Bare Acts Live
- 1. Short title, extent and commencement.
- 2. Definitions.
- 3. Instrument chargeable with duty.
- 4. Several Instruments used in single transaction of development agreement sale, mortgage or settlement.
- 5. Instruments relating to several distinct matters.
- 6. Instruments coming within several descriptions in Schedule I.
- 7. Payment of higher duty in respect of certain instruments.
- 8. Bonds or securities other than debentures issued on loans under Act IX of 1914 or other law.
- 9. Power to reduce, remit or compound duties.
- 10. Duties how to be paid.
- 10A. Duties to be paid in cash, by demand draft or by pay order by Government controlled bodies, Insurance Companies and Banks.
- 10B. Stock exchange etc., to deduct stamp duty from trading member's account.
- 10C. Duties to be paid in cash, or by demand draft or by pay order by notary.
- 11. Use of adhesive stamps.
- 12. Cancellation of adhesive stamps.
- 13. Instruments stamped with impressed stamps how to be written.
- 14. Only one instrument to be on same stamp.
- 15. Instrument written contrary to sections 13, 14 or 14A deemed not duly stamped.
- 16. Denoting Duty.
- 17. Instruments executed in State.
- 18. Instruments executed out of State.
- 19. Payment of duty on certain instruments or copies thereof liable to increased duty in Maharashtra State.
- 20. Conversion of amount expressed in foreign currencies.
- 21. Stock and marketable securities how to be valued.
- 22. Effect of statement of rate of exchange or average price.
- 23. Instruments reserving interest.
- 24. Certain instruments connected with mortgages of marketable securities to be chargeable as agreements.
- 25. How transfers in consideration of debt or subject to future payments, etc. to be charged.
- 26. Valuation in case of annuity, etc.
- 27. Stamp where value of subject-matter is indeterminate.
- 28. Facts affecting duty to be set forth in instrument.
- 29. Direction as to duty in case of certain conveyances.
- 30. Duties by whom payable.
- 30A. Duties payable by financial institution.
- 31. Adjudication as to proper stamps.
- 32. Certificate by Collector.
- 32A. Instrument of conveyance, etc. undervalued how to be dealt with.
- 32B. Appeal.
- 32C. Revision.
- 33. Examination and impounding of instruments.
- 33A. Impounding of instruments after registration.
- 34. Instruments not duly stamped inadmissible in evidence, etc.
- 35. Admission of instrument where not to be questioned.
- 36. Admission of improperly stamped instruments.
- 37. Instruments impounded how dealt with.
- 38. Collector's power to refund penalty paid under section 37, sub-section (1).
- 39. Collectors' power to stamp instruments impounded.
- 40. Instruments unduly stamped by accident.
- 41. Endorsement of instruments on which duty has been paid under section 34, 39 or 40.
- 42. Prosecution for offence against stamp law.
- 43. Persons paying duty or penalty may recover same in certain cases.
- 44. Power of Revenue Authority to refund penalty or excess duty in certain cases.
- 45. Non-liability for loss of instruments sent under section 37.
- 46. Recovery of duties and penalties.
- 47. Allowance for spoiled stamps.
- 48. Application for relief under section 47 when to be made.
- 49. Allowance in case of printed forms no longer required by corporations.
- 50. Allowance for misused stamps.
- 51. Allowance for spoiled or misused stamps how to be made.
- 52. Allowance for stamps not required for use.
- 52A. Allowance for duty.
- 52B. Invalidation of stamps and saving.
- 53. Control of and statement of case to Chief Controlling Revenue Authority.
- 53A. Revision of Collector's decision under sections 32, 39 and 41.
- 54. Statement of case by Chief Controlling Revenue Authority to High Court.
- 55. Power of High Court to call for further particulars as to case stated.
- 56. Procedure in disposing of case stated.
- 57. Statement of case by other Courts to High Court.
- 58. Revision of certain decisions of Courts regarding the sufficiency of stamps.
- 59. Penalty for executing etc. instrument not duly stamped.
- 59A. No prosecution under section 59, if instrument admitted by Court.
- 60. Penalty for making false declaration on clearance list.
- 61. Penalty for failure to cancel adhesive stamp.
- 62. Penalty for omission to comply with provisions of section 28.
- 63. Penalty for breach of rule relating to sale of stamps and for unauthorised sale.
- 63A. Non-remittance of stamp duty within prescribed time to be offence.
- 64. Institution and conduct of prosecutions.
- 65. Jurisdiction to try offences.
- 66. Place of trial.
- 67. Books etc. to be open to inspection.
- 68. Collector's power to authorise officer to enter premises and inspect certain documents.
- 69. Power to make rules.
- 70. Rounding off of fractions in duty payable or allowances to be made.
- 71. Publication of rules.
- 72. Delegation of certain powers.
- 73. Saving as court-fees.
- 73A. Use of former State Stamps permissible for certain period to be notified.
- 73B. Use of Bombay Government Stamps by Maharashtra for certain period.
- 74. Act not applicable to rates of stamp duty on bills of exchange etc.
- 75. Act to be translated and sold cheaply.
- 76. Repeal of enactments.
