It is basically a levy on any transaction based on exchange of documents or execution of instruments. 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. 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. 20/- and in Gujarat is Rs. 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. In simple terms, we can call Stamp Duty as Price of Stamp paper. Registration charges in Mumbai for a property worth Rs. (b) when possession is not given or agreed to be given as aforesaid. Instrument of gift has been defined to include, where the gift is of any movable or immovable property but has not been made in writing, any instrument recording whether by way of declaration or otherwise the making or acceptance of such oral gift. Cancellation of adhesive stamps 17 13. (g) when given to a promoter or developer by whatever name called, for construction on, development of, or sale or transfer (in any manner whatsoever) of, any immovable property. 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. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper under Rule l0(ii). LEASE, including under lease or sub-lease and any agreement to let or sublet or any renewal of lease--, The same duty as is leviable on a conveyance under clause (a), (b) or (c), as the case may be, of article 25, on 10 % of the market value of the property, (ii) for a period exceeding 5 years but not exceeding 10 years, with a renewal clause contingent or otherwise. W.e.f. The stamp duty on rent agreement you pay in Mumbai is governed by the Bombay Stamp Act, 1958. 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. Stamp Duty is a statutory payment like Goods and Services Tax which needs to be paid on all instruments chargeable to duty. (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). See also Certificate or other Document (Article 17). 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. 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.. If the property is sold by Govt. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 11. Both the abovementioned payment options can be availed on https://gras.mahakosh.gov.in/echallan/. The leave and license agreements should be stamped with a stamp duty charge of 0.25% of the total rent for the period. A highly motivated and ambitious practising Advocate and Solicitor with an experience in commercial litigation and dispute resolution. 0.2 % of the amount agreed in the contract. *Strike out whatever is not applicable., 9.5 Person who is liable to pay stamp duty. Stamp Paper: The rent agreement must be executed on non-judicial stamp paper of the correct value as per the applicable stamp duty laws. Design transfer agreement and 3. Insection 31of the principal Act, in sub-section (4), in the proviso, for the word double the wordsfour timesshall be substituted. The two leading decisions on this definition are those of the Supreme Court in the case of. 100/-. Provided further that, when proper stamp duty is paid under clause (g- a) of article 5 on an agreement, or records thereof or memorandum of an agreement executed between the same parties and in respect of the same property, the duty chargeable under this clause shall be Rs. (i) where the trust is made for a religious or charitable purpose. Exemptions Affidavit or declaration in writing when made --. The renewal period, if specifically mentioned, shall be treated as part of the present lease, Explanation III. e-Registration of Leave and License Agreement. However, when a property is considered, the stamp duty is charged on the present agreement value or market value, whichever is high. So, if someone is transferring his property to their children, spouse or siblings though a deed of gift, they have to pay three per cent of the deal value as stamp duty. 1stApril, 2021. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 10(ii). 4.6 The date of issue of the stamp paper must not be more than 6 months older than the date of the transaction. It is printed on secure stationery issued by banks. Both the Parties of the agreement are also situated in Maharashtra. Circular w.e.f. (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. Depending upon the Instrument, it may be based upon the Market Value, Area, or other various criteria. The same duty as is payable under clauses (a) and (b). VALUATION, See Appraisement (Article 8). Further it has to be paid on time to avoid penalty. Patents The Patents Act does not contain any restrictions on the assignment of a licence. Stamp duty in Mumbai depends on a lot of factors. Stamp duty on lease agreements Stamp duties are payable pursuant to Section 3 of the Indian Stamp Act, 1899. Sale Certificate issued by any competent office or authority under any Recovery Act, Agreement relating to the Deposit of title deeds, where such deposit has been made by way of security for the repayment of a loan or an existing or future debts. Important Timeline of Maharashtra State. 