Aftersection 67of principal Act, the following section shall be inserted, namely : 67A. Articles of any association not formed for profit and registered under section 25 of the Companies Act, 1956 See also Memorandum of Association of a Company (Article 39). for Art. 1 by Impressed Stamp Fixed by Proper Officer. 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. The recent notification of the Maharashtra government to abolish stamp duty on gifts between relatives (Referring to the Maharashtra Stamp Act Amendment Bill 20/2015). 21 Dec, 2020, 01.54 PM IST. (2) having area more than 27.88 squares meters (300 square feet). COMPOSTION DEED, that is to say, any instrument executed by a debtor whereby he conveys his property for the benefit of his creditors or whereby payment of a composition or dividend on their debts is secured to the creditors, or whereby provision is made for the continuance of the debtor's business under the supervision of inspectors or under letters of license for the benefit of his creditors. PAYMENT OF STAMP DUTY 4.1 S.17 of the Act provides that all instruments chargeable with duty and executed in Maharshtra should be stamped before or at the time of execution or immediately thereafter or on the next working day following the date of execution. 9.8 Simplication of procedure for filing Appeal before Addl. 100/- and fractions of less than Rs. For example,some states like Rajasthan and Maharashtra levied stamp duty on transfer of listed shares whereas Tamil Nadu did not levy any stamp duty. STAMPS TO BE USED -- Non-Judicial Stamp Paper (NJ) under Rule 6 or Impressed Label/Special Adhesive Stamp affixed by Proper Officer under Rule 11. Section 3 of the Maharashtra Stamp Act provides that every instrument mentioned in Schedule I to the Act is chargeable with Stamp duty. (c) where such share contribution is brought in by way of property, excluding cash. Whilst the changes will reduce stamp duty for most debentures issuances, but for large issuances over Rs.5,000 crore the stamp duty will be in excess of Rs.25 lakh (which was the maximum amount prior to the Amendments to the Stamp Act). 20 lakhs. // -->. (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. 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 Bombay High Court in a recent case of Tata Autocomp Systems Limited v.State of Maharashtra, Writ Petition (L) No. The Maharashtra government opted not to extend the waiver on stamp duty and registration expenses in Maharashtra beyond March 31, 2021, after announcing a rate drop in August 2020. Payment of duty on certain instruments or copies thereof liable to be increased duty in Maharashtra State. xiR~d%[Ko"#WR~H#4%9:9 j~eie )vr. (b) when possession is not given or agreed to be given as aforesaid. (((navigator.appName == "Netscape") && 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. 10 May 2022 8:48 AM GMT All Development Agreements signed between September 1, 2020 and March 31, 2021 would qualify for 1.5-2% refund of stamp duty as per the scheme announced by the. These amendments were earlier discussed by the Maharashtra Cabinet and approved on December 9, 2020. <> 43 SCHEDULE-I. STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Special Adhesive Stamp affixed by Proper Officer under Rule 11. 100. (A) for the purpose of non-residential use of any nature whatsoever; Rs. ACT LX OF 1958) (Modified up to the 03 Jun 2022) 1958:Bom.LA] THE MAHARASHTRA STAMP ACT. Instrument of partition means any instrument whereby co-owners of any property divide or agree to divide such property in severally and includes: a final order for effecting a partition passed by any revenue authority or any civil court, an award by an arbitration directing a partition, and, when any partition is effected without executing any such instrument, any instrument or instruments signed by the co-owners and recording, whether by way of declaration of such partition or otherwise, the terms of such partition amongst the co-owners. 100. MCA;- Stamp Duty Rates in Various States. Bihar. Insection 34of the principal Act, in the proviso, in clause (a), in sub-clause (ii), in the proviso, for the word double the words four times shall be substituted. (a) Where the leave and license agreement purports to be for a term not exceeding 60 months with or without renewal clause. Rs.500 plus 0.1 % of the amount above Rs.10,00,000 subject to maximum of Rs.25,00,000. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 11. 9.15 Mandatory provision for furnishing information called by CCRA or any authorized Officer. the difference in the stamp duty had to be paid within three months from the receipt of the Debenture Trust Deed in state of Maharashtra , but the same has not been paid. 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. Maharashtra Stamp . Thus, within the said area a further transaction from the original purchaser to the next purchaser is not eligible for the reduction in the stamp duty under this order. 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. 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 ,--. Maximum 400%. Llb 1 sem hons law law of contract 1 5105 mar 2020; Common law remedies against pollution; . 9.11 Deficient portion of stamp duty : amount of maximum penalty increased. The stamp rate was 3% from 1st Oct 2020 to 31st Dec 2020. (i) If the amount secured by such deed does not exceed Rs.5,00,000, 0.1% of the amount secured by such deed , subject to minimum of Rs.100, 0.3% of the amount secured by such deed , subject to maximum of twenty lakh rupees. There are a host of legal formalities involved. --For the purpose of this article more persons than one when belonging to the same firm shall be deemed to be one person. The Act is intended to levy stamp duty on certain types of documents executed in the state or brought from outside for on the market value shall be substituted; (ii) the words whichever is less shall be deleted. 