The Maharashtra Stamp Act, 1958
Act No. 60 of 1958
Last Updated 4th November, 2019 [MH262]
(a) "association" means any association, exchange, organisation or body of individuals, whether incorporated or not, established for the purpose of regulating and controlling business of the sale or purchase of, or other transaction relating to, any goods or marketable securities;
[(b) "banker" means an association, a company or a person who accepts, for the purpose of lending or investment, deposits of money from the public, repayable on demand or otherwise and with drawable by cheque, draft, order or otherwise;]
(c) "bond" includes-
(i) any instrument whereby a person obliges himself to pay money to another on condition that obligation shall be void if a specified act is performed, or is not performed, as the case may be;
(ii) any instrument attested by a witness and not payable to order or bearer, whereby, a person obliges himself to pay money to another; and
(iii) any instrument so attested whereby a person, obliges himself to deliver grain or other agricultural produce to another;
(d) "chargeable" means, as applied to an instrument, executed or first executed after the commencement of this Act, chargeable under this Act, and as applied to any other instruments, chargeable under the law in force in the State when such instrument was executed or, where several persons executed the instrument at different times, first executed;
[(dd) "Chief Controlling Revenue Authority" means such officer as the State Government may, by notification in the Official Gazette , appoint in this behalf for the whole or any part of the [State of Maharashtra] ;]
(e) "clearance list" means a list of transactions relating to contracts required to be submitted to the clearing house of an association in accordance with the rules or bye-laws of the association:
(f) "Collector" means [* * * * * *] the Chief Officer in charge of the revenue administration of a district and includes any officer whom the State Government may, by notification in the Official Gazette , appoint in this behalf;
[(g) "Conveyance" includes,-
(i) a conveyance on sale,
(ii) every instrument, [*]
(iii) every decree or final order of any Civil Court,
[(iv) every order made by the High Court under section 394 of the Companies Act, 1956 or every order made by the National Company Law Tribunal under sections 230 to 234 of the Companies Act, 2013 or every confirmation issued by the Central Government under sub-section (3) of section 233 of the Companies Act, 2013, in respect of the amalgamation, merger, demerger, arrangement or reconstruction of companies (including subsidiaries of parent company); and every order of the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949, in respect of amalgamation or reconstruction of Banking Companies ;]
[(ga) "Deputy Inspector General of Registration and Deputy Controller of Stamps" means the officer or officers [so designated by the State Government and includes any other officer whom the State Government may, by notification in the Official Gazette , appoint in this behalf] ;]
(h) "duly stamped" as applied to an instrument means that the instrument bears an adhesive or impressed stamp of not less than the proper amount and that such stamp has been affixed or used in accordance with the law for the time being in force in the State;
(i) "executed" and "execution" used with reference to instruments, mean "signed" and "signature";
(j) "Government securities" means a Government security as defined in the Public Debt Act, 1944;
[(ja) "immovable property" includes land, benefits to arise out of land, and things attached to the earth, or permanently fastened to anything attached to the earth;]
(k) "impressed stamp" includes,-
(i) labels affixed and impressed by the proper officer;
(ii) stamps embossed or engraved on stamped paper;
[(iii) impression by franking machine;
(iv) impression by any such machine as the State Government may, by notification in the Official Gazette , specify;]
[(v) receipt of e-payment;]
(I) "instrument" includes every document by which any right or liability is, or purports to be created, transferred, limited, extended, extinguished or recorded, but does not include a bill of exchange, cheque, promissory note, bill of lading, letter of credit, policy of insurance, transfer of share, debenture, proxy and receipt;
[(la) "instrument of gift" includes, where the gift is of any movable [or immovable] property but has not been made in writing, any instrument recording whether by way of declaration or otherwise the making or acceptance of such oral gift;]
(m) "instrument of partition" means any instrument whereby co-owners of any property divide or agree to divide such property in severally and includes-
(i) a final order for effecting a partition passed by any revenue authority or any civil court,
(ii) an award by an arbitration directing a partition, and
(iii) when any partition is effected without executing any such instrument, any instrument or instruments signed by the co-owners and recording, whether by way of declaration of such partition or otherwise, the terms of such partition amongst the co-owners;
(n) "lease" means a lease of immovable [or movable (or both)] property, and includes also,-
(i) a Patta;
(ii) a Kabulayat, or other undertaking in writing not being a counterpart of a lease to cultivate, occupy or pay or deliver rent for immovable property;
(iii) any instrument by which tolls of any description are let;
(iv) any writing on an application for a lease intended to signify that the application is granted;
[(v) a decree or final order of any Civil Court in respect of a lease :
[(na) "market value", in relation to any property which is the subject matter of an instrument, means the price which such property would have fetched if sold in open market on the date of execution of such instrument] [for the consideration stated in the instrument whichever is higher;]
(o) "marketable security" means a security of such description as to be capable of being sold in any stock market in India. [* * * *] :
(p) "mortgage deed" includes every instrument whereby, for the purpose of securing money advanced, or to be advanced, by way of loan, or an existing or future debt, or the performance of an engagement, one person transfers or creates to, or in favour of, another; a right over or in respect of specified property;
[(pa) "movable property" includes standing timber, growing crops and grass, fruit upon and juice in trees and property of every other description, except immovable property, by which any right or liability is or is purported to be created, transferred, limited, extended, extinguished or recorded;]
(q) "paper" includes vellum, parchment or any other material on which an instrument may be written;
(r) "power of attorney" includes any instrument (not chargeable with a fee under the law relating to court-fees for the time being in force) empowering a specified person to act for and in the name of the person executing it [and includes an instrument by which a person, not being a person who is a legal practitioner, is authorised to appear on behalf of any party in any proceeding before any court, tribunal or authority] ;
[(ra) "public officer" means a public officer as defined in clause (17) of section 2 of the Code of Civil Procedure, 1908;]
(s) "Schedule" means a Schedule appended to this Act;
(t) "settlement" means any non-testamentory disposition in writing of movable or immovable property made,-
(i) in consideration of marriage,
(ii) for the purpose of distributing property of the settler among his family or those for whom he desires to provide, or for the purpose of providing for some person dependent on him, or
(iii) for any religious or charitable purpose, and includes an agreement in writing to make such a disposition and where any such disposition has not been made in writing any instrument recording whether by way of declaration of trust or otherwise, the terms of any such disposition;
(u) "soldier" includes any person below the rank of a non-commissioned officer who is enrolled under the Army Act, 1950.
(A) Of the Liability of Instruments to Duty
(a) every instrument mentioned in Schedule I, which not having been previously executed by any person, is executed in the State on or after the date of commencement of this Act;
(b) every instrument mentioned in Schedule I, which not having been previously executed by any person, is executed out of the State on or after the said date, relates to any property situate, or to any matter or thing done or to be done in this State and is received in this State:
(1) any instrument executed by or on behalf of, or in favour of, the Government in cases, where, but for this exemption, the Government would be liable to pay the duty chargeable in respect of such instrument [or where the Government has undertaken to bear the expenses towards the payment of the duty] ;
(2) any instrument for the sale, transfer or other disposition, either absolutely or by way of mortgage or otherwise, of any ship or vessel, or any part, interest, share or property of or in any ship or vessel registered under the Bombay Coasting Vessels Act, 1838, or [Merchant Shipping Act, 1958] .
