Tag Archives: stamp duties

Change in calculation of stamp duty – property

http://timesofindia.indiatimes.com/city/mumbai/Stamp-duty-on-registrations-to-go-up-fine-for-delayed-payment-to-double/articleshow/46869158.cms

MUMBAI: A delay in payment of stamp duty after property registration will now result in the state imposing a fourfold fine on the defaulter instead of the previous twofold.

Experts in registration matters said people may face a certain rise in stamp duty on property registrations, sale deeds and other agreements as the government had changed the method of calculation of stamp duty.

“Instead of calculating in parts of some thousands, the stamp duty will be charged at a percentage of the total value of that property as per the new amendment,” a veteran in the sector said.

The stamp duty of Rs 100 on certain transactions such as undertakings, agreements or administration bonds is to be increased to Rs 500 on each transaction.

In this season of increase in costs, the relief is that now transfer of property to a blood relation will attract a very nominal stamp duty.

If a person living abroad sells his property, he can pay the stamp duty online.

These measures will help the state earn about Rs 300 crore, said revenue minister Eknath Khadse.

The minister said that these decisions would bring in simplicity and clarity in the registration processes.

The legislature on Thursday passed all the above decisions as amendments to the Maharashtra Stamp Act. The move will increase revenue but put some burden on buyers, investors and businessmen. “Most importantly, it will bring efficiency and clarity in transactions,” Khadse said.

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