Stamp Duty Amnesty Scheme

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*Understand: Stamp Duty Amnesty Scheme will be formally announced, shortly; be ready to clear up your past dues if any to have clean & marketable titles of your properties with no clouds on it🙏🏾*


*Highlights*
1. At present 2% penalty per month subject to a maximum of 400% penalty is payable.
2. Window will be open & operational for six months.
3. Decision has been recently taken in the meeting of the Maharashtra Cabinet which has been attended by Hon.ble Revenue Minister..
4. We all know this is election year so attempts are being made to please the tax payers at the expense of honest tax payers.
5.This will be of particular help to slum dwellers, owners of Mhada properties, Tenanted premises owners who wish to pay stamp duty.
6. Benefit of this scheme is avilable for residential as well as commercial premises holders.
7. This could be with 90% rebate in penalty / duty will be applicable. The same requires more clarity as the said rebate will in all probability be on the penalty amount.
8. The said scheme is issued under section 9A of the Maharashtra Stamp Act.
9. One of the reasons of introduction of the stamp duty amnesty scheme is the financial handicapped condition of Maharashtra Government. Schemes have been announced without making any budgetary allocations. Eg. Shivaji Statue, Rebate to farmers, increase in salary of government employees.
10. The impact as regards payment of stamp duty is acute and is felt particularly when one tries to register a document of earlier years. Authorities demand stamp duty at current rate which is illogical and contrary to public policy like the decision of Mohmd. Tuglaq of shifting capital from Delhi to Daulatabad and vice versa. It's an incentive to dishonest persons.
11. Banks are also reluctant to give loans on documents which are not adequately stamped. We all know financial positions of banks and the amount of Non Performing Assets in banks.

Comments

  1. UnknownMarch 4, 2019 at 12:24 AM

    From when this scheme is applicable. or has it started since the 6th February, 2019

    ReplyDelete
  2. AroraJune 3, 2019 at 6:36 AM

    Where is this stamp duty to be computed and paid in Mumbai?

    ReplyDelete

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