While the Maharashtra Stamp Act allows a district tax collector to request documents within 10 years from the date of registration of those documents to verify that the relevant tax has been paid on the deed, the Bombay High Court has ruled that stamp duty cannot be levied on previous documents that are insufficiently stamped. at the time of subsequent sale. If the historical documents can be stamped, stamp duty will only be claimed at the market rate in effect at the time the transaction was made. This means that stamp duty cannot be collected retroactively. Basically, stamp duty in the state of Maharashtra is levied on the type of instruments listed in the Maharashtra Stamp Act of Schedule – I. The question therefore concerns the transfer (deed of sale / purchase contract) of Annex I in accordance with Article 25 of the Act. 4.8 Stamp duty shall be payable at the rates set out in Annex I. Depending on the instrument, it can be based on market value, area or various other criteria. In the case of instruments based on the market value of the property, the clause relating to any immovable property that is the subject of an instrument means the price that the property would have reached if it had been sold on the open market on the day of performance of that instrument or the consideration specified in the instrument, whichever is greater. A. No, the rate of stamp duty is not the same throughout the state of Maharashtra. The price depends on the location of the property.
Prices are mentioned in the article above. Under Section 35 of Schedule 1 of the Maharashtra Stamp Act 1958, and then the Maharashtra Stamp (Amendment) Act 2015, the price of stamp duty on compensation obligations in Maharashtra is Rs 500. Below is the stamp duty applicable to the act of transport/sale after March 2021: In August 2020, the State of Maharashtra announced a massive reduction in the stamp duty rate. The state government has decided not to extend the stamp duty exemption on real estate registrations beyond March 31, 2021 and has also left ready Reckoner rates unchanged for the 2021-22 monetary year. 1. In the case of point (f), the tax paid shall be offset when the transfer is made. 1 for every ₹ 1,000 (about 0.1%) or part of it of the amount guaranteed by the deed, if the guaranteed amount is up to ₹ 5.00,000 and ₹ 2 for every ₹ 1,000 (about 0.2%) in all other cases. The maximum tax is ₹ 10 lakhs If you buy real estate in Maharashtra, in the municipal territorial jurisdiction of local authorities, municipal councils, cantonment council area and Nagar Panchayat, you must pay a stamp duty of @ 5% on the actual market value and if you are in rural areas, then stamp duty @ 4% on the actual market value. Stamp duty in Mumbai District and Mumbai Suburban District under the jurisdiction of greater Mumbai Municipal Corporation.
Step 4: Select « Make payment to save your document ». Now you can choose to pay the stamp duty and registration fee together or just the stamp duty or just the registration fee. Local corporate tax on Pune, Nagpur, Thane, New Mumbai and Pimpri-Chinchwad applies to instruments of sale, gifts and mortgages. Local corporate tax plus stamp duty must be paid at the time of registration of the document. On 24 April 2015, the original Maharashtra Stamp Act 1958 received confirmation that it was called the Maharashtra Stamp Act 2015. Some changes have been made to the act – the stamp duty rate on certain Schedule 1 instruments has been increased. Therefore, the Maharashtra Stamp Amendment Act came into force for the first time in 2015. Various factors determine stamp duty on property in the State of Maharashtra (or any other State). Name a few of these factors – the locality of the property – urban or rural, the total cost of the transaction, etc. Maharashtra`s Stamp Duty Act of 2020 reduced stamp duty on real estate for the next two years. This only applies in areas covered by the Mumbai Metropolitan Area Development Authority (MMRDA) and the municipal bodies of Pune, Pimpri-Chinchwad and Nagpur. This means that stamp duty on real estate in Mumbai, Pune and Nagpur was levied at 5% (4% stamp duty + 1% metro).
Read: CSC Mahaonline – A Step Forward Towards India`s Digital Customs Duty Rates DreamCitiesStamp (w.e.f. April 1, 2021) Stamp Duty Rates from September 1, 2020 to December 31, 2020 Stamp Tax Rates from January 1, 2021 to December 31. March 2021Mumbai5% (including 1% Metro cess)2%3% Pune6% (including transport surcharge and municipal tax)3%4%Thane6% (including transport surcharge and local corporate tax)3%4%Navi Mumbai6% (including transport surcharge and local corporate tax)3%4%Pimpri-Chinchwad6% (including transport surcharge and local corporate tax)3%4%Nagpur6% (including transport surcharge) and local corporate tax) 3% 4% stamp duty applicable to the value of the property, is calculated based on the Ready Reckoner (ASR) rate or the value recorded in the document, whichever is higher. .