To avail of this facility the taxpayer is required to have a net-banking account with any of the banks listed by the government on the website. On a brighter note, the 1% stamp duty waiver . Mumbai. In Maharashtra, stamp duty charges on the market value of the property or on the agreement value . See also Settlement (Article 55). Vipra Chadha Vipra is a full-time content writer and a part-time Netflix addict. 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. (a) where there is no share of contribution in partnership, or where such share contribution brought in by way of cash does not exceed rupees 50,000; (b) where such share contribution brought in by way of cash is in excess of Rs. (2) The Chief Controlling Revenue Authority shall authorize a person nominated by such Department or body, etc. ADMINISTRATION BOND including a bond given under section 6 of the government Savings Banks Act, 1873 or the Indian Succession Act, 1925. The upper limit is twenty thousand rupees (rule 20,000/-) and the lowest is rupee five hundred (rule 500/-). Design transfer agreement and 3. (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. 50/- shall be disregarded. 5 % For properties under the jurisdiction of Municipal Corporation . Control Act, 1999. 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. - 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. 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. If the stamp duty is on ad valorem basis then the amount varies on the basis of value of the products, services or property on which it is levied. ; by which property, whether movable or immovable, or any estate or interest in any property is transferred to, or vested in, any other person. However, once the market value of a property crosses over Rs.30 Lakh, the buyer is required to pay 1% of the market value as the . 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. You can pay stamp duty online via an electronic secured bank treasury receipt (eSBTR)-an online payment service. 10,00,000; 0.25 % of the amount agreed in the contract subject to minimum of Rs.100. 9.2 Several instruments used in a single transaction: Development Agreement, Sale and new instrument (Lease) included along with mortgage or settlement. (2) Letter of hypothecation accompanying a bill of exchange, ARTICLE 10 ARTICLES OF ASSOCIATION OF A COMPANY. 3. 9.3 E-payment through Government Receipt Accounting System (GRAS): Virtual Treasury, Insection 10of the principal Act, after sub-section (3), the following sub-section shall be inserted, namely :, (3A) The procedure to regulate the use of e-payment, through Government Receipt Accounting System (G.R.A.S.) However, when a property is considered, the stamp duty is charged on the present agreement value or market value, whichever is high. Mundrak. Advantages of Notarised Agreements: Legally Binding: Notarised agreements are legally binding and enforceable in a court of law. Stamp Duty in Mumbai Based on Area Type. It is a tax paid to the government, similar to the income tax. 50,000 or part thereof. : detection of frauds under Information Technology Act. Stamp Duty Rates for Leave & Licence Agreement Calculate NOTE: Calculation is for a period of 12 months, irrespective of period of leave & licence, and includes any advance rent paid or to be paid and further includes any deposit made or to be made, with or without any interest. Now, Let's discuss the Stamp Duty in State-Delhi. 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. The stamp office determines the market value of the property by referring to an Annual Statement of Rates (commonly known as Stamp Duty Ready Reckoner) which provides the Market Values of various immovable properties in Maharashtra. The expression co-owners includes all kinds of, Immovable Property includes land, benefits to arise out of land and things attached to the earth or permanently fastened to anything attached to the earth. You will have to pay Stamp duty while registering a property as it is mandatory under Section 3 of the Indian Stamp Act, 1899. Stamp duty is chargeable on an instrument and not on a transaction. Of all the charges, stamp duty is the major component. In the State of Maharashtra stamp duty on issue of share certificates is 0.1 per cent on the value of the share certificate inclusive of premium, if any, under Article 17 of Schedule I to Maharashtra Stamp Act, 1958. In August 2020, Maharashtra Government announced that they are reducing the stamp duty for the next three months. Insection 40of the principal Act, after the words hereinafter prescribed the words with the prior approval of the Additional Controller of Stamps, Mumbai for the areas in Mumbai City and Mumbai Suburban Districts and for the other areas the Deputy Inspector General of Registration and Deputy Controller of Stamps shall be added. 20,00,000/-. A.Hi, Stamp duty and Registration Charges differ from one state to another. 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. Thanks. 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. Registration charges in Mumbai for a property worth Rs. 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). A license agreement is a document, executed between two or more parties, evidencing the terms and conditions of such patent licensing in India. From 1st January 2021, people were to pay a 3% stamp duty on the property value. 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). (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. 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). (5) No refund shall be granted where stamp duty has already been paid by any project proponent or the Purchaser of any unit prior to the date of publication of this Order in the Maharashtra Government Gazette. No. (a) Where the leave and license agreement purports to be for a term not exceeding 60 months with or without renewal clause. Under the license, the licensor retains ownership of the IP and the licensee has the right to use the IP only in accordance with the terms of the license. 5 (c) where such share contribution is brought in by way of property, excluding cash. The last day to apply for Amnesty Scheme was 31st December 2019. (iii) for a period exceeding 10 years but not exceeding 29 years, with a renewal clause contingent or otherwise. 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. (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. 