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Stamp Duty and Registration Charges in Maharashtra

Stamp duty is a transactional tax collected by the government and fixed by the Central authorities. Homeowners pay it at the time of property registration. The stamp duty amount depends on the property’s market value or agreement value during the time of registration. This transactional tax applies to both residential and commercial properties, inclusive of freehold and leasehold properties.

The fact that stamp duty is added to the property’s cost makes it imperative for homebuyers to find the applicable amount beforehand. Homebuyers must note that the stamp duty rate tends to vary from one state to another. In other words, the stamp duty in Maharashtra would be different from that of West Bengal.

What is Maharashtra Stamp Act?

The Maharashtra Stamp Act, 1958 applies to instruments that come under the purview of Schedule 1 and attract stamp duty. This Act was amended to include revised stamp duty on gift deeds, revised penalty clauses, stamp duty e-payment, and increment of the stamp duty in case of selected instrument clauses.

Stamp Duty Registration Charges in Maharashtra

Stamp duty and registration charges in Maharashtra differ from one location to another. Often the properties located in urban municipalities attract a higher stamp duty than those in rural areas.

Here is a city-wise break down of stamp duty in Maharashtra:

Cities in Maharashtra Stamp duty applicable from 1st September 2020 to 31st December 2020 (%) Stamp duty applicable from 1st January 2021 to 31st March 2021 (%) Stamp duty in effect from 1st April 2021 (%)
Mumbai 2% 3% 5%
Navi Mumbai 3% 4% 6%
Nagpur 3% 4% 6%
Pimpri-Chinchwad 3% 4% 6%
Pune 3% 4% 6%
Thane 3% 4% 6%

 

Property owners should note that a number of factors influence stamp duty in Maharashtra.

Factors that Affect Stamp Duty

The most prominent factors that influence stamp duty in the state are highlighted below -

  • Owner’s age – Senior citizens are likely to receive a subsidy on the stamp duty.
  • Owner’s gender – Women who own property in their name are entitled to reduce stamp duty.
  • Leprosy cured
  • Property use – Residential properties attract a lower stamp duty than commercial properties.
  • Property age – New properties attract higher stamp duty when compared to older ones.
  • Property location – Properties located in cities attract a higher stamp duty than those based in rural areas, towns, and outskirts.

Besides these, property status and available amenities also tend to influence a property’s stamp duty.

Note that the rate of stamp duty in Maharashtra depends on two major factors –

  1. Property’s registered price
  2. Property ready reckoner rate in Mumbai and other cities

Usually, the higher of the two is taken into consideration while fixing the stamp duty.

How to Calculate Stamp Duty?

As discussed, the stamp duty is computed either on the basis of the reckoner rate or property’s agreement value, whichever is higher.

For instance, if the agreement value of a property is Rs.72 lakh, while reckoner rate is Rs.65 lakh, the higher the two, i.e., the agreement value, will be taken into consideration.

How to Pay Stamp Duty Online?

By following these steps, you can easily pay stamp duty online –

  • Step 1: Visit Maharashtra Stamp Duty’s official portal.
  • Step 2: Log in using required credentials.
  • Step 3: Select the ‘Citizen’ field and type of transaction.
  • Step 4: Choose the ‘Make Payment to Register your Document’ field.
  • Step 5: Click on ‘Pay Stamp Duty Only’ from available options.
  • Step 6: Enter crucial details like – district, sub-registrar, property details, payment details, etc.
  • Step 7: Choose a suitable payment option and proceed to generate a challan that will have to be produced while executing the deed.

In case you are not registered, you would have to click on the ‘Pay Without Registration’ option. Subsequently, you will be redirected to another page.

Stamp Duty on Past Property Documents

As per a provision of the Maharashtra Stamp Act, a district collector has the power to ask the landowner to submit a document within a decade from the registration date. The collector can do so to verify whether the applicable stamp duty was paid on the deed or not.

However, the Bombay High Court mandates that authorities cannot collect stamp duty when it comes to inadequately stamped documents from the past at the time of subsequent sale. Regardless, if documents have to be stamped, the charges will be recovered at the prevailing rate during the time of transaction.

Stamp Duty on Lease Agreements

The state government announced stamp duty reduction on lease agreements on 24th December 2020. As per announcement, stamp duty was brought down to 2% (from 5%) until 31st December 2020 and 3% for the period between 1st January 2021 and 31st March 2021. Accordingly, the property sale in the state, especially luxury flats, witnessed a surge.

Tax Benefits on Stamp Duty and Registration Charges in Maharashtra

Under Section 80C, both HUFs and individuals can claim deduction on stamp duty in Maharashtra. However, the upper limit on such deduction is set at Rs.1.5 lakh. However, this deduction can be claimed in the very same year the expense was incurred.

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Stamp Duty in Maharashtra Frequently asked questions

1. How are stamp duty and registration charges calculated?

Stamp duty and registration charges of a property are calculated based on market value and reckoner rate. One can use a registration and stamp duty calculator online to determine applicable charges more accurately.

2. What is the ready reckoner rate in Mumbai?

Also known as circle rate, it is the minimum rate at which a property can be registered. It is conveyed by the registrar and sub-registrar of Mumbai to register property transactions in the state. Note that such rates vary across Maharashtra and amenities available in the given areas and also depends on property type.

3. How to save on stamp duty charges?

Some states provide a rebate on stamp duties to women and senior citizens. Accordingly, homebuyers can save on stamp duty if their property is registered in the name of a female family member or is bought by a senior citizen.