. 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. 5,000, is leviable with Re. article 34 of maharashtra stamp act; difference between bombay stamp act and maharashtra stamp act; maharashtra stamp act 2020; maharashtra stamp act in Marathi; mumbai; Nagpur; Navi Mumbai; pune; stamp duty on service agreement in Maharashtra; Thane These amendments were earlier discussed by the Maharashtra Cabinet and approved on December 9, 2020. See also Settlement (Article 55). 3. 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. --Where under clause (f), duty has been paid on the power of attorney, and a conveyance relating to that property is executed in pursuance of power of attorney between the executant of the power of attorney and the person in whose favour it is executed, the duty on conveyance shall be the duty calculated on the market value of the property reduced by duty paid on the power of attorney. Insufficiently stamped documents are not admitted as evidence in the court. The renewal period, if specifically mentioned, shall be treated as part of the present lease, Explanation III. In the absence of any such agreement, the Act provides that in the case of a Conveyance, duty is to be paid by a buyer and by the lessee in case of a lease. 200 or an amount equal to 5% of the amount of consideration ,whichever is higher. Stamp Duty on Merger Maharashtra - 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 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. . * For comparison purposes, we have relied on the stamp duty rates under Maharashtra Stamp Act 1958. 9.10 Section 38of the principal Act shall be deleted. on the refundable security deposit or money advanced or to be advanced, by whatever name called. 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 Maharashtra Stamp Act, passed in 1958, applies to all instruments listed in Schedule 1 on which the state collects stamp duty. As per Article 53 of Indian Stamp Act, 1899, RECEIPT for any money or other property the amount or value of which exceeds Rs. The amended stamp duty rate prescribed by the Finance Act, 2019 stipulates that for issue of security other than debenture, a stamp duty of 0.005% shall be payable . Earlier, if the resale of such Immovable Property took place within one year of purchase, the stamp duty payable would only be on the difference of the property rates calculated in the purchase price and the resale price, and not on the entire consideration amount when the property is resold. For the purpose of this article, the market value, for the instruments falling under section 2 (n) (iii) (Toll Agreements) and article 5 (g-e) (Hire Purchase agreement), shall be the total contract value and they shall be chargeable to duty same as under clause (a) of article 25. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 10(ii). It may be noted that now adjudication is compulsory in all cases where an instrument is required to be adjudicated as per Ready Reckoner before registration as the Registrar of Sub-Assurances insists upon the same. Insection 30of the principal Act, (a) in clause (f), the word and shall be deleted ; (b) after clause (f), the following clause shall be inserted, namely : (f-a) in case of instruments of works contract as provided in Article 63 of SCHEDULE I, by the person receiving the contract;. 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,-. CANCELLATION --Instrument of, if attested and not otherwise provided for. (ii) when authorizing to sell or transfer immovable property without consideration or without showing any consideration, as the case may be, -, (a) If given to the father, mother, brother, sister, wife, husband, daughter, son, grandson, granddaughter or father, mother, brother or sister of the spouse; and. // --> . ARTICLES OF ASSOCIATION OF A COMPANY Where the Company has no share capital or nominal share capital or increased share capital. After six months it is mere a piece of paper. If on adjustment, no duty is required to be paid then a minimum duty for the conveyance shall be 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. LX of 1958), the Government of Maharashtra, having satisfied that it is necessary to do so in the public interest, hereby reduces, with effect from the 1st August, 1994, the maximum duty chargeable on Articles of Association of a Company under Article 10 of Schedule I of the said Act, to Rs. Stamp duty on mortgage under article 40(b) of schedule I of the Act, when possession is not given or agreed to be given and if the amount secured is less than Rs.5 lakhs then the Stamp Duty shall be 0.1% of the amount secured subject to a minimum of Rs.100. state of Maharashtra under Article 25(da) of Schedule I to the Maharashtra Stamp Act, was INR 250 million. SURRENDER OF LEASE including an agreement for surrender of lease--. --The term 'registration' includes every operation incidental to registration under the Registration Act, 1908 (XVI of 1908). 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. AFFIDAVIT, that is to say, a statement in writing purporting to be a statement of facts, signed by the person making it and confirmed by him on oath or, in the case of persons by law allowed to affirm or declare instead of swearing, by affirmation. then value declared by these departments in notice is treated as final market value. 