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.. Stamp Duty is charged on all property transactions in India, ranging from 3 percent to 7 percent. On a brighter note, the 1% stamp duty waiver . No. 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. 9.18 Delegation of certain powers to CCRA : Addl. (1) Any such individual, institution, organization, company or a body responsible for creating, executing, maintaining, recording, verifying an instrument chargeable with duty as may be notified by the State Government in the Official Gazette, shall, when called upon by any officer specifically authorised by the Chief Controlling Revenue Authority in this behalf, furnish information in the form and within the time limit specified by the Chief Controlling Revenue Authority. _______ paid in *cash/by demand draft/by pay order/e-Challan, vide Receipt/Challan No._______________/GRN No._______________CIN_____________ dated the ___________. It is an indirect tax collected by the State Government in Maharashtra. 5 % For properties under the jurisdiction of Municipal Corporation . if(MSFPhover) { MSFPnav2n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav2h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } Stamp Duty is a statutory payment like Goods and Services Tax which needs to be paid on all instruments chargeable to duty. 0.1% of the value of the shares ,scrip or stock. 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 :. In Case Duty Exceeding Re. The licensor is responsible for registering the leave and license agreement with the government; non-registration of a leave & license agreement also leaves the licensor responsible for a monetary fine or incarceration, in addition to the possibility of pushing the premises into litigation. The purchaser has to enter into an agreement with the seller of the flat and the stamp duty is computed as per the agreement value . 4.90 for every Rs. Once the instrument is executed, it should be registered within 4 months from the date of such executionwithout any penalty towards registration fees. if(MSFPhover) { MSFPnav5n=MSFPpreload("../_derived/back_cmp_Profile110_back.gif"); MSFPnav5h=MSFPpreload("../_derived/back_cmp_Profile110_back_a.gif"); } 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. 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. Our current leave and license agreement period is coming to an end in April start and inorder to sign a new agreement we all 3 need to be here but my sister is flying to another country for a few months in march so we decided on making a new agreement and signing and registering it with stamp duty in march . 25-3-2013: As per amended Section 17 of Registration Act, 1908 registration of: Irrevocable Power of Attorney relating to transfer of immovable property in any way, executed on or after 1-4-2013. Explanation.-- For the purposes of this clause, the term 'debenture' includes debenture stock; (b) of any interest secured by bond, mortgage deed or policy of insurance; (c) of any property under section 22 of the Administrators' General Act, 1963; (d) of any trust property without consideration from one trustee to another trustee, or from a trustee to a beneficiary. Stamp duty in Mumbai depends on a lot of factors. As per the Order dated 31st March 2021 Government has introduced concessional stamp duty rate for Female homebuyers. 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). STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper under Rule l0(ii). 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. 100. ** Amount given is leviable only if the Memorandum of Association (MOA) is accompanied by Articles of Association (AOA). 22-12-2011: As per new circular from IGR, the old agreement, which has expired 8 months period from the date of execution cannot be registered. // -->. (c) where such share contribution is brought in by way of property, excluding cash. 4. 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. 10. The same duty as is leviable on a Conveyance under clause (a), (b) (c), as the case may be, of Article 25, on the market value of the property of the greatest value. Contain all the terms and conditions governing the rights and obligations of the parties. (1) Instruments executed by persons taking advances under the Land Improvement Loans Act, 1883 (XIX of 1883), or the Agriculturists' Loans Act, 1884 (XII of 1884), or by their sureties as security for the repayments of such advances. Now, Let's discuss the Stamp Duty in State-Delhi. Important Timeline of Maharashtra State. Insection 34of the principal Act, in the proviso, in clause (a), in sub-clause (ii), in the proviso, for the word double the words four times shall be substituted. STAMPS TO BE USED -- Adhesive Stamp Paper Rule 11, ARTICLE 39 MEMORANDUM OF ASSOCIATION OF A COMPANY (Detailed chart attached). 