68. (a) where the amount or value set forth in such contract does not exceed Rs. Maharashtra. As per Article 53 of Indian Stamp Act, 1899, RECEIPT for any money or other property the amount or value of which exceeds Rs. Maharashtra Stamp Act, 1958. . Repeal of enactments. Stamp Duty on lease agreement in Maharashtra 2. All agreements for leave and license must be stamped and registered. (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. . E-payment is a mode of payment in addition to the conventional methods of payment offered by the Government of Maharashtra which is popularly known as GRAS(Government Receipt Accounting System). Stamp Duty on Merger Maharashtra if(MSFPhover) { MSFPnav1n=MSFPpreload("../_derived/back_cmp_Profile110_back.gif"); MSFPnav1h=MSFPpreload("../_derived/back_cmp_Profile110_back_a.gif"); } 19 May, 2017, 10.37 AM IST. 9.18 Delegation of certain powers to CCRA : Addl. Thus, no stamp duty above 100 prescribed under Maharashtra Stamp Act can be imposed on PAAs for areas that the society members are receiving free of cost after redevelopment. 1,00,00,000 or part thereof of the value of security, (b) if relating to purchase or sale of securities, other than those following under item (a) above,-, Re.0.20 for every Rs.10,000 or part thereof, (c) if relating to futures and options trading, (d) if relating to forward contracts of commodities traded through and association or otherwise. W.e.f. Conveyance has been defined to include: every decree or final order of any Civil Court. STAMPS TO BE USED -- Adhesive Stamp Paper Rule 11, ARTICLE 39 MEMORANDUM OF ASSOCIATION OF A COMPANY (Detailed chart attached). From 1st January 2021 to 31st March 2021, the stamp duty was 3% on residential properties (which got revised from 1st April 2021). (A) for the purpose of non -residential use of any nature whatsoever; The same duty as is payable under Article 36(iv). Works Contract, that is to say, a contract for works and labour or services involving transfer of property in goods (whether as goods or in some other form) in its execution and includes a sub contract,-. Nothing is legal that adopts a method in effecting a transaction so as to reduce or lessen the liability of stamp duty. (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. Two key amendments to the Maharashtra Stamp Act, 1958 have been introduced in relation to stamping of documents encompassing multiple transactions and stamp duty rates in case of mortgage by deposit of title deeds and mortgage deed. In Case Duty Exceeding Re. Explanation II-- Where in the case of an agreement to mortgage the amount or part thereof sought to be secured by such an agreement is advanced or disbursed to the mortgagor or without execution of a mortgage deed, then such an agreement to mortgage shall, notwithstanding anything contained in clause (d) of section 2, become chargeable under this Article as mortgage-deed on the date of making of such advance or disbursement either in part or in whole. 2. (a) of a bill of exchange, cheque or promissory note; (b) of a bill of lading, delivery order, warrant for goods or other mercantile document or title to goods; (d) of securities of the Central Government, STAMPS TO BE USED -- Non - Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules 10 & 11. In Maharashtra the Ready Reckoner changes every financial year i.e. 59 of 2017 . 5,000, is leviable with Re. Controller of Stamps, Mumbai. Insection 48of the principal Act, in sub-section (1), for the proviso, the following proviso shall be substituted, namely : Provided that, where an agreement to sale of immovable property on which stamp duty is paid under Article 25 of the SCHEDULE I, is registered under the provisions of the Registration Act, 1908 and thereafter such agreement is cancelled by a registered cancellation deed for whatsoever reasons before taking the possession of the property which is the subject matter of such agreement, within a period of five years from the date of execution of the agreement to sale, then the application for relief may be made within a period of six months from the date of registration of cancellation deed.. Instruments executed in State. function MSFPpreload(img) Act not applicable to rates of stamp duty on bills of exchange, etc. These words were substituted for the words "One rupee for every rupee, one hundred or part thereof" The Maharashtra Stamp (Amendment)Act, 2015, s. 20(1)(B), (w.e.f. 394 of the Companies Act, 1956 or the order of the National Company Law Tribunal under sections 230 to 234 of the Companies Act, 2013 or every confirmation issued by the Central Government under section 233 (3) of the Companies Act, 2013, in respect of amalgamation, merger, demerger, arrangement or reconstruction of the companies ( including subsidiaries of parent company ); and every order made by the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949 in respect of amalgamation or reconstruction of Banking Companies 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. 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. 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. The instruments or the documents have to be read as they are i.e. Under Section 34 of the Act, any instrument which is inadequately/not stamped, then it shall be inadmissible in evidence for any purpose, e.g., in a Civil Court. 100/- shall be charged. Insection 39of the principal Act, in sub-section (1), in sub-clause (b), in the first proviso, for the word double the words four times shall be substituted. % Insection 52A of the principalAct, (a) in sub-section (1), for the words one lakh the words five lakhs shall be substituted; (b) in sub-section (2), for the words ten lakhs at both the places where they occur, the words twenty lakhs shall be substituted. Explanation.-- For the purposes of this clause, the term 'debenture' includes debenture stock; (b) of any interest secured by bond, mortgage deed or policy of insurance; (c) of any property under section 22 of the Administrators' General Act, 1963; (d) of any trust property without consideration from one trustee to another trustee, or from a trustee to a beneficiary. 6/4/2020 7:10 AM 113472 Mah_Act_XIV_of_2020.pdf 6/4 . The same duty as is leviable on a conveyance under clause (a), (b) or as the case may be (c) of Article 25, on the market value of the share, interest, part or claim renounced. // -->. (1) The deposit of title deeds or instrument constituting or being evidence of the title to any property whatever (other than a marketable security), where such deposit has been made by way of security for the repayment of money advanced or to be advanced by way of loan or an existing or future debt; (a) if the amount secured by such deed does not exceed Rs. 1stApril, 2021. 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.
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