Stamp Duty For Property In Maharashtra

For instance stamp duty for a property located in the municipal limit of urban areas in mumbai will be 5 of the market value while a property located within the limits of any gram panchayat will attract stamp duty of 3 of the market value.

Stamp duty for property in maharashtra. 1 maharashtra municipal corporation act in other municipal corporation limits lbt local body tax is applicable. Stamp duty in mumbai. No permission is required from the other kin. That means in mumbai the effective stamp duty is now down to 2 while in other places it is 3 of the property value.

Maharashtra government had increased stamp duty by 0 50 for the nagpur improvement trust nit and passed on to the civic bodies. The stamp duty in maharashtra will come down from 5 to just 2 from september 1. Thus in mumbai the effective stamp duty will then be 3 whereas in other places it will be 4. On august 26 the maharashtra government decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until december 31 to boost the stagnant real estate market hit by the.

The secretary noted that the property registrations in mumbai maharashtra have improved and. Stamp duty rates in other major. According to article 34 of the maharashtra stamp act which was revised in 2017 stamp duty on gift deeds is 3 per cent of the property value. Stamp duty charges are payable at rates based upon several parameters including the market value of the property area of the property or various other criteria.

From 1st january 2021 to 31st march 2021 the stamp duty on home buying will be reduced by 2 of the previous rates. But if the property is residential or agricultural and is gifted without any payment to a blood relative then the stamp duty is rs 200. States must consider cutting stamp duty on property registrations to boost demand. In maharashtra the stamp duty on property varies as per the location.

To trigger immediate transactions the government has also introduced a sunset clause that this 2 stamp duty will be applicable on real estate transactions till december 31. The maharashtra government on march 6 had announced that it is reducing stamp duty on properties by 1 for mumbai mmrda region and pune for a period of two years. The act levies stamp duty on real estate properties at the rate fixed by the state government.