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| 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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