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. 25,00,000. Depending upon the Instrument, it may be based upon the Market Value, Area, or other various criteria. 100/-. The Ready Reckoner is also available online on the IGR website. (c) for the sole purpose of enabling any person to receive any pension or charitable allowance. STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Special Adhesive Stamp affixed by Proper Officer under Rule 11. Stamp duty on mortgage under article 40(b) of schedule I of the Act, when possession is not given or agreed to be given and if the amount secured is less than Rs.5 lakhs then the Stamp Duty shall be 0.1% of the amount secured subject to a minimum of Rs.100. ; (ii) in sub-clause (iii), in column 2 , for the figure and words 3 per cent. the figure and words 4 per cent. Shall be substituted. The slashing of stamp duty in Mumbai from 5% to 2% from September to December 2020, and 3% till March 31, 2021, had boosted residential realty sales. Provided that, the provisions of section 32A shall,mutatis mutandis, apply to 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 Rs. Insection 30of the principal Act, (a) in clause (f), the word and shall be deleted ; (b) after clause (f), the following clause shall be inserted, namely : (f-a) in case of instruments of works contract as provided in Article 63 of SCHEDULE I, by the person receiving the contract;. if(MSFPhover) { MSFPnav5n=MSFPpreload("../_derived/back_cmp_Profile110_back.gif"); MSFPnav5h=MSFPpreload("../_derived/back_cmp_Profile110_back_a.gif"); } For Land, Flat, Shop, Office and Industrial Unit etc. 1,00,00,000 or part thereof of the value of security, (b) if relating to purchase or sale of securities, other than those following under item (a) above,-, Re.0.20 for every Rs.10,000 or part thereof, (c) if relating to futures and options trading, (d) if relating to forward contracts of commodities traded through and association or otherwise. (c) when authorizing one person or more to act in a single transaction other than the case mentioned in clause (a); (d) when authorizing one person to act in more than one transaction or generally; (e) when authorizing more than one person to act in single transaction or more than one transaction jointly or severally or generally; (f) (i) when given for consideration and authorizing to sell an immovable property; The same duty as is leviable on a Conveyance under clause (a), (b) or (c), as the case may be of Article 25, on the market value of the property. (a) when executed for the sole purpose of procuring the registration of one or more documents in relation to a single transaction or for admitting execution of one or more such documents; (b) when required in suits or proceedings under the Presidency Small Cause Courts Act, 1882, (XV of 1882). (3) It shall be the duty of the proper officer so authorized under sub-section (2) to make an endorsement on the instruments after defacing the challan, as follows : Stamp duty of Rs. (v) assignment of copyright under Copyright Act, 1957, -, (vi) project under Built, Operate and Transfer (BOT) system, whether with or without toll or free collection rights,-. Contain all the terms and conditions governing the rights and obligations of the parties. It is printed on secure stationery issued by banks. In absence of any State stamp legislation, the IS Act applies. 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 . 2. In case of sale, transfer or reissue; 1. Sub : Levy of Stamp Duty on the Deeds of Agreements made prior to 10/12/1985 Reference : Your Letter No.BOM/5064/06 dated 03/08/2006 . Revocation of -- of, or concerning, any property when made by any instrument other than a Will. ], A. (2) The Chief Controlling Revenue Authority shall authorize a person nominated by such Department or body, etc. Individuals, small enterprises, or startups must file with the TM application by paying a fee of 4,500 for e-filing or 5,000 for filing by hand Based on the type of TM applied as per the stamp duty act, one needs to pay 5% stamp duty per TM application or assignment submitted Forms of Identification 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. according to the share capital of the company ,subject to minimum of Rs.1,000 and maximum of Rs.50,00,000. 3. Works Contract, that is to say, a contract for works and labour or services involving transfer of property in goods (whether as goods or in some other form) in its execution and includes a sub contract,-. 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. Cancellation of adhesive stamps 17 13. 