5 lakhs, rate of stamp duty is 0.3% of the secured amount.. Rate of stamp duty has been increased from 0.2% . 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. 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. * The amount of stamp duty has been calculated as per the provisions of Maharashtra Stamp Act( Bom. Circular w.e.f. Instrument of gift has been defined to include, where the gift is of any movable or immovable property but has not been made in writing, any instrument recording whether by way of declaration or otherwise the making or acceptance of such oral gift. 100. T he governor of Maharashtra, in exercising powers conferred in him vide article 213(1) of the constitution of India, passed the Maharashtra Stamp (Amendment and Validation) Ordinance, 2021, on 5 February 2021. (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.. it changes every April. Forsection 68of the principal Act, the following section shall be substituted, namely : 68. 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. 31.03.2020 that the Company had committed default in payment of instrument deed . The Maharashtra Stamp Act and Stamp Duty in Mumbai. ADOPTION DEED, that is to say, any instrument(other than a Will) recording an adoption or conferring or purporting to confer an authority to adopt. bodies or local authorities e.g. Thus, no instrument can be registered beyond 8 months from the date of execution. Controller of Stamps, Mumbai. Provided further that, if the proper stamp duty is paid under clause (g) of article 48 on a power of attorney executed between the same (2) The Chief Controlling Revenue Authority shall authorize a person nominated by such Department or body, etc. TRANSFER (whether with or without consideration). You can get the eSBTR on giving a printout of proof of payment online at nominated branches of the bank. 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. (a) if the release deed of an ancestral property or part thereof is executed by or in favour of brother or sister (children of renouncers parents) or son or daughter or son of predeceased son or daughter of predeceased son or father or mother or spouse of the renouncer or the legal, heirs of the above relations without consideration in any form. 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: 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. Insection 32Bof the principal Act, (i) in sub-section (1), after the words file an appeal against such order, to the the words Additional Controller of Stamps, Mumbai in respect of the property, which is the subject matter of the instrument, is situated in Mumbai City and Mumbai Suburban Districts and in respect of the properties situated in the other parts to the shall be inserted; (ii) in sub-section (2), after the words against the order of the the words Additional Controller of Stamps, Mumbai or the shall be inserted. Conducted research on NFTs . (a) where on a dissolution of the partnership or on retirement of a partner any property is taken as his share by a partner other than a partner who brought in that property as his share of contribution in the partnership. -- 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. W.e.f. With an intent to bring uniformity in rates of . STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper under Rule l0(ii). (c) exceeds rupees 5,000 but does not exceed rupees 10,000; (d)exceeds rupees 10,000 but is less than rupees 10,00,000; and. (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. No. 9.3 E-payment through Government Receipt Accounting System (GRAS): Virtual Treasury, Insection 10of the principal Act, after sub-section (3), the following sub-section shall be inserted, namely :, (3A) The procedure to regulate the use of e-payment, through Government Receipt Accounting System (G.R.A.S.) 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. (2) Letter of hypothecation accompanying a bill of exchange, ARTICLE 10 ARTICLES OF ASSOCIATION OF A COMPANY. Signature of the Officer. The two leading decisions on this definition are those of the Supreme Court in the case of. 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. Maharashtra Stamp Act, 1958. . LX (C) Of the time of stamping Instruments 17. The instruments or the documents have to be read as they are i.e. Aftersection 67of principal Act, the following section shall be inserted, namely : 67A. Under Section 17 of the . stream Stamp Duty is a statutory payment like Goods and Services Tax which needs to be paid on all instruments chargeable to duty. ; by which property, whether movable or immovable, or any estate or interest in any property is transferred to, or vested in, any other person. (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. However, same is not available in the case of Resale and other types of instruments. Act not applicable to rates of stamp duty on bills of exchange, etc. While the amendments to Stamp Act were initially scheduled to come into force on 9 January 2020, however, the Ministry of Finance postponed the effective date of the amendments to 1 July 2020. In cases of Bonds, Release, Settlement, it is to be paid by the person making or drawing the instrument. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 11. The government's two year concession from stamp duty hike ends in March . STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper under Rule 11. 50/- shall be disregarded. 100. You can log into the website of the authorized bank, click the link for payment of stamp duty/registration fees. See also Letter of Allotment of Shares (Article 37); Explanation. It is an indirect tax collected by the State Government in Maharashtra. MCA;- Stamp Duty Rates in Various States. STAMPS TO BE USED -- Non-Judicial Stamp Paper (NJ) under Rule 6 or Impressed Label/Special Adhesive Stamp affixed by Proper Officer under Rule 11. The Amended Stamp Act clarifies that no stamp duty shall be charged on any instrument (other than the principal instrument) on a single transaction. { 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. (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). 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. Regulatory Insights that stamp duty on 2 pwc "debentures" is chargeable only under any Article 27 (Union list) of the Constitution of India and not under the Explanation(1) For the purposes of this Order, unit means, a residential unit. (1) having area upto 27.88 squares meters (300 square feet); Rs. ; (ii) in sub-clause (iii), in column 2 , for the figure and words 3 per cent. the figure and words 4 per cent. Shall be substituted. (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. 9.7 Deficient portion of stamp duty : amount of maximum penalty increased. (v) assignment of copyright under Copyright Act, 1957, -, (vi) project under Built, Operate and Transfer (BOT) system, whether with or without toll or free collection rights,-. (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). However, upon delving deeper into the property registrations data, it was found that, only 7 per cent of these registrations were . After April 2020, stamp duty collection in Maharashtra experienced many ups and downs. The concession is applicable to Mumbai Metropolitan Region, Pune, Nagpur and Pimpri Chinchwad. if(MSFPhover) { MSFPnav3n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav3h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } 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. Only authorised vendors can sell the stamps. 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. 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. 10 % of the aggregate of the market value of the shares issued or allotted in exchange or otherwise and the amount of consideration paid for such amalgamation: Provided that, the amount of duty, chargeable under this clause shall not exceed, -, (i) an amount equal to 5 % of the true market value of the immovable property located within the State of Maharashtra of the transferor company; or. (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. // -->