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Business

Maha govt discontinues stamp duty concession

by TLN Team April 1, 2021
written by TLN Team April 1, 2021
Maha govt discontinues stamp duty concession

Earlier, in view of the COVID-19 pandemic and adverse impact on realty sector, Maharashtra Government had offered stamp duty rebate and now it has decided to discontinue the stamp duty concession offered till March 31, 2021. Further, it has offered one per cent waiver in payment of stamp duty if property concerned is sold/purchased in the name of women. It had announced that stamp duty on housing units would be reduced from 5 per cent to 2 per cent till December 31, 2020. Later, the rebate was reduced and stamp duty payable was 3 per cent for the period from January 1 to March 31, 2021. The concession was offered to revive the real estate sector. Balasaheb Thorat, Revenue Minister of Maharashtra, stated on Wednesday that the concession would not be applicable beyond March 31, 2021. Thus, the stamp duty payable from April 1, 2021, will be at the rate of 5 per cent. In city and influence area, stamp duty will be payable at the rate of 6 per cent (including 1 per cent cess), and in rural areas it will be 4 per cent plus 1 per cent cess, that is, total 5 per cent. In addition to these, there will be 1 per cent registration charges.

However, the State Government has offered one per cent waiver in stamp duty payment from April 1 to women if the property concerned is sold/purchased in their name. As per the said order, any woman/women purchaser/s availing of the said remission in stamp duty shall not sell any such type of ‘residential’ unit to ‘any subsequent male purchaser/s’ within a period of 15 years from the date of purchase of such unit. “On failure to abide by this condition, such woman/ women seller/s of such type of residential unit shall be liable to pay the remitted one per cent stamp duty and penalty, as changeable, as if there was no remission in the stamp duty from the beginning,” stated the order. But, no such restriction will apply in case of transfer by heirship in case of death of such woman/women purchaser/s. The said benefit of rebate in stamp duty shall be applicable only for the documents/instruments of conveyance or agreement to sale, of any type of residential unit flat or individual bungalow or row-house, or any independent house or any type of tenement where woman/ women are the only purchaser/s of such type of residential unit.

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