9.9 Deficient portion of stamp duty : amount of maximum penalty increased. 0.1 % of the amount agreed in the contract subject to minimum of Rs.100. then value declared by these departments in notice is treated as final market value. 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. as they are worded or drafted. Insection 39of the principal Act, in sub-section (1), in sub-clause (b), in the first proviso, for the word double the words four times shall be substituted. (a) where there is no share of contribution in partnership, or where such share contribution brought in by way of cash does not exceed rupees 50,000; (b) where such share contribution brought in by way of cash is in excess of Rs. (6) Any project proponent or the Purchaser of any unit for which the reduction in the stamp duty is granted under this Order, and which fails to fulfill the purpose or objectives of the said policy or commits breach of any of the conditions or special regulations as specified in the said policy or this order, shall be liable to pay the whole stamp duty and penalty, if any, as if there was no reduction in stamp duty from the beginning. Regional Development Authority (MMRDA) and Municipalities of Pune, Pimpri-Chinchwad and Nagpur. (a) if the amount agreed does not exceed Rs. Stamp Duty Increased from 3% to 5% w.e.f. However, as a general matter we believe the changes will achieve uniformity and affordability. [Redevelopment Projects] No Stamp Duty On Individual Allotment Agreements If Development Agreement Is Stamped: Bombay High Court (c) where a final order for effecting a partition passed by any Revenue Authority or any Civil Court or an award by an arbitrator directing a partition, is stamped with the stamp required for an instrument of partition, and an instrument of partition in pursuance of such order or award is subsequently executed, the duty on such instrument shall not exceed Rs. Vide Notification No. SURRENDER OF LEASE including an agreement for surrender of lease--. 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. ; by which property, whether movable or immovable, or any estate or interest in any property is transferred to, or vested in, any other person. (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. 9.17 Punishment for prevention or obstruction to entry of Officer exercising powers u/s. The Ministry of Finance ("Ministry") has appointed January 09, 2020 as the day on which these proposed amendments shall come into force. A document which is not stamped, though required to be stamped or is a under stamped, is not by that reason, invalid as between the parties. STAMPS TO BE USED -- Adhesive Stamp (Section 11). 5 (a) to (g) adhesive under section 11, for Art. STAMPS TO BE USED- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper under Rule 10(ii), MORTGAGE DEED, not being an agreement relating to Deposit of Title Deeds, Pawn or Pledge or Hypothecation (Article 6), Bottomry Bond (Article 14), Mortgage of a Crop (Article 41), Respondentia Bond (Article 53), or Security Bond or Mortgage Deed (Article 54)-. Hence, it is crucial to duly stamp a contract. Mundrak. 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. 9.13 Time limit for filing Application for refund of stamp duty : Date of execution of Agreement to Sale: Date of Registration :Cancellation of registered instrument described under Article 25 of schedule I. ARTICLE 36A LEAVE AND LICENSE AGREEMENT. 8. . 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. -- A mortgagor who gives to mortgagee a power of attorney to collect rents, or a lease of the property mortgaged or part thereof, is deemed to give possession within the meaning of this article. 1. 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. (2) Any such individual, institution, organization, company or a body responsible to furnish the information under sub-section (1) fails to furnish the same within the specified time, the Chief Controlling Revenue Authority or any other officer authorised by him in this behalf, direct such defaulter to pay by way of penalty, a sum not less than rupees five hundred but which may extend to rupees ten thousand for each failure.. 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. Particulars: Erstwhile stamp duty: Amended stamp duty: Remarks: Mortgage by deposit of title deeds under article 6(1) of schedule I: If amount secured by the deed is more than Rs. Forsection 68of the principal Act, the following section shall be substituted, namely : 68. The 1.1% fall was the biggest year-on-year drop since November 2012 and also the first annual decrease since June 2020, early in the coronavirus . Revocation of -- of, or concerning, any property when made by any instrument other than a Will. 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. Explanation I.-For the purposes of this article, where in the case of agreement to sell an immovable property, the possession of any immovable property is transferred or agreed to be transferred to the purchaser before the execution, or at the time of execution, or after the execution of, such agreement [* * *] then such agreement to sell shall be deemed to be a conveyance and stamp duty thereon shall be leviable accordingly: Provided that, the provisions of Section 32A shall applymutatis mutandisto such agreement which is deemed to be a conveyance as aforesaid, as they apply to a conveyance under that section: Provided further that, where subsequently a conveyance is executed in pursuance of such agreement of sale, the stamp duty, if any, already paid and recovered on the agreement of sale which is deemed to be a conveyance, shall be adjusted towards the total duty leviable on the conveyance. endobj MSFPhover = Any officer not below the rank of Collector having sufficient reason to believe that, it is necessary to inspect or call for any registers, books, records including a diskette, magnetic cartridge tape, CD-ROM or any other computer readable media or any electronic record mentioned under clause (t) of sub-section (1) of section 2 of the Information Technology Act, 2000, papers, documents, instruments or proceedings which may lead to the discovery of any fraud or omission in relation to any duty, shall, at all reasonable times may himself or through any officer authorised by him in this behalf, who shall be not below the rank of Gazetted GroupB officer or Sub-Registrar, Grade-I appointed under the Registration Act, 1908 or Inspector of Stamps, enter in any premises and inspect the same in the custody of any person, office, firm or any other entity and take such notes and extracts as he may deem necessary, without payment of any fee or charge, and if necessary, seize and impound only the chargeable documents as per the provisions of section 33 . 21 Dec, 2020, 01.54 PM IST. 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. 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. (parseInt(navigator.appVersion) >= 3 )) || The Finance Act, 2019 ('FA 2019'), has prescribed certain amendments in the Indian Stamp Act, 1899 ("the ISA") with the intent of creating a mechanism which would enable the State to collect . . 100. Thus, no instrument can be registered beyond 8 months from the date of execution. Provided that, if the property is gifted to a family member being the husband, wife, brother or sister of the donor or any lineal ascendant or descendant of the donor, then the amount of duty chargeable shall be at the rate of 3 per cent on the market value of the property which is the subject matter of the gift, Provided further that ,if the residential and agricultural property is gifted to husband, wife, son, daughter, grandson and grand-daughter, the amount of duty chargeable shall be Rs.200. Tenancy agreement in Maharashtra When renting a property, landlords and tenantsmust engage in proper documentation to make the rental agreements legally binding. 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. . Only authorised vendors can sell the stamps. If the property is sold by Govt. In section 70 of the principal Act, sub-section (2) shall be deleted. 1 by Impressed Stamp Fixed by Proper Officer. 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. . STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 11. 0.1% of the value of the shares ,scrip or stock. --The term 'registration' includes every operation incidental to registration under the Registration Act, 1908 (XVI of 1908). 5,000, is leviable with Re. 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. 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. From 1st January 2021 to 31st March 2021, the stamp duty was 3% on residential properties (which got revised from 1st April 2021). 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. on the market value shall be substituted; (ii) the words whichever is less shall be deleted. You can get the eSBTR on giving a printout of proof of payment online at nominated branches of the bank. (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.

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