Stamp tax and licencing fees are required in Navi Mumbai. Discover more about stamp duty in Navi Mumbai, its financial advantages, and how to pay it online.

For its orderliness and thoughtful city design, Navi Mumbai is well-known. The desire for housing in this region is rising in part due to the area’s wide roadways, lush surroundings, and low pollution levels. To effectively register your property, you must pay the registration fees and stamp tax in Navi Mumbai if you are purchasing a home or other property here.

These are extra fees assessed when buying or selling a home. State to state, and occasionally even city to city, variations exist. Here is a comprehensive reference to Navi Mumbai’s registration fees and stamp tax.

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Latest Information on Navi Mumbai Stamp Duty

Maharashtra’s stamp duty will rise by 1%.

March 2023: Maharashtra’s stamp tax will rise by 1% as of April 1 of that year. In Mumbai, it will increase from 6% to 7%, and in Pune, Thane, and Navi Mumbai, it will increase to 8%. The introduction of the new ready reckoner prices is also expected.

There is a chance that home prices will rise. In Pune, Thane, and Navi Mumbai, the stamp duty will increase to 8% if the local body tax and metro fee of 1% each are applied. However, the stamp tax will be seven percent if LBT is not relevant.

The converter rate has also been examined, according to the story. Any region of Maharashtra’s major towns will experience the increase of the ready reckoner.

The government had to raise the stamp tax rate as a result of intense financial strain on the state exchequer. But the income from the Goods and Services Tax, or GST, will cause the budget imbalance to rise by up to Rs 95,000 crore.

Stamp fee, liquor, and tobacco duties are Maharashtra’s main revenue generators. The state intends to raise stamp tax for this purpose.

This month, the banks raised the interest rates, which increased the cost of lending for regular people. Additionally, the expense of the homes will increase if the quick reckoner rate rises.

What are the fees for property registration and stamp duty in Navi Mumbai?

Including LBT, Navi Mumbai’s present stamp tax rate is 7%. (Local Body Tax). However, women receive a 1% discount on these fees.

The Maharashtra government added an additional 1% metro cess in 2022 in a number of towns, including Navi Mumbai. On April 1, 2022, this fee went into force in order to raise money for municipal infrastructure improvements.

The stamp duty and registration charges in Navi Mumbai are as follows: 

Lease Deed, Gift Deed, and Other Documents are Subject to Navi Mumbai Stamp Duty

On real estate transactions as well as other documents like lease deeds, gift deeds, mortgage deeds, and powers of attorney, the Maharashtra government levies stamp tax and filing fees. (PoA). This chart lists specifics about these fees.

Navi Mumbai Stamp Duty Payment Information In Navi Mumbai, there are two informal ways to pay stamp duty.

• Stamp Paper: A conventional way to pay stamp tax is with a stamp paper. Get a seal paper from the authority, then file it with the sub-registrar’s office.
• Franking: Franking is yet another of the most popular inactive techniques. By using a franking machine, authorised institutions can stamp your papers or affix numbers to them as part of the franking process. The artificial stamp serves as evidence that you have paid the applicable stamp duty fees.

Stamp duty calculations in Navi Mumbai

In Navi Mumbai, the higher of the property valuation or the Ready Reckoner Rates is used to calculate the stamp tax. To determine the stamp duty fees for your home, you can also use an internet calculator. You can reduce physical labour and save time by using a computer.

Here is an illustration, though, if you’d rather use the manual computation method.

In Navi Mumbai, maisha invested Rs 55 crore in real estate. She must pay a registration charge of Rs 30,000 and stamp tax equal to 6% of Rs 55 Lakh.

Therefore, maisha will pay a total stamp duty and registration charge of

Stamp Duty: Rs 3,30,000

Registration Fee: Rs 30,000

Total Charges = Rs 3,60,000

Instead of maisha, a female buyer, if it was a male buyer, suppose Arshad, the stamp duty to be paid in that case would be 7% of the property’s value. 

Therefore, Arshad will pay a total stamp duty and registration charge of

Stamp Duty: Rs 3,85,000

Registration Fee: Rs 30,000

Total Charges = Rs 4,15,000

Online Registration of Properties in Navi Mumbai

To register your property online in Navi Mumbai, go to the Maharashtra Government GRAS website. Then take these actions:

• Step 1: Enter your login information to access the Maharashtra GRAS site. If you are not already a verified member, register for the site.
• Step 2: After that, input all the information pertaining to the property, such as its position, dimensions, and price.
• Step 3: After entering all the property information, choose your chosen payment method. Simply select your bank from the selection of banks that will show on your screen.
• Step 4: Complete the transaction and make sure to print the ticket for your records.

Stamp Duty Tax Savings in Navi Mumbai

• In Navi Mumbai, the stamp duty, surcharge/cess, and registration fees are eligible for income tax exemptions under Section 80C of the Income Tax Act. However, the maximum reduction permitted by this provision is Rs 1,50,000.
• Only individuals and Hindu Undivided Families are eligible to make new property tax exemption claims. However, resale homes, domestic plots, or business structures in Navi Mumbai are not immune from paying taxes.
• Tax deductions are available to even shared proprietors. But once more, the maximum reduction is Rs 1,50,000.

Refund on Stamp Duty in Navi Mumbai 

The Stamps Act 2007 of Maharashtra offers a refund on stamp duty payment. However, it is only possible in the below-mentioned cases:

• When the individual whose signature is necessary refuses to sign or dies before signing
• If one or more parties do not fulfil the required terms and conditions.
• In case of insufficient stamp value, the transaction was completed using a different stamp paper.
• If the stamp paper is damaged or torn or the involved parties used another stamp paper than what was required
• In case the stamp paper contains writing or typing errors.
• If the stamp paper is not signed, or has incomplete or partial information
• In case the stamp paper is signed but it is an illegal transaction, as per Section 31 of the Specific Relief Act.
• If the court declares the transaction – illegal.

How to Request Refund Stamp Duty in Navi Mumbai

Follow these steps to obtain a refund on payment of stamp duty in Navi Mumbai,

• Step 1: Login into the Department of Registration & Stamps Maharashtra portal https://appl2igr.maharashtra.gov.in/refund/
• Step 2: Read all the details about the Module and the important instructions and click on the checkbox. Then click on the green ‘New Entry’ Button.
• Enter your Mobile Number, wait for an OTP and then enter the Captcha code displayed on your screen.
• Type the token number, and create and confirm a password.
• Enter all the personal information, account number and document details. Follow the onscreen instructions to complete the refund process of the stamp duty in Navi Mumbai.

Summarizing Navi Mumbai’s Stamp Duty

I hope you now have complete knowledge of Navi Mumbai’s stamp tax. These fees must be paid in order to successfully register a property because they serve as documentation of possession in the event of a disagreement. Contact a law agent if you require any additional information or clarification.

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