<> --For the purpose of this article more persons than one when belonging to the same firm shall be deemed to be one person. (2) Letter of hypothecation accompanying a bill of exchange, ARTICLE 10 ARTICLES OF ASSOCIATION OF A COMPANY. 1 of 2021), introduced le 348 of the Constitution of By order and m th xa Legislative Assembly on ng translation in English of tl Bill, 2021 (L. A. State Wise Stamp Duty Schedule & Concerned Act . 50,00,000. var a=new Image(); a.src=img; return a; Maharashtra Stamp (Amendment) Act, 2017 (47 of 2017) Amended by Maharashtra Act No. (2) a letter, article, document, parcel, package or consignment, of any nature or description whatsoever or by whatever name called, given by a person, courier company, firm or body of persons whether incorporated or unincorporated to the sender of such letter, article, document, parcel, package or consignment. (iii) within the limits of anyGrampanchayatarea or any such area not mentioned in sub-clause (ii). After announcing a stamp duty in Maharashtra rate cut in August 2020, the Maharashtra government decided not to extend waiver on Stamp duty and registration charges in Maharashtra beyond March 31, 2021. (4) The project proponent or the Purchaser of any unit which availed the reduction under this Order shall not be entitled for concession or remission of stamp duty as per any other order or policy. Rs.500 plus 0.1 % of the amount above Rs.10,00,000 subject to maximum of Rs.25,00,000. 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. Declaration of -- of, or concerning, any property when made by any writing not being a Will,--, (a) where there is disposition of property, --. Step 1: Login to the Maharashtra Stamp Duty Online Payment portal, i.e., https://gras.mahakosh.gov.in/igr/frmIndex.php GRAS Window for Online Payment of Stamp Duty in Maharashtra Step 2: Click on the 'Pay Without Registration' tab on the homepage. 5,00,000; 0.1% of the amount secured by such deed subject to the minimum of Rs. Act not applicable to rates of stamp duty on bills of exchange, etc. After April 2020, stamp duty collection in Maharashtra experienced many ups and downs. 50/- shall be disregarded. The Bombay Stamp Act, 1958 now known as the Maharashtra Stamp Act, 1958 ("MSA") which came into force on 16th February, 1959 is the law for stamp duty within the State of Maharashtra. Stamp duty is payable at rates mentioned in Schedule - I of The Maharashtra Stamp Act. Explanation III. TRANSFER (whether with or without consideration). ACT LX OF 1958) (Modified up to the 03 Jun 2022) 1958:Bom.LA] THE MAHARASHTRA STAMP ACT. See also Letter of Allotment of Shares (Article 37); Explanation. Any person can apply to the Collector of Stamps for adjudication of the stamp duty payable on the instrument. A document which is not stamped, though required to be stamped or is a under stamped, is not by that reason, invalid as between the parties. or by any other system of payment as may be notified by the state government in this behalf, in respect of such instruments, as may be specified in the notification passing through their system or related to their functioning of which registration is not compulsory. Calculate Stamp Duty on Gift Deed & Registration Fees in 2020 - LawRato.com Works contract and Levy of Stamp Duty under the Maharashtra Stamp Act (1) having area upto 27.88 squares meters (300 square feet); Rs. The amount of Stamp Duty payable depends on type of instruments. Explanation II-For the purposes of this Article ,any new instrument executed for additional loan or extension of previous loan shall be treated as a fresh instrument and chargeable with the duty to the extent of additional amount being secured or disbursed or sanctioned. %PDF-1.7 - For the purposes of this Article, return of money paid as advance, on security deposit by lessee to the lessor shall not be treated as consideration for the surrender. 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). 200 or an amount equal to 5% of the amount of consideration ,whichever is higher. In case of exchange, it is to be paid by the parties in equal shares and in case of partition, by the parties in proportion to their respective shares. Hence, it is crucial to duly stamp a contract. Provided that, in case of instrument executed in favour of consortium of banks, the duty chargeable shall not exceed Rs.50,00,000/-, (2) The pawn, pledge, or hypothecation of movable property, where such pawn, pledge or hypothecation has been made by way of security for their repayment of money advanced or to be advanced by way of loan or an existing or future debt--, (3) The instrument falling under this article when executed as a collateral or auxiliary or additional security and where the proper duty has been paid on the Principal or Primary security under this article. Stamp Duty under Maharashtra Stamp Act - WIRC-ICAI 4. For charging stamp duty, the instrument is not to be treated by the name it bears but by the substance or real nature of the transaction recorded therein. - CA VIMAL PUNMIYA STAMP DUTY INTRODUCTION: thThe Bombay Stamp Act, 1958 came into force on 16 Feb, 1959 and is applicable in the State of Maharashtra. Amendments in the Stamp Act: Highlighting the issues and need for As per announcement, stamp duty was brought down to 2% (from 5%) until 31st December . This is only applicable in the areas falling under the Mumbai Metropolitan Region Development Authority (MMRDA) and municipal corporations of Pune, Pimpri-Chinchwad, and Nagpur. LX (C) Of the time of stamping Instruments 17. (3) The Occupancy Certificate must be granted by the concerned Planning Authority. 