0.25 % of the total sum of --- (i) the license fees or rent payable under the agreement; plus (ii) the amount of non- refundable deposit or money advanced or to be advanced or premium, by whatever name called; plus (iii) the interest calculated at the rate of 10% p.a. (b) where there is no disposition of property, --. (2) The Master Layout Plan or subsequent building plan of an approved project under the Pradhan Mantri Awas Yojana- Housing for All (Urban) must be sanctioned or approved by the Planning Authority. The Maharashtra Legislative Assembly have passed a Bill which inter alia extends the set-off period for payment of stamp duty on resale of Immovable Property purchased from developer/ promoter as investment from one year to three years. The same duty as is leviable on a conveyance under clause (a), (b) or (c), as the case may be, of article 25 on 25 % of the market value of the property. Duty can be paid by way of adhesive or impressed stamps or e-franking on the instruments and duly stamped documents are only admitted as evidence in court. Llb 1 sem hons law law of contract 1 5105 mar 2020; Common law remedies against pollution; . SURRENDER OF LEASE including an agreement for surrender of lease--. However, as a general matter we believe the changes will achieve uniformity and affordability. (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. 68. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10(ii). 231 -- The Maharashtra Stamp Duty Act, 1974 .pdf 9/20/2016 3:47 PM 319686 S (J) 232 -- The Maharashtra Unemployment Allowance payment .pdf . If on adjustment, no duty is required to be paid then a minimum duty for the conveyance shall be Rs. Explanation I-For the purpose of clause (b),''Securities means the securities as defined in clause (h) of section 2 of the Securities Contract (Regulations) Act 1956. if(MSFPhover) { MSFPnav5n=MSFPpreload("../_derived/back_cmp_Profile110_back.gif"); MSFPnav5h=MSFPpreload("../_derived/back_cmp_Profile110_back_a.gif"); } 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. it changes every April. If the garden of your house has a formal design, then you must place the water fountain in a central location so that it can serve as a focal point. (a) where on a dissolution of the partnership or on retirement of a partner any property is taken as his share by a partner other than a partner who brought in that property as his share of contribution in the partnership. (a) If accompanied by articles of association under section 26 of the Companies Act, 1956, (I of 1956). The Ministry of Finance ("Ministry") has appointed January 09, 2020 as the day on which these proposed amendments shall come into force. However, upon delving deeper into the property registrations data, it was found that, only 7 per cent of these registrations were . 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 :. As per announcement, stamp duty was brought down to 2% (from 5%) until 31st December . Section 3 of the Maharashtra Stamp Act provides that every instrument mentioned in Schedule I to the Act is chargeable with Stamp duty. The two leading decisions on this definition are those of the Supreme Court in the case of. STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Special Adhesive Stamp affixed by Proper Officer under Rule 11. through the stock exchanges or clearing corporations authorized by the stock exchange or by the depositories) on one instrument, In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of. As per the Order dated 31st March 2021 Government has introduced concessional stamp duty rate for Female homebuyers. ARTICLE 37 LETTER OF ALLOTMENT OF SHARES. In case an instrument is so drafted that it is covered within the ambit of more than one Article under Schedule I, then it shall be taxed by that Article which levies the highest amount of stamp duty. Insection 32Bof the principal Act, (i) in sub-section (1), after the words file an appeal against such order, to the the words Additional Controller of Stamps, Mumbai in respect of the property, which is the subject matter of the instrument, is situated in Mumbai City and Mumbai Suburban Districts and in respect of the properties situated in the other parts to the shall be inserted; (ii) in sub-section (2), after the words against the order of the the words Additional Controller of Stamps, Mumbai or the shall be inserted. 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-. if(MSFPhover) { MSFPnav2n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav2h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } The report noted that Mumbai recorded upwards of 10,000 residential property registrations in April 2021.. ARTICLES OF ASSOCIATION OF A COMPANY Where the Company has no share capital or nominal share capital or increased share capital. In case of instruments which are based upon Market Value of the property which is the subject matter of an instrument, means the price which such property would have fetched if sold in open market on date of execution of such instrument or consideration stated in the instrument whichever is higher and needs to be paid in full and in time. Explanation For the purposes of this sub clause, the unit shall include a flat, apartment, tenement, block or any other unit by whatever name called, as approved by the Competent Authority in the building plan. Further, any public officer can impound such improperly stamped instruments if it comes to his notice. Similarly, Stamp Duty under above Article in rest of Maharashtra State was reduced by Two percent (2%) for the period starting from 1st September, 2020 and ending on 31st December, 2020 and by One Half percent (1.5%) for the period starting from 1st January, 2021 and ending on 31st March, 2021. 