Act. (A) for the purpose of non -residential use of any nature whatsoever; The same duty as is payable under Article 36(iv). 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. Insection 52A of the principalAct, (a) in sub-section (1), for the words one lakh the words five lakhs shall be substituted; (b) in sub-section (2), for the words ten lakhs at both the places where they occur, the words twenty lakhs shall be substituted. For charging stamp duty, the instrument is not to be treated by the name it bears but by the substance or real nature of the transaction recorded therein. The Reckoner divides the immovable property into various categories such as land, residential units, industrial units/office, shops, etc., and fixes their market value accordingly. Rs.500 plus 0.1 % of the amount above Rs.10,00,000 subject to maximum of Rs.25,00,000. Thereafter, on 12th June, 2020 the Petitioner filed Adjudication Case No.ADJ/1100900/224/2020 before Respondent No.3 . Maharashtra Stamp Act Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. Further, any public officer can impound such improperly stamped instruments if it comes to his notice. Memorandum of any association nor formed for profit and registered under section 25 of the Companies Act, 1956, (I of 1956). (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.