Duties to be paid in cash, or by demand draft or by pay order by notary 16 10D. So i want to know, whether the payment of stamp duty for these agreements fall under Maharashtra Stamp Act or Indian Stamp Act. Stamp duty is levied on transactions involving residential property, commercial property and freehold or leasehold properties. As per announcement, stamp duty was brought down to 2% (from 5%) until 31st December 2020 and 3% for the period between 1st January 2021 and 31st March 2021. However, the maximum penalty cannot exceed four times the amount of duty involved i.e. The same duty as is leviable on a Conveyance under clauses (b) or (c), as the case may be of Article 25, on the market value of the property. Such instruments can be admissible in evidence on payment of the requisite amount of duty and a penalty @ 2% per month on the deficient amount of duty calculated from the date of execution. The same duty as is leviable on a Conveyance under clauses (b) or (c), as the case may be, of Article 25, on the market value of the property. Stamp duty on lease agreements. 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. Exemptions Affidavit or declaration in writing when made --. *Strike out whatever is not applicable., 9.5 Person who is liable to pay stamp duty. 20/- and in Gujarat is Rs. There are a host of legal formalities involved. for Art. 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. (1) having area upto 27.88 squares meters (300 square feet); Rs. The Haryana State Government has decided to cut stamp duty on loan agreements to just 100. According to a FPJ report, in Mumbai, revenue expected through metro cess for 2022-23 is Rs 1000 crore. In August 2020, Maharashtra Government announced that they are reducing the stamp duty for the next three months. Control Act, 1999. (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. Registration charges in Mumbai for a property worth Rs. Any party to an instrument can also. Explanation I. // -->. 10.2 Amendment in Article 1 of Schedule I, In SCHEDULE I of the principal Act , in Article 1, in clause (1),-, exceeds rupees 10,000 but is less than rupees 10,00,000; and, 11.1Amendment of SCHEDULE I appended to Maharashtra Stamp Act. bodies or local authorities e.g. 0.2 % of the amount agreed in the contract. The registration charges on this deed would be based on the deal value, too . Stamp Duty is charged on all property transactions in India, ranging from 3 percent to 7 percent. If the amount secured is more than Rs.5 lakhs then the Stamp duty shall be 0.3% of the amount secured subject to a maximum of Rs.20 Lakhs. Nothing is legal that adopts a method in effecting a transaction so as to reduce or lessen the liability of stamp duty. Application for renewal with surcharge/ restoration and renewal of a Trademarks under section 25 (3), 25 (4) for each class. 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. Select the option based on your requirement, such as "Sales Deed" and "Agreement to sale". the Stamp Duty payable under Article 25(b) of Schedule 1 of the Bombay Stamp Act, 1958. The Act is a fiscal measure enacted to secure revenue for the State from certain classes of instruments. // -->