HIRING AGREEMENT or agreement for service, see Agreement (Article 5). through the stock exchanges or clearing corporations authorized by the stock exchange or by the depositories) on one instrument, In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of. (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. (a) If accompanied by articles of association under section 26 of the Companies Act, 1956, (I of 1956). Duty can be paid by way of adhesive or impressed stamps or e-franking on the instruments and duly stamped documents are only admitted as evidence in court. The instruments or the documents have to be read as they are i.e. See also Settlement (Article 55). Once the instrument is executed, it should be registered within 4 months from the date of such executionwithout any penalty towards registration fees. if relating to transfer of tenancy of immovable property, for every square meter of the area of the tenanted property the right of tenancy in which is the subject matter of transfer and situated Within the limits of--, (i) the Municipal Corporation of Greater Bombay--. 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;. The Amended Stamp Act clarifies that no stamp duty shall be charged on any instrument (other than the principal instrument) on a single transaction. Instrument of partition means any instrument whereby co-owners of any property divide or agree to divide such property in severally and includes: a final order for effecting a partition passed by any revenue authority or any civil court, an award by an arbitration directing a partition, and, when any partition is effected without executing any such instrument, any instrument or instruments signed by the co-owners and recording, whether by way of declaration of such partition or otherwise, the terms of such partition amongst the co-owners. Insection 48of the principal Act, in sub-section (1), for the proviso, the following proviso shall be substituted, namely : Provided that, where an agreement to sale of immovable property on which stamp duty is paid under Article 25 of the SCHEDULE I, is registered under the provisions of the Registration Act, 1908 and thereafter such agreement is cancelled by a registered cancellation deed for whatsoever reasons before taking the possession of the property which is the subject matter of such agreement, within a period of five years from the date of execution of the agreement to sale, then the application for relief may be made within a period of six months from the date of registration of cancellation deed.. STAMPS TO BE USED -- Adhesive Stamp, Rule 13 (f) or Non-Judicial Stamp, Rule 6. : detection of frauds under Information Technology Act. 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. (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. (iii) for a period exceeding 10 years but not exceeding 29 years, with a renewal clause contingent or otherwise. 1-5-1994, the stamp papers must be in the name of one of the parties to the transaction. (c) for the sole purpose of enabling any person to receive any pension or charitable allowance. 22-12-2011: As per new circular from IGR, the old agreement, which has expired 8 months period from the date of execution cannot be registered. 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 . 9.15 Mandatory provision for furnishing information called by CCRA or any authorized Officer. - For the purposes of this Article, the value of shares, scrip or stock includes the amount of premium, if any. 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 478 of 2022 ('Tata Autocomp') granted interim relief by directing Maharashtra Government to refrain from levying Stamp Duty under Article 29 (Article 24 in Bombay Stamp Act, 1958) of Schedule I of the Maharashtra Stamp Act, 1958 ('Stamp Act') on Bill of Entry ('BOE . The amended stamp duty rate prescribed by the Finance Act, 2019 stipulates that for issue of security other than debenture, a stamp duty of 0.005% shall be payable . 43 75. If any person prevents or obstructs entry of any officer authorized under section 68 or fails to give any reasonable assistance to him, he shall, on conviction, be punished with imprisonment for a term which shall not be less than one month, but which may extend to six months and with fine which may extend to rupees five thousand.. Earlier, if the resale of such Immovable Property took place within one year of purchase, the stamp duty payable would only be on the difference of the property rates calculated in the purchase price and the resale price, and not on the entire consideration amount when the property is resold. Then from 1st Jan 2021 to 31st March 2021, the stamp duty rate was 4%. 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. . The same duty as is payable under clauses (a) and (b). 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. Circular w.e.f. Arunachal Pradesh. (b) when possession is not given or agreed to be given as aforesaid. 9.2 Several instruments used in a single transaction: Development Agreement, Sale and new instrument (Lease) included along with mortgage or settlement. GIFT, Instrument of --not being a Settlement (Article 55) or Will or Transfer (Article 59). 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. In August 2020, Maharashtra Government announced that they are reducing the stamp duty for the next three months. The government's two year concession from stamp duty hike ends in March . _______ paid in *cash/by demand draft/by pay order/e-Challan, vide Receipt/Challan No._______________/GRN No._______________CIN_____________ dated the ___________. article 34 of maharashtra stamp act; difference between bombay stamp act and maharashtra stamp act; maharashtra stamp act 2020; maharashtra stamp act in Marathi; mumbai; Nagpur; Navi Mumbai; pune; stamp duty on service agreement in Maharashtra; Thane Maharashtra Stamp (Amendment) Act, 2017 (47 of 2017) Amended by Maharashtra Act No. Circular w.e.f. Maximum 400%. The stamp rate was 3% from 1st Oct 2020 to 31st Dec 2020. (i) where the Trust is made for a religious or charitable purpose; 2% of a sum equal to the amount settled or market value of the property settled. Buy Now Mumbai's stamp duty Stamp duty in Mumbai varies based on the location of the property and the kind of deed. LX (C) Of the time of stamping Instruments 17. Regional Development Authority (MMRDA) and Municipalities of Pune, Pimpri-Chinchwad and Nagpur. --For the purpose of this article more persons than one when belonging to the same firm shall be deemed to be one person. var a=new Image(); a.src=img; return a; (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. endobj 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. 