Buying a new property? Deadline for stamp duty registration increased by three months
Those who will pay the stamp duty fees before December 31 for their property will get three more months for registration of documents. The decision by the sub-registrar office comes after a big rush for the registration and stamp duty in recent days.
The State Government has slashed the registration fees by three percent till December 31, 2020.
In a move to give a boost to real estate, the state government had cut the stamp duty payable on all transactions executed and registered between September 1 and December 31 this year by three per cent. While there is two per cent for the transactions registered between January 1 and March 2021.
What is Maharashtra Stamp Act?
The Maharashtra Stamp Act was passed in 1958 and applies to all the instruments mentioned in Schedule 1, on which the stamp duty is payable to the state. The Act was amended recently and the amendments include a revision of stamp duty on gift deeds, inclusion of e-payment of stamp duty, revision of penalty clauses and increment of stamp duty under certain instrument clauses.