An Outline of Immovable Property Stamp Duty in Mumbai Maharashtra

The government of Maharashtra has declared a major reduction of stamp duties by up to 3%. This means that the stamp duty in Mumbai is now at a low of 2%. We’re looking at the stamp duty rates in important Maharashtra cities and how to pay the same online.

Whenever any moveable property object changes hands,  the seller must pay the state government a certain amount of tax to have it stamped, which is known as the stamp duty. The Maharashtra Stamp Act specifies those properties and instruments on which the stamp duty is payable to the government of the state. The Act also sets out the amount of duty payable to the government.

outline of immovable property estamp duties Maharashtra

Now the Maharashtra government has declared a reduction in the stamp duty for a limited period of time in order to enable home buyers to invest in the real estate. The stamp duty payable on property transactions was reduced in two slabs – by 3 percent from September 1 , 2020 to December 31 , 2020 and by 2 percent from January 1, 2021 to March 31, 2021 according to the state government ‘s announcement. The decision was made at a meeting of the cabinet on 26th August 2020.

What is Stamp Act of Maharashtra?

The Maharashtra Stamp Act was passed in 1958 and applies to those instruments listed in Schedule 1,  on which duty to stamp is payable to the State. Recently revised, the Act contains a revision of the stamp duty on gift deeds, incorporation of e-payment of stamp duty, adjustment of penalty clauses and adjustment of stamp duty in some clauses of instruments.

Charges for stamp duties at Maharashtra

Stamp duty rates on property depend on many factors throughout the state of Maharashtra.  that includes whether the property resides in urban or rural areas, overall transaction costs, etc. Earlier in April 2020, the Maharashtra government reduced the property stamp duty for the next two years in the areas governed by the Metropolitan Development Authority of Mumbai (MMRDA) and Pune, Pimpri-Chinchwad and Nagpur municipal corporations. This means that stamp duty was paid at 5 percent (4 percent stamp duty + 1 percent metro cessation) on properties in Mumbai , Pune and Nagpur.

Registration fees in the state are 1 percent of the total cost, for properties priced below Rs 30 lakhs and for properties priced above Rs 30 lakhs are fixed at Rs 30 000.

In addition, under Article 34 of the Maharashtra Stamp Act, which was amended in 2017, the stamp duty on gift deeds is 3 percent of the value of the land. However, if the property in question is a residential or agricultural property and is donated to family members (without any payment), then the stamp duty is Rs 200.

Stamp duty charges in Maharashtra

How do you measure stamp duty?

The stamp duty is determined based on ready reckoner levels and the value of the property listed in the buyer-seller contract. The stamp duty on the property varies in Maharashtra according to the venue. For eg, stamp duty for a property located at the municipal boundary of urban areas in Mumbai will be 5% of the market value, whereas a property located within the boundaries of any gram panchayat would attract stamp duty of 3% of the market value.

Duty to label in Mumbai

The Mumbai stamp duty varies across the city, depending on the position of the property and the form of deed.

The stamp duty applicable after March 2021 for the conveyance / sale deed is as follows:

 The stamp duty applicable after March 2021 for the conveyance / sale deed is as follows:

Stamp Duty Charge

Under the Maharashtra Stamp Act, all instruments charged with duty and executed in Maharashtra must be stamped before or at the time of execution, or on the next working day after the execution date. If the deed is done out of the country, however, it can be stamped within three months of first being issued in India.

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The stamp papers must be on behalf of one of the parties to the agreement, and not on behalf of the parties’ chartered accountant or lawyer. In addition, the date of issue of the stamp paper should be no more than six months older than the date of the transaction.

Stamp duty charges can be charged on the deed through adhesive or impressed stamps. Besides this, at the time of execution, the adhesive stamps used on the deed are removed, so that they are not eligible for reuse.

An outline of immovable property estamp duties Maharashtra

Payment of the stamp duties online

The Maharashtra Stamp Act has been amended to accept online payment, in respect of the stamp duty payable on state instruments. To pay your stamp duty online follow these steps:

1: Visit online payment portal Maharashtra Stamp Duty.

2: Click the ‘Pay Without Registration’ button if you are not logged into the portal. If you are a registered user, please fill in the login information.

3: If you have selected the ‘Pay Without Registration’ option, you will be redirected to another page where you will need to select ‘Citizen’ and select the type of transaction you wish to do.

4: Choose ‘Register your Document Payment.’ Now you can opt to pay together the stamp duty and registration fees, or just stamp duty, or registration fees.

5: Fill out the required details such as district, sub-registrar ‘s office, payment details, party details, property details and details of the value of the property.

6: Choose the payment option and, once completed, generate the challan which must be presented at the time the deed is executed.

You may drop a mail to [email protected] if you’re stuck at any step or want to generate your challan again.

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