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The amendments to the Indian Stamp Act 1899 (Act) have come into effect from 1 July 2020. The stamp rate was 3% from 1st Oct 2020 to 31st Dec 2020. Stamp Duty on Merger Maharashtra (a) if the amount agreed does not exceed Rs. All agreements for leave and license must be stamped and registered. Repeal of enactments. 1 of 2021), introduced le 348 of the Constitution of By order and m th xa Legislative Assembly on ng translation in English of tl Bill, 2021 (L. A. 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. 44 (D) Of Valuations for Duty 20. - For the purposes of this Article, the value of shares, scrip or stock includes the amount of premium, if any. The acceptance of on-line payment of Maharashtra State's Taxes through the internet portals of various banks have been developed, without having any implication on the existing procedure of the executive and accounting agencies of the Department. Further, any public officer can impound such improperly stamped instruments if it comes to his notice. Conveyance has been defined to include: every decree or final order of any Civil Court. Insection 72of the principal Act, (i) in clause (a) the word and shall be deleted; (ii) after clause (a), the following clause shall be inserted, namely : (a-a) powers conferred on it by clause (b) of section 9, to the Additional Controller of Stamps, Mumbai or any other officer; and.. (a) Where the leave and license agreement purports to be for a term not exceeding 60 months with or without renewal clause. 1 0 obj The same duty as is payable under clauses (a) and (b). (Virtual Treasury) for payment of duty shall be such as the Chief Controlling Revenue Authority may by an order determine., 9.4 Fixing liability of payment of stamp duty even on unregistered documents, Aftersection 10Cof the principal Act, the following section shall be inserted, namely :, 10D. The eSBTR is a receipt of duty paid to the government. STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Impressed Label/Special Adhesive Stamp affixed by Proper Officer under Rule 11. The concession is applicable to Mumbai Metropolitan Region, Pune, Nagpur and Pimpri Chinchwad. Step 2: Click 'Pay Without Registration' if you are not registered with the portal. if(MSFPhover) { MSFPnav3n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav3h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } Aftersection 67of principal Act, the following section shall be inserted, namely : 67A. 5; (b) where the instrument relates to the partition of agricultural land, the rate of duty applicable shall be Rs. 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. There are a host of legal formalities involved. 1-5-1994, the stamp papers must be in the name of one of the parties to the transaction. does not require adjudication & can be registered directly by payment of proper Stamp Duty. : detection of frauds under Information Technology Act. Or, 0.7% of the aggregate of the market value of share allotment. 1000 and maximum of Rs.50,00,000. if(MSFPhover) { MSFPnav2n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav2h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } Maharashtra. 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. Vide Notification No. You can log into the website of the authorized bank, click the link for payment of stamp duty/registration fees. (ii) an amount equal to 0.7%, of the aggregate of the market value of the shares issued or allotted to the Resulting Company and the amount of consideration paid, for such demerger, whichever is higher: Exemption: Assignment of copyright under the Copyright Act, 1957 (IXV of 1957). W.e.f. Aftersection 68of the principal Act, the following section shall be inserted, namely : 68A. if(MSFPhover) { MSFPnav7n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav7h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } 25-3-2013: As per amended Section 17 of Registration Act, 1908 registration of: Irrevocable Power of Attorney relating to transfer of immovable property in any way, executed on or after 1-4-2013. Explanation II. Currently, as per the Maharashtra Stamp Act, the stamp duty for arbitral awards stands at five hundred rupees in Maharashtra; and in case of Delhi, as per Schedule 1A to the Stamp (Delhi Amendment) Act 2001, the stamp duty is calculated at roughly 0% of the value of the property to which the award relates. As per Maharashtra Stamp Act, all instruments are chargeable with Maharashtra stamp duty. - For the avoidance of doubt, it is hereby declared that nothing in this Act shall apply to rates of stamp duty in respect of bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of . The Maharashtra Stamp Act extends to the whole of the State of Maharashtra. stream bodies or local authorities e.g. Such impounded instruments must be sent to the Collector who would then determine the amount of duty and penalty, if any, payable on the same. 63. (iii) for a period exceeding 10 years but not exceeding 29 years, with a renewal clause contingent or otherwise. Researched and authored articles published on the firm's website and weekly newsletters. Mumbai, Maharashtra, India. These amendments were earlier discussed by the Maharashtra Cabinet and approved on December 9, 2020. Insection 31of the principal Act, in sub-section (4), in the proviso, for the word double the wordsfour timesshall be substituted. Immovable property land, house or flat can now be transferred to one's children or blood relatives without paying stamp duty for registration. (A) for the purpose of non-residential use of any nature whatsoever; Rs. Drafted and reviewed various agreements such as Producer, Line Producer, Director, Artist, Music Producer, Endorsement, Service, In-Film Branding Agreements. As per Article 5(h)(B) of Schedule I of the Act, read with Section 4 of the Act and as per the latest judgement of Bombay High Court on writ petition of Prabha Laxman Ghate and PIL of Chandrakant Nanekar, the stamp duty on free flats/ galas given to owner of the land by the developer is chargeable with Rs. Maharashtra Stamp (Amendment) Act, 2017 (47 of 2017) Amended by Maharashtra Act No. Forsection 68of the principal Act, the following section shall be substituted, namely : 68. As per the Ordinance dated 9th February 2021 amendment to Articles 6(1) and 40 has been carried out to bring uniformity in stamp duty chargeable on the instruments of mortgage by deposit of title deeds and simple mortgage deed. Act to be translated and sold cheaply 43 76. The Maharashtra Stamp Act and Stamp Duty in Mumbai. if(MSFPhover) { MSFPnav8n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav8h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } 9.12 Voluntary disclosure of fact of instrument not duly stamped. Maharashtra government slashes stamp duty to 2% until Dec 2020 to boost demand The reduced cost of the stamp duty is bound to encourage first time homebuyers, fence sitters as well as. Insufficiently stamped documents are not admitted as evidence in the court. In section 70 of the principal Act, sub-section (2) shall be deleted.