(a) on the principal or original instrument, as the case may be, or
(b) in accordance with the provisions of this section,
(2) Notwithstanding anything contained in any enactment for the time being in force, no instrument, counterpart, duplicate or copy chargeable with duty under this section shall be received in evidence unless the duty chargeable under this section has been paid thereon:
(a) reduce or remit, whether prospectively or retrospectively, in the whole or any part of the State the [duties or penalty, if any, or both] with which any instruments or any particular class of instruments or any of the instruments belonging to such class, or any instruments when executed by or in favour of any particular class of persons, or by or in favour of any members of such class, are chargeable, and
(b) provide for the composition or consolidation of duties in the case of issues by any incorporated company or other body corporate of bonds or marketable securities other than debentures.
(B) Of Stamps and the mode of using them
(a) according to the provisions herein contained; or
(b) when no such provision is applicable thereto, as the State Government may, by rules, direct.
(a) in the case of each kind of instrument, the description of stamps which may be used;
(b) in the case of instruments stamped with impressed stamps, the number of stamps which may be used.
(b) Every such authorisation shall be subject to such conditions, if any, as the Chief Controlling Revenue Authority may, by any general or special order, specify in this behalf.
(i) by means of a franking machine;
(ii) by way of cash;
(iii) by demand draft; [* * *]
(iv) [by pay order; or]
[(v) by e-payment;]
Signature of Proper Officer]
Signature of the notary with date.
(a) [* * * * * *]
[(b) instruments mentioned at [articles 1,] 5(a) to (g), 17, 29, 37,  , 42, 43, 59(a) and 62 in Schedule I.]
(b) Whoever executes any instrument on any paper bearing an adhesive stamp shall, at the time of execution, unless such stamp has been already cancelled in the manner aforesaid, cancel the same so that it cannot be used again.
(C) Of the time of Stamping Instruments
(a) the amount of duty chargeable on such instrument [or a copy of the instrument] shall be the amount of duty chargeable under Schedule I on a document of the like description executed in this State less the amount of duty, if any, already paid under any law in force in India excluding the State of Jammu and Kashmir on such instrument when it was executed;
(b) and in addition to the stamps, if any, already affixed thereto such instrument [or a copy of the instrument] shall be stamped with the stamps necessary for the payment of the duty chargeable on it under clause (a) of this section, in the same manner and at the same time and by the same persons as though such instrument [or a copy of the instrument] were an instrument received in this State for the first time at the time when it became chargeable with the higher duty; and
(c) the provisions contained in clause (b) of the proviso to sub-section (3) of section 32 shall apply to such instrument [or a copy of such instrument] as if such were an instrument executed or first executed out of this State and first received in this State when it became chargeable to the higher duty aforesaid, but the provisions contained in clause (a) of the said proviso shall not apply thereto.
(D) Of Valuations for Duty
(a) is given upon the occasion of the deposit of any marketable security by way of security for money advanced or to be advanced by way of loan, or for an existing or future debt, or
(b) makes redeemable or qualifies a duly stamped transfer intended as a security or any marketable security,
(a) in consideration, wholly or in part, of any debt due to him; or
(b) subject either certainly or contingently to the payment or transfer (to him or any other person) of any money or stock, whether being or constituting a charge or encumbrance upon the property or not;
(a) where the sum is payable for a definite period so that the total amount to be paid can be previously ascertained, such total amount;
(b) where the sum is payable in perpetuity or for an indefinite time not terminable with any life in being at the date of such instrument or conveyance, the total amount which, according to the terms of such instrument or conveyance, will or may be payable during the period of twenty years calculated from the date on which the first payment becomes due; and
(c) where the sum is payable for an indefinite time terminable with any life in being at the date of such instrument or conveyance, the maximum amount which will or may be payable as aforesaid during the period of twelve years calculated from the date on which the first payment becomes due.
(a) when the lease has been granted by or on behalf of the Government at such amount or value as the Collector may, having regard to all the circumstances of the case, have estimated as likely to be payable by way of royalty or share to the Government under the lease, or
(b) when the lease has been granted by any other person, at [fifty thousand rupees] a year,
(E) Duty by whom payable
(a) in the case of any instrument described in any of the following articles of Schedule I, namely:-
No. 2 (Administration Bond),
No. 6 (Agreement relating to Deposit of Title-deeds, Pawn or Pledge),
No. 13 (Bond),
No. 14 (Bottomry Bond),
No. 28 (Customs Bond),
No. 33 (Further Charge),
No. 35 (Indemnity Bond),
No. 40 (Mortgage Deed),
No. 52 (Release),
No. 53 (Respondentia Bond),
No. 54 (Security Bond or Mortgage Deed),
No. 55 (Settlement),
No. [59(a)] (Transfer of debentures, being marketable securities whether the debenture is liable to duty or not, except debentures provided for by section 8 of the Indian Stamp Act, 1899),
No. 59(b) (Transfer of any interest secured by a bond or mortgage deed or policy of insurance), by the person drawing or making such instrument;
(b) in the case of a conveyance (including a re-conveyance of mortgage property) by the grantee; in the case of a lease or agreement to lease by the lessee or intended lessee;
(c) in the case of a counter part of a lease by the lessor;
(d) in the case of an instrument of exchange by the parties in equal shares;
(e) in the case of a certificate of sale by the purchaser of the property to which such certificate relates; [*]
(f) in the case of an instrument of partition by the parties thereto in proportion to their respective shares in the whole property partitioned, or, when the partition is made in execution of an order passed by a Revenue Authority or Civil Court or Arbitrator, in such proportion, as such Authority, Court or [arbitrator directs; and]
[(g) in any other case, by the person executing the instrument] .
Adjudication as to Stamps
(a) no evidence furnished in pursuance of this section shall be used against any person in any civil proceeding, except in any inquiry as to the duty with which the instrument to which it relates is chargeable; and
(b) every person by whom any such evidence is furnished shall, on payment of the full duty with which the instrument to which it relates is chargeable, be relieved from any penalty which he may have incurred under this Act by reason of the omission to state truly in such instrument any of the facts or circumstances aforesaid.
(i) within one month of the execution or first execution of such instrument in the State; or
(ii) if, such instrument is executed or first executed, out of the State, within three months from the date of first receipt of such instrument in this State,
(a) the Collector determines that it is already fully stamped, or
(b) the duty determined by the Collector under section 31, or such sum as with the duty already paid in respect of the instrument, is equal to the duty, so determined has been paid,
(a) any instrument executed or first executed in the State and brought to him after the expiration of one month from the date of its execution or first execution as the case may be;
(b) any instrument executed or first executed out of the State and brought to him after the expiration of three months after it has been first received in this State; or
(c) any instrument chargeable with the duty of twenty naye paise or less when brought to him, after the drawing or execution thereof, on paper not duly stamped.