20,00,000/-. Recently Maharashtra Government has allowed online registration of first sale agreement of developers approved by the Stamp duty and Registration Authorities. 3 0 obj 100/- equal to or exceeding Rs. // -->. (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. . 9.16 Designated Revenue Officers empowered to call for all Registers and relevant Books of Transactions in respect of payment of stamp duty: Including diskette, magnetic cartridge tape, CD-ROM etc. 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. (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. (b) where there is no disposition of property, --. However, an instrument can be registered within additional 4 months by paying penalty which is equivalent to 2.5 times per month or part thereof subject to maximum 10 times. 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.. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper under Rule l0(ii). The Act is a fiscal measure enacted to secure revenue for the State from certain classes of instruments. Mudrank-2022/C.R.No.78/M-1 (Policy) issued by Revenue and Forest Department dated 01.04.2022 wherein the Government of Maharashtra had introduced Amnesty Scheme for certain type of documents. Stamp Duty Calculator Maharashtra - Updated Calculate Stamp Duty, Registration Fee, Rebate for Women, LBT GST, and TDS in just six (6) easy steps Validity of this calculator is from 1st April, 2021 up to 31stMar, 2022. . 1stApril, 2021. if(MSFPhover) { MSFPnav3n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav3h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } 9.12 Voluntary disclosure of fact of instrument not duly stamped. CERTIFICATE OR OTHER DOCUMENT, evidencing the right or title of the holder thereof, or any other person either to any shares, scrip or stock in or of, any incorporated company or other body corporate, or to become proprietor of shares, scrip or stock in or of, any such company or body. Under Section 17 of the . ; by which property, whether movable or immovable, or any estate or interest in any property is transferred to, or vested in, any other person. Stamp duty in Maharashtra depends on whether the property is urban or rural, total transaction value, etc. 10.1 Deletion of requirement to round off duty amount. RELEASE, that is to say, any instrument (not being an instrument as is provided for by section 24) whereby a person renounces a claim upon other person or against any specified property,--. 1-5-1994, the date of issue of the stamp paper must not be more than 6 months older than the date of the transaction. on the refundable security deposit or money advanced or to be advanced, by whatever name called. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. CONTENTS SECTIONS Page No. 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. (2) Letter of hypothecation accompanying a bill of exchange, ARTICLE 10 ARTICLES OF ASSOCIATION OF A COMPANY. (ii) the Municipal Corporations of the Cities of Thane, Pune, Nagpur and Navi Mumbai-. Certain departments, organisations, institutions etc., to ensure payment of stamp duty-, (1) Notwithstanding anything contained in this Act, the State Government may, by notification in the Official Gazette, direct that any State Government Department, institution of local self-Government, semi Government organization, banking or non-banking financial institution or the body owned, controlled or substantially financed by the State Government or any class of them, shall ensure that the proper duty is paid to the State Government through Government Receipt Accounting System (G.R.A.S.) 2 % of the, amount or the market value of the separated share or shares of the property. Stamp duty is chargeable on an instrument and not on a transaction. 1. (1) having area upto 27.88 squares meters (300 square feet); Rs. 5; (b) where the instrument relates to the partition of agricultural land, the rate of duty applicable shall be Rs. Such instruments can be admissible in evidence on payment of the requisite amount of duty and a penalty @ 2% per month on the deficient amount of duty calculated from the date of execution. Exemptions Affidavit or declaration in writing when made --. (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. For example,some states like Rajasthan and Maharashtra levied stamp duty on transfer of listed shares whereas Tamil Nadu did not levy any stamp duty. Finance Department (FD), Government of Maharashtra, has decided to receive payments electronically. (c) if relating to both movable and immovable property. In case of instruments which are based upon Market Value of the property which is the subject matter of an instrument, means the price which such property would have fetched if sold in open market on date of execution of such instrument or consideration stated in the instrument whichever is higher and needs to be paid in full and in time. 100, if such transfer or assignment is made within a period of 1 year from the date of the agreement. The new rate after the reduction was 2% (from earlier 5%) and applied from 1st September to 31st December 2020. (ii) Maharashtra Stamp Act [1958 : Bom. (1) Any such individual, institution, organization, company or a body responsible for creating, executing, maintaining, recording, verifying an instrument chargeable with duty as may be notified by the State Government in the Official Gazette, shall, when called upon by any officer specifically authorised by the Chief Controlling Revenue Authority in this behalf, furnish information in the form and within the time limit specified by the Chief Controlling Revenue Authority. 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) Dissolution of partnership or retirement of partner inclusive of Limited Liability Partnership and Joint Venture to run a business ,earn profits and to share profits ,whether in cash or in kind-. 394 of the Companies Act, 1956 or the order of the National Company Law Tribunal under sections 230 to 234 of the Companies Act, 2013 or every confirmation issued by the Central Government under section 233 (3) of the Companies Act, 2013, in respect of amalgamation, merger, demerger, arrangement or reconstruction of the companies ( including subsidiaries of parent company ); and every order made by the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949 in respect of amalgamation or reconstruction of Banking Companies 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. ACT LX OF 1958) (Modified up to the 03 Jun 2022) 1958:Bom.LA] THE MAHARASHTRA STAMP ACT. 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 Act is intended to levy stamp duty on certain types of documents executed in the state or brought from outside for 100. 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.
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