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 . Step 2: Select an area, that is, Municipal Corporation or Gram Panchayat. (A) for the purpose of non-residential use of any nature whatsoever; Rs. AWARD, that is to say, any decision in writing by an arbitrator or umpire, on a reference made otherwise than by an order of the Court in the course of a suit, being an award made as a result of a written agreement to submit, present or future differences to Arbitration but not being an award directing a partition--. Insection 40of the principal Act, after the words hereinafter prescribed the words with the prior approval of the Additional Controller of Stamps, Mumbai for the areas in Mumbai City and Mumbai Suburban Districts and for the other areas the Deputy Inspector General of Registration and Deputy Controller of Stamps shall be added. 50,000 or part thereof. As per Article 53 of Indian Stamp Act, 1899, RECEIPT for any money or other property the amount or value of which exceeds Rs. STAMPS TO BE USED -- Non-Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10 (ii). 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. 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. In Maharashtra, stamp duty charges on the market value of the property or on the agreement value . Instruments which are not covered under the above Act are either chargeable under Indian Stamp Act, 1899 (e.g. The instruments specified in the Schedule-I to the Act are covered by this Act. These states include Haryana and Maharashtra. However, the maximum penalty cannot exceed four times the amount of duty involved i.e. 4.90 for every Rs. STAMPS TO BE USED -- Adhesive Stamp Paper Rule 11, ARTICLE 39 MEMORANDUM OF ASSOCIATION OF A COMPANY (Detailed chart attached). (A) for the purpose of non -residential use of any nature whatsoever; The same duty as is payable under Article 36(iv). Forsection 68of the principal Act, the following section shall be substituted, namely : 68. Stamp Duty is a statutory payment like Goods and Services Tax which needs to be paid on all instruments chargeable to duty. Calculate Stamp Duty, Registration Fee, Rebate for Women, LBT GST, and TDS in just six (6) easy steps Validity of this calculator is from 1st April, 2021 up to 31stMar, 2022. 1983). 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--. The upper limit is twenty thousand rupees (rule 20,000/-) and the lowest is rupee five hundred (rule 500/-). 0.5 % of the amount agreed in the contract. (ii) an amount equal to 0.7%, of the aggregate of the market value of the shares issued or allotted to the Resulting Company and the amount of consideration paid, for such demerger, whichever is higher: Exemption: Assignment of copyright under the Copyright Act, 1957 (IXV of 1957). 0.2%. Stamp duty is payable on license agreements and the rate of stamp duty payable varies in each State. Stamp Duty charges vary from one state to another and may depend on gender, municipal areas or income groups within the state too. (b) Where such leave and license agreement purports to be for a period exceeding 60 months with or without renewal clause; Same duty as is leviable on lease, under clause (ii), (iii) or (iv), as the case may be, of Article 36. Under Section 34 of the Act, any instrument which is inadequately/not stamped, then it shall be inadmissible in evidence for any purpose, e.g., in a Civil Court. (c) where such share contribution is brought in by way of property, excluding cash. Memorandum of any association nor formed for profit and registered under section 25 of the Companies Act, 1956, (I of 1956). For the purpose of this article, the market value, for the instruments falling under section 2 (n) (iii) (Toll Agreements) and article 5 (g-e) (Hire Purchase agreement), shall be the total contract value and they shall be chargeable to duty same as under clause (a) of article 25. (ii) when authorizing to sell or transfer immovable property without consideration or without showing any consideration, as the case may be, -, (a) If given to the father, mother, brother, sister, wife, husband, daughter, son, grandson, granddaughter or father, mother, brother or sister of the spouse; and. 4.5 The stamp papers must be in the name of one of the parties to the transaction. See 1970 License Agreement, para. 100, if such transfer or assignment is made within a period of 1 year from the date of the agreement. (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. Transfer of Shares, Debentures, Bills of Exchange, Receipt, etc) or not chargeable at all (i.e., if they are not specified under the Act as well as under the Indian Stamp Act). What was Stamp Duty At The Time Of Agreement Dates 10-12-1985 and 04-07-1980? Explanation II-For the purposes of this Article ,any new instrument executed for additional loan or extension of previous loan shall be treated as a fresh instrument and chargeable with the duty to the extent of additional amount being secured or disbursed or sanctioned. STAMPS TO BE USED -- Non - Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules 10 & 11]. 