maharashtra stamp duty act 2020discovery special academy middlesbrough jobs

(g) when given to a promoter or developer by whatever name called, for construction on, development of, or sale or transfer (in any manner whatsoever) of, any immovable property. 100. (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. (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). 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. does not require adjudication & can be registered directly by payment of proper Stamp Duty. 25-3-2013: As per amended Section 17 of Registration Act, 1908 registration of: Irrevocable Power of Attorney relating to transfer of immovable property in any way, executed on or after 1-4-2013. Now, with the passage of this bill, this one year set-off period has now been extended to three years. (2) The Chief Controlling Revenue Authority shall authorize a person nominated by such Department or body, etc. (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. 9.12 Voluntary disclosure of fact of instrument not duly stamped. Then from 1st Jan 2021 to 31st March 2021, the stamp duty rate was 4%. 43 75. 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. Even instruments executed outside the State are liable to duty within 3 months on their receipt in the State, provided it relates to a property situated in the State or a matter or thing to be done in the state. 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 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. VALUATION, See Appraisement (Article 8). Mudrank-2020/C.R.136/M-1 (Policy) issued by Revenue and Forest Department dated 29.08.2020 wherein 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 in Mumbai City and Mumbai Suburban was reduced by Three percent (3%) for the period starting from 1st September, 2020 and ending on 31st December, 2020 and by Two percent (2%) for the period starting from 1st January, 2021 and ending on 31st March, 2021. endobj Revocation of -- of, or concerning, any property when made by any instrument other than a Will. Controller of Stamps, Mumbai. // -->. As per the Maharashtra Stamp Act, the stamp duty rates are as follows - Conveyance . 100. Works Contract, that is to say, a contract for works and labour or services involving transfer of property in goods (whether as goods or in some other form) in its execution and includes a sub contract,-. EXCISE BOND, See Customs Bond or Excise Bond (Article 28). The Maharashtra Stamp Act extends to the whole of the State of Maharashtra. The Maharashtra government opted not to extend the waiver on stamp duty and registration expenses in Maharashtra beyond March 31, 2021, after announcing a rate drop in August 2020. 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. 9.9 Deficient portion of stamp duty : amount of maximum penalty increased. STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Special Adhesive Stamp affixed by Proper Officer under Rule 11. Recently, specific changes have been made in the Maharashtra Stamp Act that deals with the electronic payment of stamp duty, gift deeds stamp duty, new penalty clauses, and changes in stamp duty amount under specific clauses. 100/-. (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. 100 or an amount equal to 5% of the amount of consideration, whichever is higher, (iii) any Municipal Corporations other than those Municipal Corporations mentioned in columns (i) and (ii)--, Rs. 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. according to the share capital of the company ,subject to minimum of Rs.1,000 and maximum of Rs.50,00,000. ], A. 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.) stream { . 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. If amount secured by the deed is more than Rs. On 11th May 2020, the Maharashtra government has lost Rs 3885 crore in stamp duty in 40 days of lockdown. (c) if relating to both movable and immovable property. If MOA is not accompanied by AOA, then Stamp duty on MOA will be 0.2% according to the share capital subject to minimum of Rs. (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. Conversion of amount expressed in foreign . The state government has earned only Rs 15 crore through stamp duty and registration in the last 40 days - a steep fall in comparison to the Rs 4000 crore it usually generates in such a period. 100, if such transfer or assignment is made within a period of 1 year from the date of the agreement. 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,--. 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;. (5) No refund shall be granted where stamp duty has already been paid by any project proponent or the Purchaser of any unit prior to the date of publication of this Order in the Maharashtra Government Gazette. It cannot be in the name of the Consultants, Solicitors, Chartered Accountant or Lawyer of the parties. Provided that, the provisions of section 32A shall,mutatis mutandis, apply to such agreement, records thereof or memorandum, as they apply to an instrument under that section: 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 parties in respect of the same property then, the stamp duty under this article shall be Rs. (1) having area upto 27.88 squares meters (300 square feet); Rs. Act to be translated and sold cheaply 43 76. 