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Maharashtra Stamp Act: An Overview of Stamp Duty on Immovable Property

Maharashtra Stamp Act: An Overview of Stamp Duty on Immovable Property

Maharashtra Stamp Act: An Overview of Stamp Duty on Immovable Property

When any movable or immovable asset changes hands, a buyer needs to pay a specific amount of tax to the State Government. 

It is done to get the asset stamped. It is known as stamp duty. Stamp duty is collected in all states. And the stamp duty in Maharashtra is no exception. 

The Maharashtra Stamp Act signifies the instruments and assets on which the stamp duty needs to be paid. 

The act also details the total amount that gets paid to the Maharashtra Government. 

The Maharashtra stamp duty online can be paid to help you save time and efforts. 

Let’s know about the stamp duty in Maharashtra in this post!

What is the Maharashtra Stamp Act?

In 1958, the Maharashtra Stamp Act was passed and covered all instruments as mentioned in schedule 1. It is on which the stamp duty in Maharashtra is to be paid. 

What are stamp duty rates in Maharashtra? 

Stamp duty rates in Maharashtra rely on various criteria across the Maharashtra state. It includes if the property in question is located in urban or rural areas. 

Earlier in 2020, the State Government has reduced stamp duty on assets for the next 2 years. It has been done in locations under the Mumbai Metropolitan Region Development Authority (MMRDA). It is also implemented in areas falling under the municipal corporation of Nagpur, Pimpri-Chinchwad, and Pune. 

The stamp duty on properties in Mumbai, Pune and Nagpur was earlier charged at 5% (4% stamp duty + 1% metro cess). 

What is stamp duty in Maharashtra charges in key areas? 

Let’s look at the stamp duty charges in major pickets of Maharashtra starting 1st April 2021. 

  • Mumbai – 5%. 
  • Pune – 6%. 
  • Thane – 6%. 
  • Navi Mumbai – 6%. 
  • Pimpri-Chinchwad – 6%. 
  • Nagpur – 6%. 

What is the procedure to calculate stamp duty in Maharashtra?

The stamp duty in Maharashtra gets calculated on the basis of ready reckoner rates. The property value gets mentioned in the buyer and seller agreement. 

In Maharashtra, stamp duty rates on property vary as per the location. 

For instance, stamp duty in Maharashtra’s Mumbai (or other urban location like Pune and more) will be 5% of the market value. 

On the other hand, a property located within the Gram Panchayat limits will levy a stamp duty of 3% of the market value. 

How to make the stamp duty in Maharashtra payment online?

The stamp duty in Maharashtra payment is nowadays being accepted online. If you can follow a few steps, you can make an online payment for stamp duty in Maharashtra: 

  1. Visit the official website of the Maharashtra Stamp Duty online payment. 
  2. Hit the ‘Pay Without Registration’ if you are not registered on the website. If you are a registered user, you need to fill up the login details. 
  3. Now, you will be redirected to another page. Here, you have to go for the ‘Citizen’ option and choose the transaction type. 
  4. Select the ‘Make Payment to Register your Document’. Now, you have to opt for the payment of the stamp duty and registration charges. 
  5. Fill in the details like district, sub-registrar’s office, the details of the payment, party details, property value and details. 
  6. Select the payment alternative, and after done, generate the challan (needs to be presented at the execution time). 

Anyone stuck in making the payment for stamp duty in Maharashtra or wishes to generate challan; can send a mail to vtodat.mum-mh@gov.in.      

You are now aware of the concept and the steps to make stamp duty in Maharashtra payment. You can now make the payment for stamp duty in Maharashtra online and stay safe during COVID-19.  

 

   

The post Maharashtra Stamp Act: An Overview of Stamp Duty on Immovable Property first appeared on Tekrati and is written by AyushiChoudhary

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