Instruments not Duly Stamped
(a) nothing herein contained shall be deemed to require any Magistrate or Judge of a Criminal Court to examine or impound, if he does not think fit so to do any instrument coming before him in the course of any proceeding other than a proceeding under [Chapter IX or Part D of Chapter X of the Code of Criminal Procedure, 1973] ;
(b) in the case of a judge of a High Court, the duty of examining and impounding any instrument under this section may be delegated to such officer as the Court may appoint in this behalf.
(a) the State Government may determine what offices shall be deemed to be public offices; and
(b) the State Government may determine who shall be deemed to be persons in charge of public offices.
[(a) any such instrument shall, subject to all just exceptions, be admitted in evidence on payment of, -
(i) the duty with which the same is chargeable, or in the case of an instrument insufficiently stamped, the amount required to make up such duty, and
[(ii) a penalty at the rate of 2 per cent of the deficient portion of the stamp duty for every month or part thereof, from the date of execution of such instrument:]
(b) where a contract or agreement of any kind is effected by correspondence consisting of two or more letters and any one of the letters bears the proper stamp; the contract or agreement shall be deemed to be duly stamped;
(c) nothing herein contained shall prevent the admission of any instrument in evidence in any proceeding in a Criminal Court, other than a proceeding [under Chapter IX or Part D of Chapter X of the Code of Criminal Procedure, 1973;]
(d) nothing herein contained shall prevent the admission of any instrument in any Court when such instrument has been executed by or on behalf of the Government or where it bears the certificate of the Collector as provided by section 32 or any other provision of this Act;
[(e) nothing herein contained shall prevent the admission of a copy of any instrument or of an oral admission of the contents of any instrument, if the stamp duty or a deficient portion of the stamp duty and penalty as specified in clause (a) is paid.]
(a) if he is of opinion that such instrument is duly stamped or is not chargeable with duty, he shall certify by endorsement thereon that it is duly -stamped, or that it is not so chargeable, as the case may be;
(b) if he is of opinion that such instrument is chargeable with duty and is not duly stamped he shall require the payment of the proper duty or the amount required to make up the same, together with a penalty of [an amount equal to [2 per cent of the deficient portion of the stamp duty, for every month or part thereof] from the date of execution of the instrument subject to the payment of a minimum penalty of rupees one hundred] :
(a) no instrument which has been admitted in evidence upon payment of duty and a penalty under section 34, shall be so delivered before the expiration of one month from the date of such impounding, or if the Collector has certified that its further detention is necessary and has not cancelled such certificate;
(b) nothing in this section shall affect the provisions of rule 9 of Order XIII in Schedule I of the Code of Civil Procedure, 1908.
(a) the Chief Controlling Revenue Authority shall have and exercise all the powers and perform all the duties of the Commissioner under the Maharashtra Land Revenue Code, 1966;
(b) the officer appointed as the Collector under clause (f) of section 2 shall have and exercise all the powers and perform all the duties of the Collector under the said Code.
Allowances for Stamps in Certain Cases
(a) the stamp on any paper inadvertently and undesignedly spoiled, obliterated or by error in writing or any other means rendered unfit for the purpose intended before any instrument written thereon is executed by any person;
(b) the stamp on any document which is written out wholly or in part, but which is not signed or executed by any party thereto;
(c) the stamp used for an instrument executed by any party thereto which-
(1) has been afterwards found [by the party] to be absolutely void in law from the beginning;
[(1A) has been afterwards found by the Court, to be absolutely void from the beginning under section 31 of the Specific Relief Act, 1963;]
(2) has been afterwards found unfit, by reason of any error or mistake therein, for the purpose originally intended;
(3) by reason of the death of any person by whom it is necessary that it should be executed, without having executed the same, or of the refusal of any such person to execute the same, cannot be completed so as to effect the intended transaction in the form proposed;
(4) for want of the execution thereof by some material party, and his inability or refusal to sign the same, is in fact incomplete and insufficient for the purpose for which it was intended;
(5) by reason of the refusal of any person to act under the same, or to advance any money intended to be thereby secured, or by the refusal or non-acceptance of any office thereby granted, totally fails of the intended purpose;
(6) becomes useless in consequence of the transaction intended to be thereby effected by some other instrument between the same parties and bearing a stamp of not less value;
(7) is deficient in value and the transaction intended to be thereby effected had been effected by some other instrument between the same parties and bearing a stamp of not less value;
(8) is inadvertently and undesignedly spoiled, and in lieu whereof another instrument made between the same parties and for the same purpose is executed and duly stamped:
(1) in the cases mentioned in clause (c) (5), within [six months] of the date of the instruments:
[(2) in the case when for unavoidable circumstances any instrument for which another instrument has been substituted cannot be given up to be cancelled, the application may be made within six months after the date of execution of the substituted instrument.
(3) in any other case, within [six months] from the date of purchase of stamp.]
(a) the same value in money, deducting [therefrom such amount as may be prescribed by rules made in this behalf by the State Government] ; or
(b) if the applicant so requires, other stamps of the same description and value; or
(c) if the applicant so requires, stamps of any other description of the same amount in value:
(a) that such stamp or stamps were purchased by such person with a bona fide intention to use them; and
(b) that he has paid the full price thereof; and
(c) that they were so purchased within the period of [six months] next preceding the date on which they were so delivered:
(a) the Additional Controller of stamps for the cases handled by the Collectors working in the Mumbai City District and Mumbai Suburban District; and
(b) the concerned Deputy Inspector General of Registration and Deputy Controller of Stamps of the division for the cases handled by the Collectors other than those mentioned in clause (a).
(a) Any stamps which have been purchased but have not been used or in respect of which no allowance has been claimed on or before the day immediately preceding the date of commencement of the Bombay Stamp (Amendment) Act, 1989 (hereinafter referred to as "the commencement and the period of six months from the date of purchase of such stamps has not elapsed before the commencement date, may be used before a period of six months from the date of purchase of such stamps is completed, or delivered for claiming the allowance under the relevant provision of this Act; and any stamps not so used or so delivered within the period aforesaid shall be rendered invalid.