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. Areas for the allotment of residential premises (4), 12.1MAJOR ARTICLES AS PER SCHEDULE I OF THE MAHARASHTRA STAMP ACT, (1) A debt written or signed by, or on behalf of, a debtor in order to supply evidence of such debt in any book (other than a bankers pass book) or on a separate piece of paper when such book or paper is left in the creditors possession ,and the amount or value of such debt-. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.2 842.4] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> In a landmark ruling, the Bombay High Court recently held that once stamp duty has been paid on the development agreement (DA), no separate stamp duty can be . 5,000, is leviable with Re. 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. All agreements for leave and license must be stamped and registered. Once the instrument is executed, it should be registered within 4 months from the date of such executionwithout any penalty towards registration fees. Maharashtra's Stamp Duty and Registration Fees In 2022 - Navi Mumbai Houses endobj Press Releases. Goisu Realty Private Limited vs State Of Maharashtra And 3 Ors on 5 Payment of duty on certain instruments or copies thereof liable to be increased duty in Maharashtra State. 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. It cannot be in the name of the Consultants, Solicitors, Chartered Accountant or Lawyer of the parties. Online Payment of Stamp Duty in Maharashtra without Registration lj.maharashtra.gov.in - /Site/Upload/Acts/ Provided that in case of instrument executed by consortium of banks, the duty chargeable shall not exceed 50 lakhs. on the market value shall be substituted; (ii) the words whichever is less shall be deleted. In section 70 of the principal Act, sub-section (2) shall be deleted. The Central Government through the Finance Act, 2019 ('Finance Act') has introduced various amendments to the Indian Stamp Act, 1899 ('Stamp Act'). (c) where such share contribution is brought in by way of property, excluding cash. Vide Notification No. The instruments or the documents have to be read as they are i.e. The Amendment introduces a new definition of clearance list which is each client's list of transactions of sale and purchase relating to contracts traded on the stock exchange. 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. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 10(ii). 9.2 Several instruments used in a single transaction: Development Agreement, Sale and new instrument (Lease) included along with mortgage or settlement. Stamp Duty and Registration Charges Maharashtra - Digit Insurance 9.13 Time limit for filing Application for refund of stamp duty : Date of execution of Agreement to Sale: Date of Registration :Cancellation of registered instrument described under Article 25 of schedule I. The Ready Reckoner is also available online on the IGR website. Duty can be paid by way of adhesive or impressed stamps or e-franking on the instruments and duly stamped documents are only admitted as evidence in court. 10,00,000. The same duty as is payable under clauses (a) and (b). Insufficiently stamped documents are not admitted as evidence in the court. Articles of any association not formed for profit and registered under section 25 of the Companies Act, 1956 See also Memorandum of Association of a Company (Article 39). (i) If the amount secured by such deed does not exceed Rs.5,00,000, 0.1% of the amount secured by such deed , subject to minimum of Rs.100, 0.3% of the amount secured by such deed , subject to maximum of twenty lakh rupees. Provided also that where proper stamp duty is paid on a registered agreement to sell an immovable property, treating it as a deemed conveyance and subsequently a conveyance deed is executed without any modification then such a conveyance shall be treated as other instrument under section 4 and the duty of Rs. 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. In all other cases, it is to be paid by the person executing the instrument. 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. 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. (a) if the amount agreed does not exceed Rs. 0.1% of the value of the shares ,scrip or stock. (ii) Maharashtra Stamp Act [1958 : Bom. Maharashtra will hike stamp duty on property deals by 1% from April Instruments which are not covered under the above Act are either chargeable under Indian Stamp Act, 1899 (e.g. // --> . : Only a 'duly stamped' instrument can be brought before a court of law as evidence of the execution of the contract. Explanation- for the purpose of this clause, the principal or primary security shall mean, the security created under clause (a) or (b) above. If on adjustment, no duty is required to be paid then a minimum duty for the conveyance shall be Rs. Mumbai, Maharashtra, India. Exemptions Affidavit or declaration in writing when made --. W.e.f. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act.