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. By Notification dated 28th March 2020, the Government of Maharashtra had announced a concession in Stamp Duty rate @ 1% for 2 years with effect from 1st April 2020. Maharashtra Stamp Act Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. If MOA is not accompanied by AOA, then Stamp duty on MOA will be 0.2% according to the share capital subject to minimum of Rs. Explanation III.(i) For the purposes of clause (da) the market value of shares,--, (a) in relation to the transferee company, whose shares are listed and quoted for trading on a stock exchange, means the market value of shares as on the appointed day mentioned in the Scheme of Amalgamation or when appointed day is not so fixed, the date of order of the High Court; and, (b) in relation to the transferee company, whose shares are not listed/or listed but not quoted for trading on a stock exchange, means the market value of the shares issued or allotted with reference to the market value of the shares of the transferor company or as determined by the Collector after giving the transferee company an opportunity of being heard. ARTICLE 25 - CONVEYANCE DEED, SALE DEED, AGREEMENT FOR SALE, CONVEYANCE (not being a transfer charged or exempted under Article 59) --, On the true market value of the property which is the subject matter of the Conveyance,--, (b) if relating to immovable property situated ,--. Transfer of Shares, Debentures, Bills of Exchange, Receipt, etc) or not chargeable at all (i.e., if they are not specified under the Act as well as under the Indian Stamp Act). CONTENTS SECTIONS Page No. if relating to transfer of tenancy of immovable property, for every square meter of the area of the tenanted property the right of tenancy in which is the subject matter of transfer and situated Within the limits of--, (i) the Municipal Corporation of Greater Bombay--. RECORD OF TRANSACTION (Electronics or otherwise) effected by a trading member through a stock exchange or the association referred to in Section 10 B-, (a) if relating to sale and purchase of Government securities, Rs.50 for every Rs. It does not include the instrument or document/s executed between the original purchaser from the project Proponent/s and the subsequent purchaser of a residential unit located in the said area. The same duty as is leviable on a Conveyance under clause (a), (b) or (c), as the case may be, of Article 25, on the market value of such property. 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. (2) For the purposes of this Order, the first instrument of transaction means, the first document executed between the project Proponent/s and the Purchaser (hereinafter referred to as the original purchaser) in respect of residential unit located in the areas as approved under the Pradhan Mantri Awas Yojana- Housing For All (Urban) Project area (hereinafter referred to as the said area). Provided that, the provisions of section 32A shall,mutatis mutandis, apply to such an instrument of power of attorney as they apply to a conveyance under that section. Act to be translated and sold cheaply 43 76. If any person prevents or obstructs entry of any officer authorized under section 68 or fails to give any reasonable assistance to him, he shall, on conviction, be punished with imprisonment for a term which shall not be less than one month, but which may extend to six months and with fine which may extend to rupees five thousand.. The same duty as is leviable on a Conveyance under clause (a), (b) or (c), as the case may be, of article 25, on 90 % of the market value of the property. increased stamp duty on gift deeds and conveyance deeds by amending the amending the Maharashtra stamp duty act. The Maharashtra stamp duty Act 2020, reduced the stamp duty on properties for the next two years. Then from 1st Jan 2021 to 31st March 2021, the stamp duty rate was 4%. <>/Metadata 4834 0 R/ViewerPreferences 4835 0 R>> STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Impressed Label/Special Adhesive Stamp affixed by Proper Officer under Rule 11. Depending upon the Instrument, it may be based upon the Market Value, Area, or other various criteria. The act of payment of stamp duty on a document is known as stamping. The Bombay Stamp Act of 1958 is another name for it. 10 % of the aggregate of the market value of the shares issued or allotted in exchange or otherwise and the amount of consideration paid for such amalgamation: Provided that, the amount of duty, chargeable under this clause shall not exceed, -, (i) an amount equal to 5 % of the true market value of the immovable property located within the State of Maharashtra of the transferor company; or. Maharashtra Stamp . The same duty as is leviable on a Conveyance under clause (a), (b) (c), as the case may be, of Article 25, on the market value of the property of the greatest value. However, from 1st April 2021, the stamp duty rate . Maharashtra Stamp Act, 1958. . The 1.1% fall was the biggest year-on-year drop since November 2012 and also the first annual decrease since June 2020, early in the coronavirus . On the execution of the Lease Deed, on 10th June, 2020, the Petitioner paid an amount of Rs.100,75,10,400/- towards the stamp duty under Article 36(iv) read with Article 25(b) of Schedule I and Section 2(na) of the Stamp Act. endobj (parseInt(navigator.appVersion) >= 3 )) || if(MSFPhover) { MSFPnav3n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav3h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } Follow these steps, to pay your stamp duty online: Step 1: Visit the Maharashtra Stamp Duty online payment portal. After announcing a stamp duty in Maharashtra rate cut in August 2020, the Maharashtra government decided not to extend waiver on Stamp duty and registration charges in Maharashtra beyond March 31, 2021. Maharashtra Stamp (Amendment) Act, 2015, Maharashtra Act No. ADMINISTRATION BOND including a bond given under section 6 of the government Savings