(b) Any stamps which have been purchased on or after the commencement date but have not been used, or no allowance has been claimed in respect thereof, within a period of six months from the date of purchase thereof, shall be rendered invalid.]
[Reference, Revision and Appeal]
(a) referred to it under sub-section (2) of section 53;
(b) on an application made to it by the party interested, within the period, which in the opinion of the Authority is reasonable, raising a substantial question of law for referring the same; or
(c) otherwise coming to its notice;
(a) where the instrument has already been impounded or a penalty is levied in respect thereof under clause (a) of the proviso to section 34; or
(b) in the case to which section 35 applies.]
(i) the party or person concerned to make the payment of the proper duty or the amount required to make up the same, together with a penalty under section 34, or payment of a higher duty and penalty than those paid, to itself or to the Collector; and
(ii) any person in whose possession or power such instrument then is, to produce the same, and may impound the same when produced.]
(a) no such prosecution shall be instituted where the amount including duty and penalty, which, according to the determination of such Court, was payable in respect of the instrument under section 34, [is paid to the Court or the Collector; unless the Collector thinks] that the offence was committed with an intention of evading payment of the proper duty;
(b) except for the purposes of such prosecution no declaration made under this section shall affect the validity of any order admitting any instrument in evidence or of any certificate granted under section 41.
Offences and Procedure
(a) executes any instrument in which all the facts and circumstances required by section 28 to be set forth in such instrument are not fully and truly set forth; or
(b) being employed or concerned in or about the preparation of any instrument, neglects or omits fully and truly to set forth therein all such facts and circumstances; or
(c) [makes, any false statement or does any other act] calculated to deprive the Government of any duty or penalty under this Act,
[(b) any person not so appointed, who carries on business of dealing in stamps other than adhesive stamps of twenty paise or of lesser value.]
(a) the supply, sale and use of stamps and stamped papers;
(b) the persons by whom alone such sale is to be conducted; [*]
(c) the duties and remuneration of such persons; [*]
[(ca) the manner of payment of stamp duty, and refund thereof, by e-payment;]
[(d) the manner of ascertaining the true market value of immovable property:]
[(e) the procedure for suo motu revision proceedings; and
(f) the amount to be deducted from the allowance of stamps under section 47, 50, 51 or 52:]
(a) all or any of the powers conferred on it by sections 2(f), 33 (3) (b), [64 and 69] to the Chief Controlling Revenue Authority; and
(b) all or any of the powers conferred on the Chief Controlling Revenue Authority by sections 44, 53(1) and 64(2) to such Subordinate Revenue Authority as may be specified in the notification.
(i) any right, title, obligation or liability already acquired, accrued or incurred or anything done or suffered.
(ii) any legal proceeding or remedy in respect of any such right, title, obligation or liability;
( See section 3)
( See section 76)
Revenue and Forests Department Mantralaya, Mumbai 400 032
1. Security repayment of money advance or to advanced by way of loan up to Rupees 5,00,000 the duty chargeable shall be Rs. 100 for every Rupees 1,00,000 or part thereof.
2. For securing repayment of money advanced or to be advanced by way loan of more than Rupees 5,00,000 in that case duty chargeable will be of Rupees 500 plus Rupees 250 for every Rupees 1,00,000 or part thereof on the amount in excess of Rupees 5,00,000.
3. Under this sub-clause a new concept is introduced as covered under the present article by which documents executed for securing repayment of money advanced or to be advanced by way of loan or an existing or future debt for export of goods to foreign country shall be chargeable at the rate Rupees 100 for every Rupees 1,00,000 or part thereof.
4. Under this clause same amount of duty is payable under entries 1, 2, 3 above less the amount of duty paid on earlier instrument of like nature securing repayment of money advanced or to be advanced by way of loans or an existing future debt or any higher amount than secured by earlier instrument or like nature.
Instrument of Conveyance of land required for setting up of industry for raising capital for Mega Projects in Marathwada and Vidarbha Regions
Reduction of Penalty chargeable under section 39(1)(b) of the Bombay Stamp Act
Appointments of the Officers
Revenue and Forests Department
Mantralaya, Mumbai 400 032, dated 12th February, 1999
[M.G.G., Extraordinary No. 17, Part IV-B, at Page No. 38 & 39, dated 12th February 1999]
Instruments executed by the Information and Technology Unit
Remission of the Stamp Duty Charges under "Information Technology Unit" w.e.f. 15-8-1998.
Notification of the Registration Act, 1908 "Information Technology Unit"
A - Exemptions under the Bombay Stamp Act, 1958
(a) a local authority as defined in the Bombay General Clauses Act, 1904 (Bombay I of 1904), or
(b) any educational institution recognised by the State Government and which is not maintained exclusively for the benefit of any class, sect, or community, other than the Scheduled Castes, or Scheduled Tribes, or any society or educationally backward class of citizens declared to be so by the State Government.
(2) Deeds of Settlements,
(3) Trust Deeds.
(a) Bonds executed or to be executed by students or their guardians (each execution of the Bond being a condition of admission of the students to the Government Medical Colleges in the State) undertaking that the students will serve the Government or any local authority on the completion of the M.B.B.S., course; and
(b) Surety Bonds executed or to be executed by sureties of the students aforesaid."
(a) Bonds executed or to be executed by students or their guardian (such execution of bond being a condition for admission of the students to the Degree or Diploma Course in Engineering Colleges, Polytechnics and other Technical Institutes in the State of Maharashtra) undertaking that the Students will serve the Government or any local authority as may be directed by Government on passing the final degree or diploma examination in engineering.
(b) Surety bonds executed or to be executed by sureties of the students aforesaid."
(i) conveyance executed by the City and Industrial Development Corporation of Maharashtra Limited, Bombay, on sale of flats constructed by the Corporation in the area designated by Government Notification, Urban Development, Public Health and Housing Department, No. RPB. 1171/18124-I-W, dated the 20th March, 1971 as the site for the proposed new town, known by the name of "New Bombay" ; and
(ii) mortgage deeds executed by the purchasers for securing repayment of loans obtained by them for purchasing the said flats.
