Tuesday 23 June 2015

STAMP DUTY ON REGISTRATIONS

STAMP DUTY ON REGISTRATIONS
In the State of Maharashtra, the delay in payment of stamp duty after property registration will now result in the State imposing a fourfold fine on the defaulter instead of the previous twofold.

Experts in registration matters said people may face a certain rise in stamp duty on property registrations, sale deeds and other agreements as the government had changed the method of calculation of stamp duty.  “Instead of calculating in parts of some thousands, the stamp duty will be charged at a percentage of the total value of that property as per the new amendment”, a veteran in the sector said.

The stamp duty of Rs.100/- on certain transactions such as undertakings, property agreements or administration bonds is to be increased to Rs.500/- on each such transaction.  In this season of increase in costs, the relief is that now transfer of property to a blood relation will attract a very nominal stamp duty. If a person living abroad sells his property, he can pay the stamp duty on line. These measures will help the state government to earn about Rs.300 Crores.

The State of Maharashtra recently introduced a Bill amending the Maharashtra Stamp Act to scrap the stamp duty on transfer of residential or agricultural property to wife, husband, son, daughter, grandson and grand-daughter.At present, the stamp duty is 5% of the market value of the property. Revenue Minister Sri Eknath Khadse, announced the relief last week, and urged t he assembly to ensure that this Bill  is passed by both the Houses before the session ends so that the Citizens in the State do not have to wait long for the relief. 

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