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"); } STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper under Rule l0(ii). ARTICLE 36A LEAVE AND LICENSE AGREEMENT. the following: (iii) within the limits of anyGrampanchayatarea or any such area not mentioned in sub-clause (ii). (4) The project proponent or the Purchaser of any unit which availed the reduction under this Order shall not be entitled for concession or remission of stamp duty as per any other order or policy. Explanation. 63. 50,00,000. However, an instrument can be registered within additional 4 months by paying penalty which is equivalent to 2.5 times per month or part thereof subject to maximum 10 times. Even instruments executed outside the State are liable to duty within 3 months on their receipt in the State, provided it relates to a property situated in the State or a matter or thing to be done in the state. 10.1 Deletion of requirement to round off duty amount. Controller of Stamps, Mumbai. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. or by any other system of payment as may be notified by the state government in this behalf, in respect of such instruments, as may be specified in the notification passing through their system or related to their functioning of which registration is not compulsory. (aa) Additional Controller of Stamps, Mumbai means the officer or officers so designated by the State Government and includes any other officer whom the State Government may, by notification in the Official Gazette, appoint in this behalf ; . 100/- shall be charged. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper under Rule 11. On 11th May 2020, the Maharashtra government has lost Rs 3885 crore in stamp duty in 40 days of lockdown. ; (ii) in sub-clause (iii), in column 2 , for the figure and words 3 per cent. the figure and words 4 per cent. Shall be substituted. 100. The Maharashtra Stamp Act and Stamp Duty in Mumbai. 5 lakhs, rate of stamp duty is 0.3% of the secured amount.. Rate of stamp duty has been increased from 0.2% . 10,00,000; 0.25 % of the amount agreed in the contract subject to minimum of Rs.100. You can pay stamp duty online via an electronic secured bank treasury receipt (eSBTR)-an online payment service. 3,q~KQLa5})lDUau2Pyq?P|#K:G::w;9,8izk+x5o/y% hn;p#glsf VK>KJU|p7y6#&Q oFa#K/ By an Order dated 31st March 2018 of Revenue and Forest Department, the stamp duty 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) of Lower Income Group (LIG) category for the allotment of residential premises located in the areas as approved under the Pradhan Mantri Awas Yojana- Housing for All (Urban) is fixed to the extent of Rs.1000/- subject to fulfilment of certain conditions. 100. 100. Conditions (1) Maharashtra Housing and Area Development Authority (MHADA) must certify that the Project is an approved project under the Pradhan Mantri Awas Yojana- Housing for All (Urban). (ii) the Municipal Corporations of the Cities of Thane, Pune, Nagpur and Navi Mumbai-. ** Amount given is leviable only if the Memorandum of Association (MOA) is accompanied by Articles of Association (AOA). 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. Finance Department (FD), Government of Maharashtra, has decided to receive payments electronically. Or, 0.7% of the aggregate of the market value of share allotment. Explanation I. * The amount of stamp duty has been calculated as per the provisions of Maharashtra Stamp Act( Bom. ; by which property, whether movable or immovable, or any estate or interest in any property is transferred to, or vested in, any other person. 4 0 obj 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. The Maharashtra Stamp (Amendment and Validation) Ordinance has clarified the courts' stance that instruments which cover two or more distinct transactions - that cannot blend into one and be. 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 the property which is the subject matter of the gift. (ii) Maharashtra Stamp Act [1958 : Bom. depending on Until April 2020, Maharashtra stamp duty has been reduced for two years in areas under Mumbai. Regional Development Authority (MMRDA) and Municipalities of Pune, Pimpri-Chinchwad and Nagpur. 0.5 % of the amount agreed in the contract. W.e.f. The Maharashtra government is all set to hike stamp duty on house registration by 1 per cent from the next financial year. . In case of exchange, it is to be paid by the parties in equal shares and in case of partition, by the parties in proportion to their respective shares. Insection 32Aof the principal Act, (i) in sub-section (1), after the words by way of assignment the following portion shall be inserted, namely : and also any other instruments mentioned in SCHEDULE I chargeable with duty on the basis of market value of the property; (ii) in sub-section (2), in the third proviso, for the word double the words four times shall be substituted; (iii) in sub-section (4), (a) the first and second provisos shall be deleted; (b) in the third proviso, for the word double the words four times shall be substituted. Explanation- for the purpose of this clause, the principal or primary security shall mean, the security created under clause (a) or (b) above. . (ii) conferring exclusive rights of telecasting, broadcasting or exhibition of an event or a film, -, (iii) specific performance by any person or a group of persons where the value of contract exceeds rupees 1,00,000,-, (iv) creation of any obligation, right or interest and having monetary value, but not covered under any other article, -.
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