Names of Financial Agencies
(1) Small farmers, marginal farmers, landless labourers or any agriculturists whose liabilities for land revenue are not more than Rs. 7.50 per annum;
(2) Persons given loans under the Government of India's Differential Rate of Interest Scheme;
(3) Persons given loans upto Rs. Ten Thousand only for starting ancillary agricultural operation such as dairy, poultry, piggery and such other occupation;
(4) Educated unemployed persons whose family income does not exceed the financial limit per annum as laid down by Government under the Employment Promotion Programme;
(5) Beneficiaries from the families living below the poverty line, under the Integrated Rural Development Programme for subsidy given by the State Government or for securing repayment of loan given for the purposes under the said programme by the Banks.
(a) The "Bank" includes all the Public Sector Banks, Regional Rural Banks, All District Co-operative Banks, Land Development Banks and Private Scheduled Banks implementing the programme, viz. Integrated Rural Development Programme, Training of Rural Youth in Self Employment (TRYSEM-20 Point Programme), Big Gas Programme, Educated Unemployed Youths and Differential Rate of Interest Schemes and extending loans to small and marginal farmers.
(b) "small farmer" means a cultivator who holds not more than five acres of land in the aggregate and does not hold more than 2.5 acres of land of the class referred to in sub-clause (a) of clause (5) of section 2 of the Maharashtra Agricultural Lands (Ceiling on Holdings) Act, 1961 (Maharashtra XXVII of 1961) (hereinafter referred to as "the Ceiling Act");
(c) "marginal farmer" means a cultivator who holds not more than 2.5 acres of land in the aggregate and does not hold more than 1.25 acres of land of the class referred to in sub-clause (a) of clause (5) of section 2 of the "Ceiling Act."
B - General Exemptions
(i) the duties chargeable under the said Act, in respect of all instruments other than bills of exchange, cheques, promissory notes, bill of lading, letters of credit, policies of insurance, proxies and receipts executed by the Bombay Housing Board established under the Bombay Housing Board Act, 1948 (Bombay LXIX of 1948), and
(ii) any other stamp duties chargeable to the said Board under the said Act and not falling within entry 96 in List I in the Seventh Schedule to the Constitution of India where but for this remission, such board would be liable to pay such duty under the Act."
(a) bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfers of shares, debentures, proxies and receipts throughout India;
(b) all other instruments in the Union Territories of Delhi and Andaman and Nicobar Islands - executed by or on behalf of any society for the time being registered or deemed to be registered under any law relating to Co-operative Societies for the time being in force, or executed by any officer or member of any such society and relating to the business of the society.
(1) Government Order, Revenue Department No. 1589-45, dated the 11th August 1949.
(2) Government Order, Revenue Department No. 9034-49, dated the 11th April 1951.
(3) Government Order, Revenue Department No. STP. 1357-N, dated the 1st July 1957, relating to the lease of a bungalow situate in Greater Bombay and known as "Rajpipla House" by the Maharani of Rajpipla to the Embassy of the Union of Soviet Socialist Republic in India."
(1) Notification No. STP. 1354-L, dated the 9th April 1956 issued by the Revenue Department of the Government of Bombay.
(2) Order No. STP. EXEMPT-31-10, dated the 2nd March 1956, issued by the Finance Department of the ex-Government of Saurashtra.
(3) Order No. 6, dated the 28th January 1956, issued by the Ministry of Finance (Revenue Division) of the Government of India."
(ii) Lease granted under rule 56 of the Rules published by Government of Bombay under the Bombay Land Revenue Code, 1879 (Bombay V of 1879).
C - Other Notifications
(i) the cities and towns (being cities and towns having a population of more than 2 lakhs), mentioned in Part I of the Schedule hereto (hereinafter referred to as "the said Schedule") for the purpose of sub-clause (ii) of clause (b) of Article No. 25 aforesaid; and
(ii) the cities and towns (being the cities and towns having a population of 50,000 and above but not more than 2 lakhs) mentioned in Part II of the said Schedule, for the purpose of the sub-clause (iii) of clause (5) of Article No. 25 aforesaid :
(a) the expression "Bank" includes public sector banks, housing finance companies, co-operative banks and scheduled banks involved in the business of housing finance;
(b) the expression "Housing loan" means loan or advance given for purchase, repairs or building or a house, or for construction of a housing scheme, or for purchase of land for residential purpose.
"(a) If the amount of value of the consideration or of the property to which such instrument relates, is wholly expressed therein :-
"(i) In the said Order, for the words "amalgamation of companies" the words "amalgamation or reconstruction of companies" shall be substituted.
(ii) This concession would be valid till 3rd June 2003."
* See Corrigendum dated 2nd January, 2006.
Schedule I, Entry (D), Para (1), Article 36A and Clause (a)(i) of the Bombay Stamp Act (40 of 1958)
Reduction in stamp duty on the Instrument of Leave and Licence Agreement.
Order dated 8.2.2006
Corrigendum : Reduction of stamp duty : Instruments of record of transactions : Purchase/Sale of Securities : Non-delivery of instruments of record of transactions of securities.
* Substituted by corrigendum of dated 27-9-2006 (M.G.G. IV-B. Ext. page 1420).
"(11) Airstrips and related activities, (12) Railway and related activities, (13) Container Depots, (14) Warehouse, (15) Service Industries, (16) Tourism related activities, (17) Health City, (18) Malls".
Mantralaya, Mumbai 400 032
Notification under section 9(a) of the Bombay Stamp Act, 1958, dated the 29th September, 2007
Notification - Additional Officers for Amnesty Scheme
(1) Stockholding Corporation of India Limited, Bombay.
(2) Hongkong and Shanghai Banking Corporation, Bombay.
(3) Citi Bank, Bombay.
(4) Standard Chartered Bank, Bombay.
(5) Industrial Investment Trust Corporate Services Limited, Bombay.
(a) The Custodians shall calculate the stamp duty as applicable for each transfer deed and pay the aggregate stamp duty by a Bankers" cheque drawn in favour of the Superintendent of Stamps, Bombay.
(b) Each Banker" cheque shall be accompanied by a covering letter from the custodian and a schedule giving details of the name of the Company, the number of shares purchased, folio/distinctive numbers of shares and the total consideration thereof on the basis of which stamp duty has been computed together with a copy of the relevant contract note for the transaction.