Banks Act, 1873 or the Indian Succession Act, 1925. The Bombay Stamp Act, 1958 now known as the Maharashtra Stamp Act, 1958 ("MSA") which came into force on 16th February, 1959 is the law for stamp duty within the State of Maharashtra. Provided that, in case of instrument executed in favour of consortium of banks, the duty chargeable shall not exceed Rs.50,00,000/-, (2) The pawn, pledge, or hypothecation of movable property, where such pawn, pledge or hypothecation has been made by way of security for their repayment of money advanced or to be advanced by way of loan or an existing or future debt--, (3) The instrument falling under this article when executed as a collateral or auxiliary or additional security and where the proper duty has been paid on the Principal or Primary security under this article. stream Drafted and reviewed various agreements such as Producer, Line Producer, Director, Artist, Music Producer, Endorsement, Service, In-Film Branding Agreements. 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. The Act is a fiscal measure enacted to secure revenue for the State from certain classes of instruments. Explanation I. 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. x[o: ?EwK0]b=3CY:NtVL?HzrY{U5>"ru\0Nf7f~?>Vtr5}|i(?k#h V 4M}EdL1'Cgy&LDjM according to the share capital of the company ,subject to minimum of Rs.1,000 and maximum of Rs.50,00,000. Aftersection 68of the principal Act, the following section shall be inserted, namely : 68A. if(MSFPhover) { MSFPnav4n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav4h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } GIFT, Instrument of --not being a Settlement (Article 55) or Will or Transfer (Article 59). However, the maximum penalty cannot exceed four times the amount of duty involved i.e. (c) if relating to both movable and immovable property. It is an indirect tax collected by the State Government in Maharashtra. (b) when possession is not given or agreed to be given as aforesaid. Explanation- for the purpose of this clause, the principal or primary security shall mean, the security created under clause (a) or (b) above. CQYOn. 0.1% of the value of the shares ,scrip or stock. File Photo LONDON: British house prices last month dropped by the most in more than 10 years, mortgage lender Nationwide said on Wednesday, adding to signs of a slowdown in the housing market in the face of high inflation and rising borrowing costs. It is printed on secure stationery issued by banks. The Union Government notified Part I of Chapter IV of the Finance Act, 2019 and promulgated the Indian Stamp (Collection of Stamp- Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019.The Amendment seeks to: address the stamp duty regime recognising the technological changes in the field of financial securities, which today are primarily, done electronically through the stock exchange or through authorized clearing corporations and the depositories; and, provide for a centralized collection mechanism under which the stamp duty is to be collected at one place by one agency (i.e. . 5,00,000; 0.1% of the amount secured by such deed subject to the minimum of Rs. (a) if the release deed of an ancestral property or part thereof is executed by or in favour of brother or sister (children of renouncers parents) or son or daughter or son of predeceased son or daughter of predeceased son or father or mother or spouse of the renouncer or the legal, heirs of the above relations without consideration in any form. 5,000, is leviable with Re. BOMBAY STAMP ACT, INDIAN STAMP ACT & REGISTRATION ACT. STAMPS TO BE USED -- Non - Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules 10 & 11]. (a) in Article 25, in clause (b),- (i) in sub-clause (ii), in column 2 , for the figure and words 4 per cent. the figure and words 5 per cent. Shall be substituted. Explanation III. EXCISE BOND, See Customs Bond or Excise Bond (Article 28). XX of 2015 dated 24 th April, 2015. In section 70 of the principal Act, sub-section (2) shall be deleted. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 11. CERTIFICATE OR OTHER DOCUMENT, evidencing the right or title of the holder thereof, or any other person either to any shares, scrip or stock in or of, any incorporated company or other body corporate, or to become proprietor of shares, scrip or stock in or of, any such company or body. It had reduced stamp duty to 2% from 5% within 1st September 2020 to 31st December 2020, to boost real estate demand in Pune. 11.2Stamp duty of Rs.1000/- only for property located in areas approved under the Pradhanmantri Awas Yojana subject to certain conditions, No.Mudrank-2015/1745/UOR.24/CR-573/M-1.In exercise of the powers conferred by clause (a) of section 9 of the Maharashtra Stamp Act (LX of 1958) (hereinafter referred to as the said Act) and in supersession of the Government Order, Revenue and Forests Department, No.Mudrank-2015/1745/ U.O.R.24/CR-573/M-1, dated the 1st December 2016, the Government of Maharashtra, being satisfied that it is necessary to do so in the public interest, hereby reduces and fixes the stamp duty to the extent of Rs.1000/-(Rupees One Thousand only) as otherwise chargeable under clause (b) of Article 25 of Schedule-I appended to the said Act, on the first instrument of transaction, between the project Proponent/s and the Purchaser of any unit belonging to the beneficiary of Economically Weaker Section (EWS) or Lower Income Group (LIG) category for the allotment of residential premises as specified in the Schedule appended hereto, relating to the property located in the areas as approved under the Pradhan Mantri Awas Yojana- Housing for All (Urban), a Centrally Sponsored Scheme of the Ministry of Housing and Urban Poverty Alleviation, Government of India, subject to the following conditions, namely:.
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