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Maharashtra Stamp Duty Amnesty Scheme 2019.

Courtesy/By: Shweta Pandey | 14 May 2019

Stamp duty is a state subject and is administered by the respective states. The government of Maharashtra, on March 1, 2019, announced an amnesty scheme with respect to the penalty that can be levied for insufficient payment of stamp duty made in the past. The scheme is available only for certain real estate transactions.The application, along with the instrument and supporting documents, has to be made within a period of six .The scheme proposes to limit the penalty payable on certain transactions to 10% of the deficient stamp duty, instead of the 400% which can be levied in normal course by the government.

The application, along with the instrument and supporting documents, has to be made within a period of six months from March 1, 2019, i.e., by August 31, 2019, the period up to which the scheme will remain open.This scheme will benefit all the property owners who had purchased their present property in a housing society or those constructed by MHADA, CIDCO or SRA and the agreements thereof, were made only on stamp paper of nominal amount, or even in cases where the sale transaction was made on a plain paper at a time when the registering were not under any obligation to ensure that adequate stamp duty was paid on the document purporting to transfer the title in the property.

Courtesy/By: Shweta Pandey | 14 May 2019