(c) The custodian shall also certify at the appropriate place on the share transfer form prescribed for the transactions of Foreign Institution Investors registered with Securities and Exchange Board of India, public financial institutions defined under section 4-A of the Companies Act, 1956 and Mutual Funds (domestic and off-shore) that the requisite stamp duty has been duly paid quoting receipt number in respect of the payment and circular number in this respect to be issued by the Office of the Superintendent of Stamps, Bombay, for each Bankers' cheque.
(d) The custodian shall maintain appropriate records for payment of stamp duty which shall be made available for inspection by the Superintendent of Stamps, Bombay, from time to time on such occasion as he may desire.
Latest & Important Notification of the Registration Act, 1908
"Note-48. - No registration fees shall be payable in respect of registration of any Deed of Conveyance, Lease or Mortgaged by any person if such instrument is executed during the period commencing on the 1st April, 2000 and ending on the 31st March 2001 (both days inclusive) for starting a New Industry in the districts of Nagpur, Wardha, Bhandara, Gadchiroli, Gondia, Chandrapur, Amravati, Yeotmal, Akola, Washim and Buldhana.
"IIIA. For the registration of a document of agreement of leave and licence, if such document is relating to the property situated,-
1. Any instrument relating to,-
(i) conveyance of the properties belonging to the Government or local bodies, such as Mumbai Metropolitan Regional Development Authority, all the Municipal Corporations, Municipal Councils, Zilla Parishads, Panchayat Samitis, Village Panchayats and Cantonment Boards;
(ii) conveyance of the properties belonging to any religious institutions including temples, muths or specific endowments managed by, or assigned to, the Hereditary Trustees or Non-Hereditary Trustees appointed to any religious institutions under a Scheme settled or deemed to have been settled under the provisions of the Bombay Public Trusts Act, 1950 (Bombay XXIV of 1950);
(iii) conveyance of the properties belonging to the Bhoodan Yagna Board established under the Madhya Pradesh Bhoodan Yagna Act, 1953; or
(iv) conveyance of the properties belonging to the Maharashtra Wakf Board, established under the Wakf Act, 1995;
2. Any instruments including conveyance by which the transfer of lands is effected or the lands are converted as house sites, without the approved layouts, or N. A. Permission unless "No Objection Certificate" issued by the concerned Municipal Corporation, Municipal Council Collector or appropriate Revenue Authority, Cantonment Board or, as the case may be, the Mumbai Metropolitan Regional Development Authority is produced before the Registering Officer;
3. Instruments for cancellation of sale deeds without the express consent of the previous parties to the documents.
Notification of the Registration Act, 1908, dated 31st December, 2002 w.e.f. 1st January 2003
(a) for entry at serial number 12, the following entry shall be substituted, namely:
(a) against the entry in Column (3) relating to Daund sub-district, in the entry relating to village from the revenue taluka of Daund, in column (4), after the serial number "(38) Daund City," the following serial numbers shall be inserted:-
"(39) Wasunde, (40) Alegaon, (41) Hinganigada, (42) Wadgaon Darekar, (43) Kalewadi,"
(b) against the entry in column (3) relating to Kedgaon Sub-District, in the entry relating to villages from the revenue taluka of Daund, in column (4), the serial number (38) relating to the village "Wadgaon Darekar" shall be deleted.
Temporarily stayed as per this order
Order No. RGN. 2008/C.R. 403/M-1 dated the 16th February 2009
(a) in clause (3A), after the words "Power of Attorney given for consideration" the words "or without consideration" shall be inserted;
(b) in clause (4), in sub-clause (a), the words and figures "subject to the maximum fee of Rs. 30,000" shall be deleted;
(c) after Note 9, the following Note shall be inserted, namely :-
Notification No. EST. 2008/1299/C.R. 194/M-1 dated the 27th February 2009.
Order No. RGN. 20091C.R. 56/M-1 dated the 1st March 2009
Notification No. EST. 2009/C.R. 268/M-1 dated 1st August 2009
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A Concise Guide to the Maharashtra Stamp Duty Act
Are you planning to buy property in Maharashtra? If your answer is yes, you need to be aware of a few taxation aspects that can make the process smooth and hassle-free. Buying property is not the same as renting one. Taking up a house for rent in Mumbai or any other place in Maharashtra does not require you to pay any tax. However, you need to do so when owning property. This is where the Maharashtra Stamp Act comes into the picture.
What Is the Maharashtra Stamp Duty Act?
When you buy property in Maharashtra, you need to get the transaction stamped or legalized by paying a certain amount of tax. You have to pay this tax to the state government, and it’s called the stamp duty.
The Maharashtra Stamp Act specifies the assets and resources on which you have to pay stamp duty to the state government. The Act also determines the amount that property owners are liable to pay as tax to the authorities.
How Is Stamp Duty Payable?
You can pay stamp duty using various means in Maharashtra, such as the ones mentioned below:
Stamp paper is a convenient way of paying stamp duty in Maharashtra. It is an often-foolscap piece of paper with a revenue stamp pre-printed on it.
As a property buyer, you have to purchase the non-judicial stamp paper from a government-authorized vendor. You need to type or write your property transaction details on the stamp paper.
Adhesive stamps are postage stamps that feature pressure-sensitive adhesive. You don’t need to moisten them to fix them on any paper. This is an alternative to stamp paper when paying the stamp duty.
eSBTR or Electronic Secure Bank and Treasury Receipt is a system through which you fill up an application and make payment via the authorized participating bank. The bank uploads the details to the Government Virtual Treasury database and issues you an eSBTR. This eSBTR serves as proof of payment for the stamp duty.
Franking is the process of stamping your property documents to indicate that you have paid the stamp duty and the documents are legal. A franking machine is used to do this.
Stamp Duty Rates in Maharashtra
The stamp duty rates in Maharashtra depend on several factors, such as:
- Type of Property : Stamp duty on a commercial property is more than that on a residential property
- Location of Property : Stamp duty of properties located in rural or semi-urban areas is less than those located in posh areas of large cities.
- Market Value : Stamp duty calculation takes into account the current market value of the property.
In March 2021, the Maharashtra state government declared a rebate of 1% in stamp duty if a property is transferred to only a woman’s name.
This decision will help women buy an affordable house in Pune , Mumbai, Nagpur, or any other place in Maharashtra in her name. However, joint property owners (male and female) will not get this rebate benefit.
