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 :. 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-. % (c) where such share contribution is brought in by way of property, excluding cash. Press Releases. State Wise Stamp Duty Schedule & Concerned Act . Explanation I. 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. (ii) For the purpose of clause (da), the number of shares issued or allotted in exchange or otherwise shall mean, the number of shares of the transferor company accounted as per exchange ratio as on appointed date. Stamp duty in Maharashtra depends on whether the property is urban or rural, total transaction value, etc. Let us understand how the above fall in Stamp Duty in Maharashtra has affected the cost of property for homebuyers. endobj While the amendments to Stamp Act were initially scheduled to come into force on 9 January 2020, however, the Ministry of Finance postponed the effective date of the amendments to 1 July 2020. As per the Maharashtra Stamp Act, the stamp duty rates are as follows - Conveyance . 100. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper under Rule l0(ii). (c) exceeds rupees 5,000 but does not exceed rupees 10,000; (d)exceeds rupees 10,000 but is less than rupees 10,00,000; and. 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. (i) If relating to giving authority or power to a promoter or a developer by whatever name called, for construction on, development of or, sale or transfer (in any manner whatsoever) of, any immovable property. Conversion of amount expressed in foreign . Highlights of the Order: Government of Maharashtra has vide order1 dated 16 March 2020 increased the maximum stamp duty payable on scheme of arrangement of companies / banks in the state of Maharashtra from INR 250 million to INR 500 million. Conveyance has been defined to include: every decree or final order of any Civil Court. 10.1 Deletion of requirement to round off duty amount. Explanation I. 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, Researched and authored articles published on the firm's website and weekly newsletters. 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. Enter the details and pay the duty through your Internet banking account. The two leading decisions on this definition are those of the Supreme Court in the case of. Note.--The largest share remaining after the property is partitioned (or, if there are two or more shares of equal value and not smaller than any of the other shares, then one such equal shares) shall be deemed to be that from which the other shares are separated. // -->