ARTICLE 25 - CONVEYANCE DEED, SALE DEED, AGREEMENT FOR SALE, CONVEYANCE (not being a transfer charged or exempted under Article 59) --, On the true market value of the property which is the subject matter of the Conveyance,--, (b) if relating to immovable property situated ,--. 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. Provided always that,-- (a) when an instrument of partition containing an agreement to divide property in severalty is executed and a partition is effected in pursuance of such agreement, the duty chargeable upon the instrument effecting such partition shall be reduced by the amount of duty paid in respect of the first instrument, but shall not be less than Rs. This type of agreement is used to allow a licensee to use a licensor's property for commercial or personal use for the duration of the contract. LETTER OF GUARANTEE,SeeAgreement (Article 5). Stamp Duty and Property Stamp Duty and shares, stocks and marketable securities Stamp Duty and leases Gifts and inheritances Step 2: Select an area, that is, Municipal Corporation or Gram Panchayat. Patents The Patents Act does not contain any restrictions on the assignment of a licence. An application to register the title of a person who becomes entitled by assignment is made on Form TM-P. Stamp duty is levied on transactions involving residential property, commercial property and freehold or leasehold properties. Finance Department (FD), Government of Maharashtra, has decided to receive payments electronically. 100/- and fractions of less than Rs. 2. Advise on stamp duty applicability and ensuring compliance of Stamp Act. EXCISE BOND, See Customs Bond or Excise Bond (Article 28). It is basically a levy on any transaction based on exchange of documents or execution of instruments. The acceptance of on-line payment of Maharashtra State's Taxes through the internet portals of various banks have been developed, without having any implication on the existing procedure of the executive and accounting agencies of the Department. Only authorised vendors can sell the stamps. Stamp duty is the transactional tax, which plays a key role in the transactions made on a property. (1) having area upto 27.88 squares meters (300 square feet); Rs. (i) where the Trust is made for a religious or charitable purpose; 2% of a sum equal to the amount settled or market value of the property settled. The Stamp Duty is calculated as per Schedule-I of The Maharashtra Stamp Act. 2. (a) if the release deed of an ancestral property or part thereof is executed by or in favour of brother or sister (children of renouncers parents) or son or daughter or son of predeceased son or daughter of predeceased son or father or mother or spouse of the renouncer or the legal, heirs of the above relations without consideration in any form. Yes, when you buy a house in Mumbai that will take two years to get ready for possession, you will have to pay 2% as stamp duty and 1% as the registration charge on the purchase. // -->. 1-5-1994, the stamp papers must be in the name of one of the parties to the transaction. 394 of the Companies Act, 1956 or the order of the National Company Law Tribunal under sections 230 to 234 of the Companies Act, 2013 or every confirmation issued by the Central Government under section 233 (3) of the Companies Act, 2013, in respect of amalgamation, merger, demerger, arrangement or reconstruction of the companies ( including subsidiaries of parent company ); and every order made by the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949 in respect of amalgamation or reconstruction of Banking Companies and every order made by the Board for Industrial and Financial Reconstruction under section 18 or 19 of the Sick Industrial Companies (Special Provisions) Act, 1985, in respect of sanction of Scheme specified therein or every order made by the National Company Law Tribunal under section 31 of the Insolvency and Bankruptcy Code, 2016, in respect of approval of resolution plan. Signature of the Officer. By Notification dated 8th February 2019, the Government of Maharashtra has introduced levy of additional stamp duty for instruments of sale, gift and usufructuary mortgage, in the form of Metro Cess. Controller of Stamps, Mumbai. You can register as user on the portal and can avail services such as the registration for importer, goods, agent, transporter etc. STAMPS TO BE USED -- Non - Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules 10 & 11]. 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. In simple terms, we can call Stamp Duty as Price of Stamp paper. This tax is referred to as stamp duty. Stamp Duty on lease agreement in Maharashtra 2. Who bears and pays the stamp duty is a matter of agreement between the parties. 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. Stamp duty - Know about Stamp duty and Act in India. Here, it would be relevant to mention that a s per the provisions laid down under the Indian Stamp Act, a stamp duty @ 5% is payable on an instrument based on the consideration amount mentioned. Users can also verify the receipt of payment. as mentioned in sub-section (1) as a proper officer for defacing the challan and making the endorsement on such instruments. 4.5 The stamp papers must be in the name of one of the parties to the transaction. 10.1 Deletion of requirement to round off duty amount. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 10(ii). STAMPS TO BE USED -- Adhesive Stamp (Section 11). You can log into the website of the authorized bank, click the link for payment of stamp duty/registration fees. if(MSFPhover) { MSFPnav7n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav7h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } (iii) within the limits of anyGrampanchayatarea or any such area not mentioned in sub-clause (ii). Further, any public officer can impound such improperly stamped instruments if it comes to his notice. --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. Stamp duty is payable as per the provisions of Section 3 of the Indian Stamp Act, 1899. Just like the Stamp Duty, the registration charges in Mumbai are also set by the Maharashtra Government. if relating to transfer of tenancy of immovable property, for every square meter of the area of the tenanted property the right of tenancy in which is the subject matter of transfer and situated Within the limits of--, (i) the Municipal Corporation of Greater Bombay--. Stamp Duty is a statutory payment like Goods and Services Tax which needs to be paid on all instruments chargeable to duty. 100/-. 50/- shall be rounded of to the next Rs. See Kelson Cos., Inc. v. Feingold, 309 S.E.2d 394, 396 (Ga.Ct.App. The Contact Details of ACCs, SHCIL Offices and SROs are available on the Web site "www.shcilestamp.com" TRADEMARK LICENSE AGREEMENT The Reckoner divides the immovable property into various categories such as land, residential units, industrial units/office, shops, etc., and fixes their market value accordingly. (ii) the Municipal Corporations of the Cities of Thane, Pune, Nagpur and Navi Mumbai-. (2) having area more than 27.88 squares meters (300 square feet). 10,00,000; 0.25 % of the amount agreed in the contract subject to minimum of Rs.100. 5,00,000; Explanation No duty shall be chargeable on agreements or its record covered under sub-clauses (b) and (c ) of this article, if proper duty is paid under Article 51 A, Agreement or its records or Memorandum of Agreement--. // -->