RECORD OF TRANSACTION (Electronics or otherwise) effected by a trading member through a stock exchange or the association referred to in Section 10 B-, (a) if relating to sale and purchase of Government securities, Rs.50 for every Rs. 100+50=150 And just to be sure that something is not left out. B If the agreement claims to be for a period of more t They cannot be in the name of the Chartered Accountant or Lawyer of the parties. Stamp Duty and Property Stamp Duty and shares, stocks and marketable securities Stamp Duty and leases Gifts and inheritances (((navigator.appName == "Netscape") && (iv) for a period exceeding 29 years , or in perpetuity, or does not purport for any definite period, or for lease for a period exceeding 29 years, with a renewal clause contingent or otherwise. It is basically a levy on any transaction based on exchange of documents or execution of instruments. 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. In Maharashtra the Ready Reckoner changes every financial year i.e. (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. Exemptions Affidavit or declaration in writing when made --. 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. APPLICABILITY The Maharashtra Stamp Act extends to the whole of the State of Maharashtra. 0.5% of the consideration amount of the debenture. As per Article 53 of Indian Stamp Act, 1899, RECEIPT for any money or other property the amount or value of which exceeds Rs. Provided that in case of instrument executed by consortium of banks, the duty chargeable shall not exceed 50 lakhs. See also Letter of Allotment of Shares (Article 37); Explanation. You will have to pay Stamp duty while registering a property as it is mandatory under Section 3 of the Indian Stamp Act, 1899. STAMPS TO BE USED- Non-Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules10 & 11]. 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. However, the maximum penalty cannot exceed four times the amount of duty involved i.e. Vide Notification No. Enter the details and pay the duty through your Internet banking account. 30,00,000 is Rs. Stamp Duty Maximun Stamp Duty Registration Fee ( % or fix duty) Minimum Registration Fee Maximun Registratio n Fee 48 Conveyance in compliance tothe Agreement sale (without possession) Compulsory 5 % 3%1 % 10 % of Principal Stamp Duty 1000 Rs - 49 Conveyance incorporating names of daughter in law Compulsory 1 % -10 % of Principal Stamp Duty 0.8 . This section deals with Stamp Duty on instruments (written documents). (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). Individuals, small enterprises, or startups must file with the TM application by paying a fee of 4,500 for e-filing or 5,000 for filing by hand Based on the type of TM applied as per the stamp duty act, one needs to pay 5% stamp duty per TM application or assignment submitted Forms of Identification 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. (2) having area more than 27.88 squares meters (300 square feet). if(MSFPhover) { MSFPnav6n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav6h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } the Stamp Duty payable under Article 25(b) of Schedule 1 of the Bombay Stamp Act, 1958. Explanation for the purposes of this Article, not withstanding anything contained herein above, the highest duty on either of the property exchanged shall be chargeable. It is imposed by states and therefore, the rates will vary from one state to another. In all other cases, it is to be paid by the person executing the instrument. It is pretty much similar to what a government collects for sales tax and income tax. 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. Signature of the Officer. An application to register the title of a person who becomes entitled by assignment is made on Form TM-P. 50. Some states offer reduced stamp duty charges for female homebuyers. If the property is sold by Govt. In absence of any State stamp legislation, the IS Act applies. If payment of the stamp duty is delayed, it will incur a fine. 1 Revenue stamp. // --> . 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. In Maharashtra, leave and license agreements are required to be stamped, with a flat stamp duty . Stamp Paper: The rent agreement must be executed on non-judicial stamp paper of the correct value as per the applicable stamp duty laws. All the charges put together can come up to 7% to 10% of the total market value of the property or more than that. 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. AFFIDAVIT, that is to say, a statement in writing purporting to be a statement of facts, signed by the person making it and confirmed by him on oath or, in the case of persons by law allowed to affirm or declare instead of swearing, by affirmation. 9.17 Punishment for prevention or obstruction to entry of Officer exercising powers u/s. In case of sale, transfer or reissue; 1. Stamp duty in Mumbai, Thane, Navi Mumbai, Pune, Nagpur and Nashik on sale, mortgage and gift deed details will attract a 1% metro cess from April 1, 2022 as these places have metro projects -operational or work under progress. 1. The same duty as is leviable on a Conveyance under clause (a), (b) or (c), as the case may be, of article 25, on 90 % of the market value of the property. 9.8 Simplication of procedure for filing Appeal before Addl. As per the Ordinance dated 9th February 2021 amendment to Articles 6(1) and 40 has been carried out to bring uniformity in stamp duty chargeable on the instruments of mortgage by deposit of title deeds and simple mortgage deed. 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. 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. 1000 and maximum of Rs.50,00,000. 9.1 Additional Controller of Stamps, Mumbai : New Statutory Authority, Insection 2of the Maharashtra Stamp Act (hereinafter referred to as the principal Act), before the existing clause (a), the following clause shall be inserted, namely :. (a) when executed for the sole purpose of procuring the registration of one or more documents in relation to a single transaction or for admitting execution of one or more such documents; (b) when required in suits or proceedings under the Presidency Small Cause Courts Act, 1882, (XV of 1882). According to the Maharashtra Stamp Act, each document require stamp with proper stamp duty and with the proper mode. In section 70 of the principal Act, sub-section (2) shall be deleted. 5,00,000; Explanation No duty shall be chargeable on agreements or its record covered under sub-clauses (b) and (c ) of this article, if proper duty is paid under Article 51 A, Agreement or its records or Memorandum of Agreement--. 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. Memorandum of any association nor formed for profit and registered under section 25 of the Companies Act, 1956, (I of 1956). For Land, Flat, Shop, Office and Industrial Unit etc. 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.. Conditions (1) Maharashtra Housing and Area Development Authority (MHADA) must certify that the Project is an approved project under the Pradhan Mantri Awas Yojana- Housing for All (Urban). Section 35 of List 1 of the Bombay Stamp Act states that the stamp duty on the compensation loan was 500/- (five hundred rupees). 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. The term "Instrument" has been defined to include every document by which any right or liability is or purports to be created, transferred, limited, extended, extinguished or recorded. This type of agreement is used to allow a licensee to use a licensor's property for commercial or personal use for the duration of the contract. Usc of adhesive stamps. Similarly, Stamp Duty under above Article in rest of Maharashtra State was reduced by Two percent (2%) for the period starting from 1st September, 2020 and ending on 31st December, 2020 and by One Half percent (1.5%) for the period starting from 1st January, 2021 and ending on 31st March, 2021. 20 lakhs. 100/- any fraction of Rs. 10B. 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