Insection 32Aof the principal Act, (i) in sub-section (1), after the words by way of assignment the following portion shall be inserted, namely : and also any other instruments mentioned in SCHEDULE I chargeable with duty on the basis of market value of the property; (ii) in sub-section (2), in the third proviso, for the word double the words four times shall be substituted; (iii) in sub-section (4), (a) the first and second provisos shall be deleted; (b) in the third proviso, for the word double the words four times shall be substituted. Drafted and reviewed various agreements such as Producer, Line Producer, Director, Artist, Music Producer, Endorsement, Service, In-Film Branding Agreements. 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. STAMPS TO BE USED- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper under Rule 10(ii), MORTGAGE DEED, not being an agreement relating to Deposit of Title Deeds, Pawn or Pledge or Hypothecation (Article 6), Bottomry Bond (Article 14), Mortgage of a Crop (Article 41), Respondentia Bond (Article 53), or Security Bond or Mortgage Deed (Article 54)-. 100. Maharashtra Stamp . 1stApril, 2021. Insection 39of the principal Act, in sub-section (1), in sub-clause (b), in the first proviso, for the word double the words four times shall be substituted. Any party to an instrument can also. x[o: ?EwK0]b=3CY:NtVL?HzrY{U5>"ru\0Nf7f~?>Vtr5}|i(?k#h V 4M}EdL1'Cgy&LDjM 50,00,000. *Strike out whatever is not applicable., 9.5 Person who is liable to pay stamp duty. // -->. Whilst the changes will reduce stamp duty for most debentures issuances, but for large issuances over Rs.5,000 crore the stamp duty will be in excess of Rs.25 lakh (which was the maximum amount prior to the Amendments to the Stamp Act). (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. 1-5-1994, the date of issue of the stamp paper must not be more than 6 months older than the date of the transaction. These amendments were earlier discussed by the Maharashtra Cabinet and approved on December 9, 2020. You can pay stamp duty online via an electronic secured bank treasury receipt (eSBTR)-an online payment service. As per the Order dated 31st March 2021 Government has introduced concessional stamp duty rate for Female homebuyers. Follow these steps, to pay your stamp duty online: Step 1: Visit the Maharashtra Stamp Duty online payment portal. Explanation- for the purpose of this clause, the principal or primary security shall mean, the security created under clause (a) or (b) above. 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. 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. 6/4/2020 7:10 AM 113472 Mah_Act_XIV_of_2020.pdf 6/4 . The amendments to the Indian Stamp Act 1899 (Act) have come into effect from 1 July 2020. (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. --For the purpose of this article more persons than one when belonging to the same firm shall be deemed to be one person. Online Payment of Stamp Duty in Maharashtra without Registration The same duty as is leviable on a conveyance under clause (a), (b) or (c), as the case may be, of article 25 on 25 % of the market value of the property. 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. Transfer of Shares, Debentures, Bills of Exchange, Receipt, etc) or not chargeable at all (i.e., if they are not specified under the Act as well as under the Indian Stamp Act). Maharashtra Government announced stamp duty reduction in August 2020 till March 31, 2021. 11.2Stamp duty of Rs.1000/- only for property located in areas approved under the Pradhanmantri Awas Yojana subject to certain conditions, No.Mudrank-2015/1745/UOR.24/CR-573/M-1.In exercise of the powers conferred by clause (a) of section 9 of the Maharashtra Stamp Act (LX of 1958) (hereinafter referred to as the said Act) and in supersession of the Government Order, Revenue and Forests Department, No.Mudrank-2015/1745/ U.O.R.24/CR-573/M-1, dated the 1st December 2016, the Government of Maharashtra, being satisfied that it is necessary to do so in the public interest, hereby reduces and fixes the stamp duty to the extent of Rs.1000/-(Rupees One Thousand only) as otherwise chargeable under clause (b) of Article 25 of Schedule-I appended to the said Act, 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) or Lower Income Group (LIG) category for the allotment of residential premises as specified in the Schedule appended hereto, relating to the property located in the areas as approved under the Pradhan Mantri Awas Yojana- Housing for All (Urban), a Centrally Sponsored Scheme of the Ministry of Housing and Urban Poverty Alleviation, Government of India, subject to the following conditions, namely:. increased stamp duty on gift deeds and conveyance deeds by amending the amending the Maharashtra stamp duty act. 5 lakhs, rate of stamp duty is 0.3% of the secured amount.. Rate of stamp duty has been increased from 0.2% . Hence, it is crucial to duly stamp a contract. The Ministry of Finance ("Ministry") has appointed January 09, 2020 as the day on which these proposed amendments shall come into force. In all other cases, it is to be paid by the person executing the instrument. 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. (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). As per Article 53 of Indian Stamp Act, 1899, RECEIPT for any money or other property the amount or value of which exceeds Rs. 1-5-1994, the stamp papers must be in the name of one of the parties to the transaction. The last day to apply for Amnesty Scheme was 31st December 2019. THE REGISTRATION ACT, 1908. The Central Government through the Finance Act, 2019 ('Finance Act') has introduced various amendments to the Indian Stamp Act, 1899 ('Stamp Act'). 43 SCHEDULE-I. Mumbai, Maharashtra, India. 68. It is an indirect tax collected by the State Government in Maharashtra. Particulars: Erstwhile stamp duty: Amended stamp duty: Remarks: Mortgage by deposit of title deeds under article 6(1) of schedule I: If amount secured by the deed is more than Rs. Stamp Duty Increased from 3% to 5% w.e.f. If you are a registered user, fill in the login details. (((navigator.appName == "Netscape") && Two key amendments to the Maharashtra Stamp Act, 1958 have been introduced in relation to stamping of documents encompassing multiple transactions and stamp duty rates in case of mortgage by deposit of title deeds and mortgage deed. These amendments were first proposed under the Finance Act of 2019 and the Indian Stamp. 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. 0.2%. 100. 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. through the stock exchanges or clearing corporations authorized by the stock exchange or by the depositories) on one instrument, In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of. Mudrank-2022/C.R.No.78/M-1 (Policy) issued by Revenue and Forest Department dated 01.04.2022 wherein the Government of Maharashtra had introduced Amnesty Scheme for certain type of documents. The Maharashtra Stamp Act, passed in 1958, applies to all instruments listed in Schedule 1 on which the state collects stamp duty. 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. 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,-. The Stamp Duty is calculated as per Schedule-I of The Maharashtra Stamp Act. (276 kb) Date : Jul 01, 2020. Exemptions Affidavit or declaration in writing when made --. The government's two year concession from stamp duty hike ends in March . --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.