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. 100/- need to be paid as stamp Duty for Gujarat Property Registration. such agreement, records thereof or memorandum, as they apply to an instrument under that section: Provided further that, if the proper stamp duty is paid under clause (g) of article 48 on a power of attorney executed between the same parties in respect of the same property then, the stamp duty under this article shall be one hundred . // -->. Explanation(1) For the purposes of this Order, unit means, a residential unit. : detection of frauds under Information Technology Act. Stamp duty is payable on license agreements and the rate of stamp duty payable varies in each State. Stamp duty refers to a tax on a transaction which is paid to the government and the tax is levied on the instrument recording the transaction. ), Addresses of the parties, Document name that is the LLP agreement and; Stamp Paper Value. (c) When a collateral or auxiliary or additional or substituted security, or by way of further assurance for the above-mentioned purpose where the principal or primary security is duly stamped. Stamp duty is ten per cent rupee (0.1%) on the market value corresponding to the amount of the consideration. Mudrank-2020/C.R.136/M-1 (Policy) issued by Revenue and Forest Department dated 29.08.2020 wherein the Stamp Duty chargeable under Article 25(b) of Schedule I of Maharashtra Stamp Act, 1958 on the instrument of Conveyance or Agreement to Sell of any immovable property in Mumbai City and Mumbai Suburban was reduced by Three percent (3%) for the period starting from 1st September, 2020 and ending on 31st December, 2020 and by Two percent (2%) for the period starting from 1st January, 2021 and ending on 31st March, 2021. The Maharashtra Stamp (Second Amendment) Act, 2017 have increased the percentage of stamp duty in certain cases under Article 25 and Article 34 of Schedule I to the Maharashtra Stamp Act, 1958. From 1st January 2021, people were to pay a 3% stamp duty on the property value. 1 by Impressed Stamp Fixed by Proper Officer. Advise on stamp duty applicability and ensuring compliance of Stamp Act. The term "Instrument" has been defined to include every document by which any right or liability is or purports to be created, transferred, limited, extended, extinguished or recorded. The same duty as is payable under clauses (a) and (b). This section deals with Stamp Duty on instruments (written documents). 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:. 9.15 Mandatory provision for furnishing information called by CCRA or any authorized Officer. This amount is paid, by purchasing the stamp paper of value you owe to the government. on the market value shall be substituted; (ii) the words whichever is less shall be deleted. 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. 20 lakhs. The Maharashtra Stamp Act extends to the whole of the State of Maharashtra. In Maharashtra, the Stamp Duty rate ranges from 3% to 6% of the total transaction price and is subject to variations based on document type, locality, and other factors. 9.2 Several instruments used in a single transaction: Development Agreement, Sale and new instrument (Lease) included along with mortgage or settlement. Stamp duty is a duty payable upon the execution of certain instruments or documents specified in the Indian Stamp Act, 1899 ("IS Act") or the relevant state Stamp Act as the case maybe. You can pay stamp duty online via an electronic secured bank treasury receipt (eSBTR)-an online payment service. 100/- equal to or exceeding Rs. Section 35 of List 1 of the Bombay Stamp Act states that the stamp duty on the compensation loan was 500/- (five hundred rupees). (parseInt(navigator.appVersion) >= 3 )) || A Leave and Licence Agreement is also known as a Rent Agreement. But since most service agreements have an indemnity clause, the same is to be read with entry 34 of the same act, i.e. HIRING AGREEMENT or agreement for service, see Agreement (Article 5). Stamp Paper: The rent agreement must be executed on non-judicial stamp paper of the correct value as per the applicable stamp duty laws. (a) If accompanied by articles of association under section 26 of the Companies Act, 1956, (I of 1956). (ii) If relating to the purchase of one or more units in any scheme or project by a person from a developer: Same duty as is leviable under clause (a), (b) or (c), as the case may be, of Article 25 on the market value of the unit. More. After six months it is mere a piece of paper.