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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. 9.11 Deficient portion of stamp duty : amount of maximum penalty increased. (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. Further, any public officer can impound such improperly stamped instruments if it comes to his notice. 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 Bihar Stamp (Amendment) Rules, 2015.Link . <> 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. The Union Government notified Part I of Chapter IV of the Finance Act, 2019 and promulgated the Indian Stamp (Collection of Stamp- Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019.The Amendment seeks to: address the stamp duty regime recognising the technological changes in the field of financial securities, which today are primarily, done electronically through the stock exchange or through authorized clearing corporations and the depositories; and, provide for a centralized collection mechanism under which the stamp duty is to be collected at one place by one agency (i.e. Mumbai, Maharashtra, India. Immovable property land, house or flat can now be transferred to one's children or blood relatives without paying stamp duty for registration. This is only applicable in the areas falling under the Mumbai Metropolitan Region Development Authority (MMRDA) and municipal corporations of Pune, Pimpri-Chinchwad, and Nagpur. (i) If the amount secured by such deed does not exceed Rs.5,00,000, 0.1% of the amount secured by such deed , subject to minimum of Rs.100, 0.3% of the amount secured by such deed , subject to maximum of twenty lakh rupees. The Maharashtra Stamp (Amendment and Validation) Ordinance has clarified the courts' stance that instruments which cover two or more distinct transactions - that cannot blend into one and be. (a) of debentures, being marketable securities whether the debenture is liable to duty or not, except debentures provided for by section 8 of the Indian Stamp Act, 1899. Aftersection 68of the principal Act, the following section shall be inserted, namely : 68A. Finance Department (FD), Government of Maharashtra, has decided to receive payments electronically. ACT LX OF 1958) (Modified up to the 03 Jun 2022) 1958:Bom.LA] THE MAHARASHTRA STAMP ACT. 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. (a) in Article 25, in clause (b),- (i) in sub-clause (ii), in column 2 , for the figure and words 4 per cent. the figure and words 5 per cent. Shall be substituted. 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. 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. Amendment to Section 70 of Maharashtra Stamp Act: By way of this amendment, the amount of stamp duty, which is determined, payable on instruments chargeable with more than Rs. Under Section 34 of the Act, any instrument which is inadequately/not stamped, then it shall be inadmissible in evidence for any purpose, e.g., in a Civil Court. 8. . (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. Thereafter, on 12th June, 2020 the Petitioner filed Adjudication Case No.ADJ/1100900/224/2020 before Respondent No.3 . 100/- shall be charged. To avail of this facility the taxpayer is required to have a net-banking account with any of the banks listed by the government on the website. Rs.500 plus 0.1 % of the amount above Rs.10,00,000 subject to maximum of Rs.25,00,000. TRANSFER (whether with or without consideration). 9.9 Deficient portion of stamp duty : amount of maximum penalty increased. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. 100. STAMPS TO BE USED -- Non-Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10 (ii). (b) where there is no disposition of property, --. SURRENDER OF LEASE including an agreement for surrender of lease--. (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. . { *Strike out whatever is not applicable., 9.5 Person who is liable to pay stamp duty. Stamp Paper- The stamp charge must be executed on non-judicial stamp papers and is paid directly to the registered authority. STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Special Adhesive Stamp affixed by Proper Officer under Rule 11. 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 . These amendments were earlier discussed by the Maharashtra Cabinet and approved on December 9, 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. (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. By Notification dated 8th February 2019, the Government of Maharashtra has introduced levy of additional stamp duty for instruments of sale, gift and usufructuary mortgage, in the form of Metro Cess. on the market value shall be substituted; (ii) the words whichever is less shall be deleted. (c) if relating to both movable and immovable property. (a) if the amount agreed does not exceed Rs. 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. Any instrument executed in the state of Maharashtra shall be liable for payment of Stamp duty according to Section 3 of the Act at the rates provided in Schedule I to The Maharashtra Stamp Act. ARTICLE 36A LEAVE AND LICENSE AGREEMENT. on the refundable security deposit or money advanced or to be advanced, by whatever name called. (parseInt(navigator.appVersion) >= 3 )) || Step 2: Click 'Pay Without Registration' if you are not registered with the portal. depending on Until April 2020, Maharashtra stamp duty has been reduced for two years in areas under Mumbai. The Indian stamp act, 1899 (Arunachal amendment) act, 2007 . 100/- and fractions of less than Rs. --Where under clause (f), duty has been paid on the power of attorney, and a conveyance relating to that property is executed in pursuance of power of attorney between the executant of the power of attorney and the person in whose favour it is executed, the duty on conveyance shall be the duty calculated on the market value of the property reduced by duty paid on the power of attorney. - For the purposes of this Article, the value of shares, scrip or stock includes the amount of premium, if any. Maharashtra Stamp (Amendment) Act, 2017 (47 of 2017) Amended by Maharashtra Act No. (1) having area upto 27.88 squares meters (300 square feet); Rs. This implies that stamp duty is also payable on contracts entered in electronic form if such instrument is listed . From 1st January 2021, people were to pay a 3% stamp duty on the . 18. as mentioned in sub-section (1) as a proper officer for defacing the challan and making the endorsement on such instruments. 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. Nothing is legal that adopts a method in effecting a transaction so as to reduce or lessen the liability of stamp duty. Further it has to be paid on time to avoid penalty. Act to be translated and sold cheaply 43 76. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 10(ii). Now, with the passage of this bill, this one year set-off period has now been extended to three years. 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. Conveyance has been defined to include: every decree or final order of any Civil Court. Provided also that where proper stamp duty is paid on a registered agreement to sell an immovable property, treating it as a deemed conveyance and subsequently a conveyance deed is executed without any modification then such a conveyance shall be treated as other instrument under section 4 and the duty of Rs. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 11. 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. 5,000, is leviable with Re. 0.25 % of the total sum of --- (i) the license fees or rent payable under the agreement; plus (ii) the amount of non- refundable deposit or money advanced or to be advanced or premium, by whatever name called; plus (iii) the interest calculated at the rate of 10% p.a. Explanation- for the purpose of this clause, the principal or primary security shall mean, the security created under clause (a) or (b) above. 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. Arunachal Pradesh. stream Such impounded instruments must be sent to the Collector who would then determine the amount of duty and penalty, if any, payable on the same. Controller of Stamps, Mumbai. 20,00,000/-. 0.005%. . 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. Controller of Stamps ,Mumbai/Designated Officers. MCA;- Stamp Duty Rates in Various States. (iii) for a period exceeding 10 years but not exceeding 29 years, with a renewal clause contingent or otherwise. 63. 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. (a) when possession of the property or any part of the property or any part of the property comprised in such deed is given by the mortgagor or agreed to be given; The same duty as is leviable on a conveyance under clauses (a), (b) or (c), as the case may be, of Article 25, for the amount secured by such deed. The same duty as is payable under clauses (a) and (b). 1094/2229/CR-450-MI, dated 2nd August, 1994 - In exercise of the powers conferred by clause (a) of section 9 of the Bombay Stamp Act, 1958 (Bom. 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 // -->