// --> . In Maharashtra, stamp duty charges on the market value of the property or on the agreement value . (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. Explanation. (2) For the purposes of this Order, the first instrument of transaction means, the first document executed between the project Proponent/s and the Purchaser (hereinafter referred to as the original purchaser) in respect of residential unit located in the areas as approved under the Pradhan Mantri Awas Yojana- Housing For All (Urban) Project area (hereinafter referred to as the said area). (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 Penalty on the instruments mentioned in the Appendix is reduced to ten per cent of total penalty on the deficient portion of the duty. EXCISE BOND, See Customs Bond or Excise Bond (Article 28). 0.2 % of the amount agreed in the contract. STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Special Adhesive Stamp affixed by Proper Officer under Rule 11. Explanation I. 68. ARTICLE 36A LEAVE AND LICENSE AGREEMENT. Step 2: Click 'Pay Without Registration' if you are not registered with the portal. The same duty as a conveyance under clause (a), (b), or (c), as the case may be, of Article 25, for a sum equal to the amount settled or the market value of the property settled. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper under Rule 11. Stamp Duty on Rental Agreement. 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. If you are a registered user, fill in the login details. - For the purposes of this Article, the value of shares, scrip or stock includes the amount of premium, if any. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 11. In section 70 of the principal Act, sub-section (2) shall be deleted. Follow these steps, to pay your stamp duty online: Step 1: Visit the Maharashtra Stamp Duty online payment portal. 1000 and maximum of Rs.50,00,000. (b) where there is no disposition of property, --. Controller of Stamps, Mumbai. 0.2% on share capital or increased share capital ,as the case may be subject to a maximum of Rs. 10,00,000; 0.25 % of the amount agreed in the contract subject to minimum of Rs.100. if(MSFPhover) { MSFPnav8n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav8h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } 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. 0.2%. (ii) conferring exclusive rights of telecasting, broadcasting or exhibition of an event or a film, -, (iii) specific performance by any person or a group of persons where the value of contract exceeds rupees 1,00,000,-, (iv) creation of any obligation, right or interest and having monetary value, but not covered under any other article, -. 9.11 Deficient portion of stamp duty : amount of maximum penalty increased. (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 ; . Thus, no instrument can be registered beyond 8 months from the date of execution. 4.90 for every Rs. Stamp Duty Increased from 3% to 5% w.e.f. (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. Check all needed legal documents, Payments, Charges, Property Registration, Rates & its Calculation procedure. The state government announced stamp duty reduction on lease agreements on 24th December 2020. However agreement for sale of flats, shops, etc. 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. If the landlord additionally receives a non-refundable deposit, stamp duty at the same rate will be applied on the non-refundable deposit. However, when a property is considered, the stamp duty is charged on the present agreement value or market value, whichever is high. Both the Parties of the agreement are also situated in Maharashtra. The Maharashtra Stamp Act extends to the whole of the State of Maharashtra. In Case Duty Exceeding Re. ; (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. (3) The Occupancy Certificate must be granted by the concerned Planning Authority. 5. STAMPS TO BE USED -- Adhesive Stamp (Section 11). 43 (b).The parties cannot rely on statements or conduct outside the License Agreement to establish any right or duty beyond or contrary to those expressly provided in or limited by the License Agreement. 10,00,000. 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. 100/- need to be paid as stamp Duty for Gujarat Property Registration. They provide evidence of the terms and conditions agreed upon by the parties . AWARD, that is to say, any decision in writing by an arbitrator or umpire, on a reference made otherwise than by an order of the Court in the course of a suit, being an award made as a result of a written agreement to submit, present or future differences to Arbitration but not being an award directing a partition--. 5,000 Plus renewal fee applicable under entry 3. Yes, when you buy a house in Mumbai that will take two years to get ready for possession, you will have to pay 2% as stamp duty and 1% as the registration charge on the purchase. TRANSFER (whether with or without consideration). STAMPS TO BE USED- Non-Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules10 & 11]. if(MSFPhover) { MSFPnav3n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav3h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } does not require adjudication & can be registered directly by payment of proper Stamp Duty. 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.. 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. Section 35 of List 1 of the Bombay Stamp Act states that the stamp duty on the compensation loan was 500/- (five hundred rupees). Usc of adhesive stamps. It is pretty much similar to what a government collects for sales tax and income tax. The instruments or the documents have to be read as they are i.e. Stamp duty is a legal tax payable in full and acts as an evidence for any sale or purchase of a property. --For the purpose of this article more persons than one when belonging to the same firm shall be deemed to be one person. 100. * The amount of stamp duty has been calculated as per the provisions of Maharashtra Stamp Act( Bom. The new rate after the reduction was 2% (from earlier 5%) and applied from 1st September to 31st December 2020. Generally, the stamp duty is paid by the buyer, in some cases, the buyer and seller decide to split the stamp duty as per an earlier signed agreement. Select the option based on your requirement, such as "Sales Deed" and "Agreement to sale". 7% rent increase after 12 months. You can pay stamp duty online via an electronic secured bank treasury receipt (eSBTR)-an online payment service. In all other cases, it is to be paid by the person executing the instrument. The Explanation to the definition provides that any instrument by which one co-owner transfers his property to another co-owner would be deemed to be a conveyance provided that it is not an instrument of partition. A license agreement is a document, executed between two or more parties, evidencing the terms and conditions of such patent licensing in India. if(MSFPhover) { MSFPnav7n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav7h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } 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. You can register as user on the portal and can avail services such as the registration for importer, goods, agent, transporter etc. In case an instrument is so drafted that it is covered within the ambit of more than one Article under Schedule I, then it shall be taxed by that Article which levies the highest amount of stamp duty. The law on stamping and registration. STAMPS TO BE USED -- Non-Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10 (ii). For business users who are e-stamping their documents, you must register for an e-Stamping Account ID via the IRAS e-Stamping portal. W.e.f. (c) when authorizing one person or more to act in a single transaction other than the case mentioned in clause (a); (d) when authorizing one person to act in more than one transaction or generally; (e) when authorizing more than one person to act in single transaction or more than one transaction jointly or severally or generally; (f) (i) when given for consideration and authorizing to sell an immovable property; 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 the property. if(MSFPhover) { MSFPnav4n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav4h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } 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. What was Stamp Duty At The Time Of Agreement Dates 10-12-1985 and 04-07-1980? Thus, within the said area a further transaction from the original purchaser to the next purchaser is not eligible for the reduction in the stamp duty under this order. See 1970 License Agreement, para. It is a tax paid to the government, similar to the income tax. The instruments specified in the Schedule-I to the Act are covered by this Act. Stamp duty in Mumbai depends on a lot of factors. A person can be punished with rigorous imprisonment for up to 6 months (not less than 1 month) and with fine up to 5,000, if it is proved that the instrument was undervalued or short payment of duty was made with intention to evade duty. ** Amount given is leviable only if the Memorandum of Association (MOA) is accompanied by Articles of Association (AOA). } Stamp Duty is payable in full and is to be paid on the deadline. Explanation I. A license may apply to any type of IP -trademark, patent, copyright,design and/or know-how.