0.1% of the value of the shares ,scrip or stock. If the landlord additionally receives a non-refundable deposit, stamp duty at the same rate will be applied on the non-refundable deposit. Registration fees, on the other hand, stand at a standard one per cent across states. Cancellation of adhesive stamps 17 13. Aftersection 67of principal Act, the following section shall be inserted, namely : 67A. *Strike out whatever is not applicable., 9.5 Person who is liable to pay stamp duty. It should be for consideration. Steps for Section 8 Company Registration in Mumbai. 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. 9.10 Section 38of the principal Act shall be deleted. Duties to be paid in cash, or by demand draft or by pay order by notary 16 10D. 10B. In absence of any State stamp legislation, the IS Act applies. 5,000, is leviable with Re. 100/- any fraction of Rs. 1stApril, 2021. Mudrank-2020/C.R.136/M-1 (Policy) issued by Revenue and Forest Department dated 29.08.2020 wherein the Stamp Duty chargeable under Article 25(b) of Schedule I of Maharashtra Stamp Act, 1958 on the instrument of Conveyance or Agreement to Sell of any immovable property in Mumbai City and Mumbai Suburban was reduced by Three percent (3%) for the period starting from 1st September, 2020 and ending on 31st December, 2020 and by Two percent (2%) for the period starting from 1st January, 2021 and ending on 31st March, 2021. as mentioned in sub-section (1) as a proper officer for defacing the challan and making the endorsement on such instruments. Instruments which are not covered under the above Act are either chargeable under Indian Stamp Act, 1899 (e.g. 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. Further it has to be paid on time to avoid penalty. (ii) when authorizing to sell or transfer immovable property without consideration or without showing any consideration, as the case may be, -, (a) If given to the father, mother, brother, sister, wife, husband, daughter, son, grandson, granddaughter or father, mother, brother or sister of the spouse; and. (c) When a collateral or auxiliary or additional or substituted security, or by way of further assurance for the above-mentioned purpose where the principal or primary security is duly stamped. it changes every April. (c) for the sole purpose of enabling any person to receive any pension or charitable allowance. Would this fall under Article 5(h) (A) (iv) or Article 5(h)(B) since there is a huge difference in the stamp duty levied in both the cases. Calculate Stamp Duty, Registration Fee, Rebate for Women, LBT GST, and TDS in just six (6) easy steps Validity of this calculator is from 1st April, 2021 up to 31stMar, 2022. ; (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. TRANSFER (whether with or without consideration). (da) if relating to the order of the High Court under section 394 of the Companies Act, 1956 or the order of the National Company Law Tribunal under sections 230 to 234 of the Companies Acts, 2013 or confirmation issued by the Central Government under sub-section (3) of section 233 of the Companies Acts 2013 in respect of the amalgamation, merger, demerger, arrangement or reconstruction of companies (including subsidiaries of parent company) or order of the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949 in respect of amalgamation or reconstruction of Banking Companies. 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--. 9.9 Deficient portion of stamp duty : amount of maximum penalty increased. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper under Rule 11. The existing ceiling of stamp duty payable on an agreement relating to deposit of title deeds, pawn, pledge or hypothecation where the amount secured exceeds Rs.5 lakhs stamp duty has been amended to 0.3% of the amount secured subject to a maximum of Rs. Tenancy agreement in Maharashtra When renting a property, landlords and tenantsmust engage in proper documentation to make the rental agreements legally binding. Stamp Duty to be paid to the state where registered office of the company is situated. Stamp duty is payable on license agreements and the rate of stamp duty payable varies in each State. 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. The Contact Details of ACCs, SHCIL Offices and SROs are available on the Web site "www.shcilestamp.com" TRADEMARK LICENSE AGREEMENT Forsection 68of the principal Act, the following section shall be substituted, namely : 68. 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. Stamp duty refers to a tax on a transaction which is paid to the government and the tax is levied on the instrument recording the transaction. Certain departments, organisations, institutions etc., to ensure payment of stamp duty-, (1) Notwithstanding anything contained in this Act, the State Government may, by notification in the Official Gazette, direct that any State Government Department, institution of local self-Government, semi Government organization, banking or non-banking financial institution or the body owned, controlled or substantially financed by the State Government or any class of them, shall ensure that the proper duty is paid to the State Government through Government Receipt Accounting System (G.R.A.S.) function MSFPpreload(img) Stamp duty is payable as per the provisions of Section 3 of the Indian Stamp Act, 1899. the Stamp Duty payable under Article 25(b) of Schedule 1 of the Bombay Stamp Act, 1958. These states include Haryana and Maharashtra. 2. Circular w.e.f. Any party to an instrument can also. Other states levy additional tax such as metro cess and local body tax along with stamp duty. Usc of adhesive stamps. COMPOSTION DEED, that is to say, any instrument executed by a debtor whereby he conveys his property for the benefit of his creditors or whereby payment of a composition or dividend on their debts is secured to the creditors, or whereby provision is made for the continuance of the debtor's business under the supervision of inspectors or under letters of license for the benefit of his creditors. 0.5 % of the amount agreed in the contract. Explanation I. * The amount of stamp duty has been calculated as per the provisions of Maharashtra Stamp Act( Bom. (6) Any project proponent or the Purchaser of any unit for which the reduction in the stamp duty is granted under this Order, and which fails to fulfill the purpose or objectives of the said policy or commits breach of any of the conditions or special regulations as specified in the said policy or this order, shall be liable to pay the whole stamp duty and penalty, if any, as if there was no reduction in stamp duty from the beginning. While Buying a Non-Judicial Stamp Paper you need to provide the following details: Names of parties to the agreement (First party, second party, etc. 2.3 The date of issue of the stamp paper must not be more than 6 months older than the date of the execution of the instrument. // -->