0.1 % of the amount agreed in the contract subject to minimum of Rs.100. (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. B. if(MSFPhover) { MSFPnav7n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav7h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } 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. What is stamp duty on gift deed in Mumbai?. (2) a letter, article, document, parcel, package or consignment, of any nature or description whatsoever or by whatever name called, given by a person, courier company, firm or body of persons whether incorporated or unincorporated to the sender of such letter, article, document, parcel, package or consignment. Stamp Duty The e-stamping Portal will be integrated with myTax Portal. The purchaser has to enter into an agreement with the seller of the flat and the stamp duty is computed as per the agreement value . 1-5-1994, the date of issue of the stamp paper must not be more than 6 months older than the date of the transaction. HIRING AGREEMENT or agreement for service, see Agreement (Article 5). 1983). (ii) an amount equal to 0.7 %, 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, whichever is higher: Provided further that, in case of reconstruction or demerger the duty chargeable shall not exceed, -, (i) an amount equal to 5 % of the true market value of the immovable property located within the State of Maharashtra transferred by the Demerging Company to the Resulting company; or. Tenancy agreement in Maharashtra When renting a property, landlords and tenantsmust engage in proper documentation to make the rental agreements legally binding. The registration fee is 1.05%. Mumbai. If payment of the stamp duty is delayed, it will incur a fine. _______ paid in *cash/by demand draft/by pay order/e-Challan, vide Receipt/Challan No._______________/GRN No._______________CIN_____________ dated the ___________. 50/- shall be disregarded. These states include Haryana and Maharashtra. Declaration of -- of, or concerning, any property when made by any writing not being a Will,--, (a) where there is disposition of property, --. The Penalty on the instruments mentioned in the Appendix is reduced to ten percent of total penalty on the deficient portion of the duty for the period commencing from 1. in sub-clause (c), in column (1) ,the word and shall be deleted; for sub-clause (d) ,the following sub-clauses shall be substituted ,namely:-, AGREEMENT OR ITS RECORDS OR MEMORANDUM OF AN AGREEMENT, AGREEMENT RELATING TO DEPOSIT OF TITLE DEEDS, PAWN, PLEDGE OR HYPOTHECATION, CLEARANCE LIST FOR HOUSE OF STOCK EXCHANGE, CLEARANCE LIST FOR HOUSE OF COTTON ASSOCIATION, CLEARANCE LIST FOR HOUSE OF A BULLION ASSOCIATION, CLEARANCE LIST FOR HOUSE OF OIL SEED ASSOCIATION, CLEARANCE LIST RELATING TO TRANSACTIONS FOR THE PURCHASE OR SALE OF OIL SEEDS SUBMITTED TO THE CLEARING HOUSE OF A OIL SEED ASSOCIATION. (6) Any project proponent or the Purchaser of any unit for which the reduction in the stamp duty is granted under this Order, and which fails to fulfill the purpose or objectives of the said policy or commits breach of any of the conditions or special regulations as specified in the said policy or this order, shall be liable to pay the whole stamp duty and penalty, if any, as if there was no reduction in stamp duty from the beginning. There are a host of legal formalities involved. APPLICABILITY The Maharashtra Stamp Act extends to the whole of the State of Maharashtra. Maximum 400%. A Leave and Licence Agreement is also known as a Rent Agreement. 43 (b).The parties cannot rely on statements or conduct outside the License Agreement to establish any right or duty beyond or contrary to those expressly provided in or limited by the License Agreement. ARTICLE 36A LEAVE AND LICENSE AGREEMENT. Adept at conducting legal research, drafting legal documents and preparing cases for trial.<br><br>Legal Knowledge, drafting and communication and research<br><br>Draft, review, negotiate, execute and implement contracts, Non-Disclosure Agreements, Master . (A) for the purpose of non-residential use of any nature whatsoever; Rs. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. (2) The Chief Controlling Revenue Authority shall authorize a person nominated by such Department or body, etc. Note.--The largest share remaining after the property is partitioned (or, if there are two or more shares of equal value and not smaller than any of the other shares, then one such equal shares) shall be deemed to be that from which the other shares are separated. Steps for Section 8 Company Registration in Mumbai. 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. All agreements for leave and license must be stamped and registered. Some states offer reduced stamp duty charges for female homebuyers. In section 70 of the principal Act, sub-section (2) shall be deleted. // -->