44 xiR~d%[Ko"#WR~H#4%9:9 j~eie )vr. 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 It amends section 5, article 6 and article 40 of schedule I of the Maharashtra Stamp Act, 1958, and has been released in addition to the circular issued by the Office of the Inspector . ACT LX OF 1958) (Modified up to the 03 Jun 2022) 1958:Bom.LA] THE MAHARASHTRA STAMP ACT. The Stamp Duty in Maharashtra (areas other than Mumbai) was reduced by 2 per cent from September 1, 2020 to December 31, 2020 and by 1.5 per cent from January 1, 2021 to March 31, 2021. 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. For the purpose of this article, the market value, for the instruments falling under section 2 (n) (iii) (Toll Agreements) and article 5 (g-e) (Hire Purchase agreement), shall be the total contract value and they shall be chargeable to duty same as under clause (a) of article 25. 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. (A) for the purpose of non-residential use of any nature whatsoever; Rs. The recent notification of the Maharashtra government to abolish stamp duty on gifts between relatives (Referring to the Maharashtra Stamp Act Amendment Bill 20/2015). . if(MSFPhover) { MSFPnav2n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav2h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } STAMP DUTY. (2) Letter of hypothecation accompanying a bill of exchange. 9.11 Deficient portion of stamp duty : amount of maximum penalty increased. (ii) an amount equal to 0.7%, of the aggregate of the market value of the shares issued or allotted to the Resulting Company and the amount of consideration paid, for such demerger, whichever is higher: Exemption: Assignment of copyright under the Copyright Act, 1957 (IXV of 1957). The act of payment of stamp duty on a document is known as stamping. Explanation II-- Where in the case of an agreement to mortgage the amount or part thereof sought to be secured by such an agreement is advanced or disbursed to the mortgagor or without execution of a mortgage deed, then such an agreement to mortgage shall, notwithstanding anything contained in clause (d) of section 2, become chargeable under this Article as mortgage-deed on the date of making of such advance or disbursement either in part or in whole. Explanation I. (Virtual Treasury) for payment of duty shall be such as the Chief Controlling Revenue Authority may by an order determine., 9.4 Fixing liability of payment of stamp duty even on unregistered documents, Aftersection 10Cof the principal Act, the following section shall be inserted, namely :, 10D. 0.5 % of the amount agreed in the contract. After six months it is mere a piece of paper. 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. 9.15 Mandatory provision for furnishing information called by CCRA or any authorized Officer. bodies or local authorities e.g. In Maharashtra the Ready Reckoner changes every financial year i.e. then value declared by these departments in notice is treated as final market value. LX of 1958), the Government of Maharashtra, having satisfied that it is necessary to do so in the public interest, hereby reduces, with effect from the 1st August, 1994, the maximum duty chargeable on Articles of Association of a Company under Article 10 of Schedule I of the said Act, to Rs. 50/- shall be disregarded. The Bombay Stamp Act of 1958 is another name for it. every order made by the High Court u/s. (aa) Additional Controller of Stamps, Mumbai means the officer or officers so designated by the State Government and includes any other officer whom the State Government may, by notification in the Official Gazette, appoint in this behalf ; . Act LX of 1958) as amended from time to time. STAMPS TO BE USED -- Non-Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10 (ii). 9.7 Deficient portion of stamp duty : amount of maximum penalty increased. (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. 100/- and fractions of less than Rs. 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. Mumbai, Maharashtra, India. ((navigator.appName == "Microsoft Internet Explorer") && - 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. (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. 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. THE MAHARASHTRA STAMP ACT (BOM. Provided that, on conveyance of property by the person, under an agreement under this sub-clause to the subsequent purchaser, the duty chargeable for each unit under this sub- clause shall be adjusted against the duty chargeable under Article 25 (conveyance) after keeping the balance of Rs. 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. ** Amount given is leviable only if the Memorandum of Association (MOA) is accompanied by Articles of Association (AOA). 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. (a) in sub-section (1),- (i) after the word sale, the word lease, shall be inserted ; (ii) after the words development agreement, where it occurs for the second time, the word lease, shall be inserted ; (b) in the marginal note, after the word sale, the word lease, shall be inserted. 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. STAMPS TO BE USED -- Non - Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules 10 & 11]. See also Settlement (Article 55). // -->