0.5% of the consideration amount of the debenture. To be valid and enforceable, an assignment must: Be in writing. Further it has to be paid on time to avoid penalty. 100. The eSBTR is a receipt of duty paid to the government. One such factor is the location or area of the property. Advantages of Notarised Agreements: Legally Binding: Notarised agreements are legally binding and enforceable in a court of law. The licensor is responsible for registering the leave and license agreement with the government; non-registration of a leave & license agreement also leaves the licensor responsible for a monetary fine or incarceration, in addition to the possibility of pushing the premises into litigation. Registration Charges: Registration Charges in Tamil Nadu are 4 per cent of the guidance value, so will be Rs.2,00,000. 100/- shall be charged. Rs 100. Now, Let's discuss the Stamp Duty in State-Delhi. Advise on stamp duty applicability and ensuring compliance of Stamp Act. No. 1-5-1994, the stamp papers must be in the name of one of the parties to the transaction. It is an indirect tax collected by the State Government in Maharashtra. MHADA, CIDCO, BPT, MC, MIDC etc., or Income Tax Dept. A Leave and Licence Agreement is also known as a Rent Agreement. In case of instruments which are based upon Market Value of the property which is the subject matter of an instrument, means the price which such property would have fetched if sold in open market on date of execution of such instrument or consideration stated in the instrument whichever is higher and needs to be paid in full and in time. if(MSFPhover) { MSFPnav2n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav2h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } (i) where the trust is made for a religious or charitable purpose. For business users who are e-stamping their documents, you must register for an e-Stamping Account ID via the IRAS e-Stamping portal. 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. * The amount of stamp duty has been calculated as per the provisions of Maharashtra Stamp Act( Bom. 1% of the amount of share contribution subject to maximum of Rs.15,000. Patents The Patents Act does not contain any restrictions on the assignment of a licence. Vide Notification No. 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. 1. If u like my solution then give THANKS on my profile. 5 % For properties under the jurisdiction of Municipal Corporation . 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 ,--. // --> . Aftersection 68of the principal Act, the following section shall be inserted, namely : 68A. Stamp Duty to be paid on the market value of the shares and debentures. (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. For charging stamp duty, the instrument is not to be treated by the name it bears but by the substance or real nature of the transaction recorded therein. 0.2 % of the amount agreed in the contract. The same duty as is leviable under clause (a), (b) or (c) of Article 25 on the amount of Consideration. This tax is referred to as stamp duty. Insection 72of the principal Act, (i) in clause (a) the word and shall be deleted; (ii) after clause (a), the following clause shall be inserted, namely : (a-a) powers conferred on it by clause (b) of section 9, to the Additional Controller of Stamps, Mumbai or any other officer; and.. Once the instrument is executed, it should be registered within 4 months from the date of such executionwithout any penalty towards registration fees. (iii) for a period exceeding 10 years but not exceeding 29 years, with a renewal clause contingent or otherwise. Articles of any association not formed for profit and registered under section 25 of the Companies Act, 1956 See also Memorandum of Association of a Company (Article 39). In Mumbai, three per cent of prevailing ready reckoner rates has to be paid as stamp duty on gift deeds. In Maharashtra the Ready Reckoner changes every financial year i.e. (parseInt(navigator.appVersion) >= 3 )) || NOTARIAL ACT, that is to say, any instrument, endorsement, note, attestation, certificate or entry not being a Protest (Article 49) executed by a Notary Public in the performance of the duties of his office, or by any other person lawfully acting as a Notary Public. The stamp duty on rental agreements consists of a flat charge of 0.25% of the total rent for the time that must be applied to all leave and license agreements. You can get the eSBTR on giving a printout of proof of payment online at nominated branches of the bank. (a) Where the leave and license agreement purports to be for a term not exceeding 60 months with or without renewal clause. Factoring Agreement. Stamp duty is levied on transactions involving residential property, commercial property and freehold or leasehold properties. 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