50/- shall be rounded of to the next Rs. In section 70 of the principal Act, sub-section (2) shall be deleted. 10,00,000; 0.25 % of the amount agreed in the contract subject to minimum of Rs.100. (parseInt(navigator.appVersion) >= 4 ))); : detection of frauds under Information Technology Act. If you register your vacation and license agreement with a lawyer in Mumbai, it could cost between INR 3,000 and INR 7,000, including legal fees. then value declared by these departments in notice is treated as final market value. Further it has to be paid on time to avoid penalty. Nothing is legal that adopts a method in effecting a transaction so as to reduce or lessen the liability of stamp duty. The Stamp Duty in Mumbai, Thane, Navi Mumbai, Pune, Nagpur and Nashik on transaction of Sale, Mortgage and Gift Deed will attract a 1% metro cess from 1st April,2022 over and above the Stamp Duty rate. Explanation II. 9.8 Simplication of procedure for filing Appeal before Addl. (a) of a bill of exchange, cheque or promissory note; (b) of a bill of lading, delivery order, warrant for goods or other mercantile document or title to goods; (d) of securities of the Central Government, STAMPS TO BE USED -- Non - Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules 10 & 11. 50,00,000. This section deals with Stamp Duty on instruments (written documents). ; (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. It cannot be in the name of the Consultants, Solicitors, Chartered Accountant or Lawyer of the parties. A Leave and Licence Agreement is also known as a Rent Agreement. 5,00,000; 0.1% of the amount secured by such deed subject to the minimum of Rs. If MOA is not accompanied by AOA, then Stamp duty on MOA will be 0.2% according to the share capital subject to minimum of Rs. (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 ; . In Maharashtra, stamp duty charges on the market value of the property or on the agreement value . Kindly clarify. Stamp Paper: The rent agreement must be executed on non-judicial stamp paper of the correct value as per the applicable stamp duty laws. as mentioned in sub-section (1) as a proper officer for defacing the challan and making the endorsement on such instruments. According to the Maharashtra Stamp Act, each document require stamp with proper stamp duty and with the proper mode. For Land, Flat, Shop, Office and Industrial Unit etc. ; (b) in Article 34, in column 2, in the above proviso,- (i) for the words at the same rate as specified in this article or at the rate of rupees ten for every rupees five hundred or part thereof on the market value the words and figure at the rate of 3 per cent. (3) It shall be the duty of the proper officer so authorized under sub-section (2) to make an endorsement on the instruments after defacing the challan, as follows : Stamp duty of Rs. Circular w.e.f. if(MSFPhover) { MSFPnav1n=MSFPpreload("../_derived/back_cmp_Profile110_back.gif"); MSFPnav1h=MSFPpreload("../_derived/back_cmp_Profile110_back_a.gif"); } Explanation III.(i) For the purposes of clause (da) the market value of shares,--, (a) in relation to the transferee company, whose shares are listed and quoted for trading on a stock exchange, means the market value of shares as on the appointed day mentioned in the Scheme of Amalgamation or when appointed day is not so fixed, the date of order of the High Court; and, (b) in relation to the transferee company, whose shares are not listed/or listed but not quoted for trading on a stock exchange, means the market value of the shares issued or allotted with reference to the market value of the shares of the transferor company or as determined by the Collector after giving the transferee company an opportunity of being heard. The state government announced stamp duty reduction on lease agreements on 24th December 2020. Explanation For the purposes of this sub clause, the unit shall include a flat, apartment, tenement, block or any other unit by whatever name called, as approved by the Competent Authority in the building plan. Stamp duty is levied on transactions involving residential property, commercial property and freehold or leasehold properties. LETTER OF ALLOTMENT OF SHARES in any company or proposed company, or in respect of any loan to be raised by any company or proposed company. 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. It is imposed by states and therefore, the rates will vary from one state to another. 1000 and maximum of Rs.50,00,000. // -->