Control Act, 1999. (iii) within the limits of anyGrampanchayatarea or any such area not mentioned in sub-clause (ii). A Leave and License Agreement is an agreement wherein the licensor temporarily allows the licensee to use and occupy licensor's immovable property, either full or a portion of it, for the purpose of carrying out business activity or for residential use. Would this fall under Article 5(h) (A) (iv) or Article 5(h)(B) since there is a huge difference in the stamp duty levied in both the cases. (a) Where the leave and license agreement purports to be for a term not exceeding 60 months with or without renewal clause. Finance Department (FD), Government of Maharashtra, has decided to receive payments electronically. If the property is sold by Govt. EXCISE BOND, See Customs Bond or Excise Bond (Article 28). The Union Government notified Part I of Chapter IV of the Finance Act, 2019 and promulgated the Indian Stamp (Collection of Stamp- Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019.The Amendment seeks to: address the stamp duty regime recognising the technological changes in the field of financial securities, which today are primarily, done electronically through the stock exchange or through authorized clearing corporations and the depositories; and, provide for a centralized collection mechanism under which the stamp duty is to be collected at one place by one agency (i.e. From 1st January 2021, people were to pay a 3% stamp duty on the property value. Stamp Duty to be paid on the market value of the shares and debentures. according to the share capital of the company ,subject to minimum of Rs.1,000 and maximum of Rs.50,00,000. (c) if relating to both movable and immovable property. The instruments specified in the Schedule-I to the Act are covered by this Act. Section 35 of List 1 of the Bombay Stamp Act states that the stamp duty on the compensation loan was 500/- (five hundred rupees). Explanation II-- Where in the case of an agreement to mortgage the amount or part thereof sought to be secured by such an agreement is advanced or disbursed to the mortgagor or without execution of a mortgage deed, then such an agreement to mortgage shall, notwithstanding anything contained in clause (d) of section 2, become chargeable under this Article as mortgage-deed on the date of making of such advance or disbursement either in part or in whole. : detection of frauds under Information Technology Act. Step 2: Select an area, that is, Municipal Corporation or Gram Panchayat. Registration Charges: Registration Charges in Tamil Nadu are 4 per cent of the guidance value, so will be Rs.2,00,000. (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. (c) for the sole purpose of enabling any person to receive any pension or charitable allowance. LETTER OF GUARANTEE,SeeAgreement (Article 5). 4.6 The date of issue of the stamp paper must not be more than 6 months older than the date of the transaction. (6) Any project proponent or the Purchaser of any unit for which the reduction in the stamp duty is granted under this Order, and which fails to fulfill the purpose or objectives of the said policy or commits breach of any of the conditions or special regulations as specified in the said policy or this order, shall be liable to pay the whole stamp duty and penalty, if any, as if there was no reduction in stamp duty from the beginning. Declaration of -- of, or concerning, any property when made by any writing not being a Will,--, (a) where there is disposition of property, --. INSPECTORSHIP DEED, see Composition Deed (Article 24). Aftersection 68of the principal Act, the following section shall be inserted, namely : 68A. However, once the market value of a property crosses over Rs.30 Lakh, the buyer is required to pay 1% of the market value as the . Explanation II. In case of exchange, it is to be paid by the parties in equal shares and in case of partition, by the parties in proportion to their respective shares. (b) where there is no disposition of property, --. Fully Online. These states include Haryana and Maharashtra. 5; (b) where the instrument relates to the partition of agricultural land, the rate of duty applicable shall be Rs. 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. Explanation I-For the purpose of clause (b),''Securities means the securities as defined in clause (h) of section 2 of the Securities Contract (Regulations) Act 1956. 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. if(MSFPhover) { MSFPnav6n=MSFPpreload("../_derived/home_cmp_Profile110_home.gif"); MSFPnav6h=MSFPpreload("../_derived/home_cmp_Profile110_home_a.gif"); } Both the Parties of the agreement are also situated in Maharashtra. (a) If accompanied by articles of association under section 26 of the Companies Act, 1956, (I of 1956). It is imposed by states and therefore, the rates will vary from one state to another. (A) for the purpose of non -residential use of any nature whatsoever; The same duty as is payable under Article 36(iv). 0.5 % of the amount agreed in the contract. Similarly, Stamp Duty under above Article in rest of Maharashtra State was reduced by Two percent (2%) for the period starting from 1st September, 2020 and ending on 31st December, 2020 and by One Half percent (1.5%) for the period starting from 1st January, 2021 and ending on 31st March, 2021. 100. Circular w.e.f. The same duty as is leviable on Conveyance under clause (a), (b) or (c), as the case may be, of article 25 on 50 % of the market value of the property. This tax is referred to as stamp duty. Once the instrument is executed, it should be registered within 4 months from the date of such executionwithout any penalty towards registration fees. 1 Revenue stamp. 10.1 Deletion of requirement to round off duty amount. -- A mortgagor who gives to mortgagee a power of attorney to collect rents, or a lease of the property mortgaged or part thereof, is deemed to give possession within the meaning of this article. 4. Insection 32Bof the principal Act, (i) in sub-section (1), after the words file an appeal against such order, to the the words Additional Controller of Stamps, Mumbai in respect of the property, which is the subject matter of the instrument, is situated in Mumbai City and Mumbai Suburban Districts and in respect of the properties situated in the other parts to the shall be inserted; (ii) in sub-section (2), after the words against the order of the the words Additional Controller of Stamps, Mumbai or the shall be inserted. However, when a property is considered, the stamp duty is charged on the present agreement value or market value, whichever is high. On a brighter note, the 1% stamp duty waiver . 