The Maharashtra Stamp Act came in 1958 applies to all documents in Schedule 1 for which state collects stamp duty. The Bombay Stamp Act of 1958 is another name for it.
When a movable or immovable item changes hands, the buyer is required to pay stamp duty and registration charges to the state government to have it stamped and registered in legal records.
What does the Act entail?
The Act was recently updated, with changes including a revision of gift deed stamp duty.
The addition of e-payment of stamp duty, the modification of penalty clauses, and increased stamp duty under specific instrument terms.
The Maharashtra Stamp Act establishes which assets and instruments are subject to stamp duty payment to the state government.
According to the Act, effective from April 1, 2021, the Maharashtra government has resumed stamp duty rates.
Now the stamp duty rates for property registrations at 5% in Mumbai and 6% in the remainder of the state. In March 2021, the government announced a 1% stamp duty discount if a property is transferred only to a woman.
In Mumbai, all-female homeowners would have to pay 4% stamp duty. Joint owners are not eligible for this reimbursement.
What is the basis for this stamp duty?
Pune, Mumbai, and other cities also affect the Maharashtra stamp duty rate, which results in some relief.
In India, stamp duty rates differ from state to state. In Maharashtra, the stamp duty on real estate varies depending on whether the property is within the municipal corporation limits, municipal council limits, or gram panchayat limits, and there is a one percent registration fee.
What is the rate?
From April 1, 2021, onwards, inside the municipal bonds of any urban region, 5% of the property's market value. Hence, homebuyers pay stamp duty as a sort of property tax when they purchase a residence.
Like other Indian states, Maharashtra imposes stamp duty and registration fees on all assets, including freehold or leasehold, agricultural and non-agricultural land, independent homes or flats, and residential or commercial apartments.
The Maharashtra Stamp Duty Act of 1958 is in effect across Maharashtra. The Act imposes a stamp tax on real estate properties at a rate determined by the state government.
How to pay it online?
Several state governments have implemented e-payment of stamp duty to simplify property registration procedures. The e-stamp registration service would allow home buyers to pay stamp duty, registration fees; and other fees online in only a few clicks.
The online stamp duty payment process is quick, easy, and transparent. To pay stamp duty on acquiring a home, purchasers must complete a few simple procedures.
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