0.3% of the amount secured by such deed subject to maximum of Rs. (a) in Article 25, in clause (b),- (i) in sub-clause (ii), in column 2 , for the figure and words 4 per cent. the figure and words 5 per cent. Shall be substituted. All agreements for leave and license must be stamped and registered. ; (b) in Article 34, in column 2, in the above proviso,- (i) for the words at the same rate as specified in this article or at the rate of rupees ten for every rupees five hundred or part thereof on the market value the words and figure at the rate of 3 per cent. Stamp Duty Maximun Stamp Duty Registration Fee ( % or fix duty) Minimum Registration Fee Maximun Registratio n Fee 48 Conveyance in compliance tothe Agreement sale (without possession) Compulsory 5 % 3%1 % 10 % of Principal Stamp Duty 1000 Rs - 49 Conveyance incorporating names of daughter in law Compulsory 1 % -10 % of Principal Stamp Duty 0.8 . The same charges apply if you purchase a resale flat in Mumbai. The same duty as is leviable under clause (a), (b) or (c) of Article 25 on the amount of Consideration. To avail of this facility the taxpayer is required to have a net-banking account with any of the banks listed by the government on the website. (2) The Master Layout Plan or subsequent building plan of an approved project under the Pradhan Mantri Awas Yojana- Housing for All (Urban) must be sanctioned or approved by the Planning Authority. However, the heading Other Stamp Duty covers electronic share trading (CREST), Stamp Duty on financial cards and Stamp Duty levies. B. (ii) within the limits of any Municipal Council or Nagar Panchayat or Cantonment area annexed to it, or any rural area within the limits of the Mumbai Metropolitan Region Development Authority, or the Influence Areas as per the annual statement of rates published under the Bombay Stamp (Determination of True Market Value of Property) Rules, 1995. Some states offer reduced stamp duty charges for female homebuyers. Stamp Duty is a statutory payment like Goods and Services Tax which needs to be paid on all instruments chargeable to duty. (a) of a bill of exchange, cheque or promissory note; (b) of a bill of lading, delivery order, warrant for goods or other mercantile document or title to goods; (d) of securities of the Central Government, STAMPS TO BE USED -- Non - Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules 10 & 11. 2. on the market value shall be substituted; (ii) the words whichever is less shall be deleted. Step 2: Click 'Pay Without Registration' if you are not registered with the portal. (2) a letter, article, document, parcel, package or consignment, of any nature or description whatsoever or by whatever name called, given by a person, courier company, firm or body of persons whether incorporated or unincorporated to the sender of such letter, article, document, parcel, package or consignment. So i want to know, whether the payment of stamp duty for these agreements fall under Maharashtra Stamp Act or Indian Stamp Act. The law on stamping and registration. Advise on stamp duty applicability and ensuring compliance of Stamp Act. 50,00,000. Follow these steps, to pay your stamp duty online: Step 1: Visit the Maharashtra Stamp Duty online payment portal. Stamp duty is a legal tax payable in full and acts as an evidence for any sale or purchase of a property. 25-3-2013: As per amended Section 17 of Registration Act, 1908 registration of: Irrevocable Power of Attorney relating to transfer of immovable property in any way, executed on or after 1-4-2013. Stamp Duty Rates for Leave & Licence Agreement Calculate NOTE: Calculation is for a period of 12 months, irrespective of period of leave & licence, and includes any advance rent paid or to be paid and further includes any deposit made or to be made, with or without any interest. Our current leave and license agreement period is coming to an end in April start and inorder to sign a new agreement we all 3 need to be here but my sister is flying to another country for a few months in march so we decided on making a new agreement and signing and registering it with stamp duty in march . 100/-. (1) having area upto 27.88 squares meters (300 square feet); Rs. Recently Maharashtra Government has allowed online registration of first sale agreement of developers approved by the Stamp duty and Registration Authorities. Sale Certificate issued by any competent office or authority under any Recovery Act, Agreement relating to the Deposit of title deeds, where such deposit has been made by way of security for the repayment of a loan or an existing or future debts. Explanation. (c) where such share contribution is brought in by way of property, excluding cash. Stamp duty - Know about Stamp duty and Act in India. The Explanation to the definition provides that any instrument by which one co-owner transfers his property to another co-owner would be deemed to be a conveyance provided that it is not an instrument of partition. 0.25 % of the total sum of --- (i) the license fees or rent payable under the agreement; plus (ii) the amount of non- refundable deposit or money advanced or to be advanced or premium, by whatever name called; plus (iii) the interest calculated at the rate of 10% p.a. As mentioned in this order the Stamp Duty chargeable under Article 25(b) of Schedule I of Maharashtra Stamp Act, 1958 on the instrument of Conveyance or Agreement to Sell of any immovable property shall stand reduced to 1% subject to certain conditions, if all the purchasers are female. After six months it is mere a piece of paper. 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). Earlier it was charged under article 25(b) which amounted to 5% on Market Value of the premises. The renewal period, if specifically mentioned, shall be treated as part of the present lease, Explanation III. (parseInt(navigator.appVersion) >= 3 )) || 0.1% of the value of the shares ,scrip or stock. It is basically a levy on any transaction based on exchange of documents or execution of instruments. The Maharashtra Stamp (Second Amendment) Act, 2017 have increased the percentage of stamp duty in certain cases under Article 25 and Article 34 of Schedule I to the Maharashtra Stamp Act, 1958. VALUATION, See Appraisement (Article 8). // -->