The stamp duty rates for various places in Maharashtra are as follows:
- Mumbai : 5% for males and 4% for females (includes 1% metro cess for both cases)
- Pune** : 6% for males and 5% for females
- Thane** : 6% for males and 5% for females
- Navi Mumbai** : 6% for males and 5% for females
- Pimpri Chinchwad** : 6% for males and 5% for females
- Nagpur** : 6% for males and 5% for females
** includes stamp duty and local body tax for both cases
Stamp Duty on Indemnity Bond in Maharashtra
As per the Maharashtra Stamp Act, the stamp duty on indemnity bonds in Maharashtra is Rs.500. This stamp duty is payable online.
Agreement in Maharashtra
The stamp duty on Guarantee Agreement in Maharashtra is as follows:
- When the loan amount is less than ten lakhs rupees, the stamp duty is 0.1% of the amount specified in the deed, with a minimum of Rs.100.
- When the loan amount is more than ten lakhs rupees, the stamp duty is 0.2% of the amount specified in the deed.
Maharashtra Stamp Duty Impact on Property Registration
The Maharashtra state government had reduced the stamp duty on properties in April 2020. This rebate was provided for the next two years. It was applicable for areas under the Mumbai Metropolitan Region Development Authority (MMRDA) and municipal corporations of Nagpur, Pimpri-Chinchwad, and Pune.
However, the state government withdrew the rebate and restored the stamp duty to 5% from 1st April 2021. As a result, the state witnessed a dip of 50% in property registrations in April 2021.
Before the rebate was rolled back, Maharashtra witnessed a record-breaking 2.13 lakh property registrations across the state, except Mumbai, in March 2021. This figure fell to 90,500 registrations in April 2021. Mumbai also witnessed a boost in property registrations during the rebate period.
This is a clear indication of the huge impact of Maharashtra stamp duty on property registrations.
Recent Judgments on Maharashtra Stamp Duty
In a recent judgment, the Bombay High Court has stated that the Maharashtra state government must refund excess stamp duty within a month from the date on which it receives an application for the same.
If they fail to do so, the government will have to pay interest at 12% per annum. This came as a welcome decision for the property owners of Maharashtra.
The Maharashtra Stamp Duty Act has been witness to various amendments over time. It may seem overwhelming to deal with such legal intricacies when buying a property. However, this guide has simplified everything you need to know about stamp duty.
After all, such legal and tax obligations must not stop you from owning property!
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Maharashtra Stamp Act: An Overview On Stamp Duty And Registration Charges
Prahalad singh, maharashtra stamp act introduction.
In India, the Indian Stamp Act, 1899 (ISA) is a central legislation, while states have their own local stamp act to administer with issues rising within that particular state. The Bombay Stamp Act, 1958 which came into force on 16 February 1969 (BSA), is a law for stamp duty within the state of Maharashtra. The Constitution of India permits both the Parliament and the State Legislature to make provisions and legislation for stamp duty within its limits. Accordingly, certain documents specified in the ISA are included. Under the BSA, an instrument is defined to include every document by which any right or obligation is, or is made, transferred, limited, extended, extinguished or recorded while a bill of exchange, checks, promissory notes, etc. is not included. These documents are excluded, as governed under the aforesaid ISA.
What is Maharashtra Stamp Act?
In Maharashtra, stamp papers could be purchased before 1 May 1994 in the names of advocates or by any other name. However, the stamp paper is to be purchased in the name of one of the parties thereafter. In addition, the validity of the stamp paper is restricted for a period of 6 months and if stamp paper is used thereafter, it is assumed that the document is executed on ordinary paper without a stamp.
If an instrument falls into Schedule I of the Bombay Stamp Act (BSA) with several duties rates, the instrument is chargeable with the highest of the prescribed fees. Apart from this, the BSA also prescribes a methodology for adjournment (proper assessment), the refund of duties, grievance procedures and defects, etc. The Collector is usually authorized or vested with the power to authorize. If a document is not stamped or appropriately stamped, it is likely to be affixed.
The Act was recently amended and amendments include revision of stamp duty on gift deeds, e-payment of stamp duty, amendment of penalty sections, and increase in stamp duty under certain instrument clauses.
What Is Stamp Duty?
Stamp duty is a type of tax, such as sales/income tax, etc. and its basic purpose is to raise revenue for the government. Thus, like any other tax, the stamp duty will have to be paid to the government in full and on time, with a delay with penalties. In general, stamp duty is levied on an instrument (and not on a transaction); stamp duty is payable on the property (whether immovable/movable or tangible/intangible) either on a fixed basis or on the basis of the consideration mentioned in the instrument as the case may be. In the case of immovable property, there is an additional theory of valuation of the property, which is also taken into account while deciding the stamp duty payable.
How Is Stamp Duty Calculated?
The stamp duty is calculated based on the ready reckoner rates and the property value mentioned in the buyer-seller agreement. In Maharashtra, stamp duty on the property varies by location. For example, 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 And Registration Charges In Maharashtra
The stamp duty rates on property depend on several measures in the state of Maharashtra. This includes whether the property is located in urban or rural areas, the total cost of the transaction, etc. Recently, the Maharashtra government has reduced the stamp duty on properties for the next two years in areas falling under the Mumbai Metropolitan Region Development Authority. (MMRDA) and the municipal corporations of Pune, Pimpri-Chinchwad, and Nagpur.
This means that stamp duty on properties in Mumbai, Pune, and Nagpur, will be charged at 5% (4% stamp duty + 1% metro cess).
Moreover, according to Article 34 of the Maharashtra Stamp Act, which was revised in 2017, stamp duty on gift deeds is 3% of the property’s value. However, if the property in consideration is a residential or agricultural property and is gifted (without any payment) to family members, then, the stamp duty is Rs 200.
Factors that Determine Your Fee on Stamp Duty & Registration
Stamp duty and registration charges are imposed by the state governments on homebuyers. These apply to both freehold and leasehold land (agricultural and non-agricultural) as well as other types of properties such as homes, flats, or commercial properties. There are certain factors that determine how much stamp duty is in Mumbai and registration will be payable:
- Type of property
The fees on residential will be comparatively less than a commercial property.
- The type of location
Properties in rural areas, as well as semi-urban areas, have to pay significantly less than in posh areas.
- Market Value
The market value of the property and the area of the property are taken into account for the calculation of stamp duty charges.
How To Pay Stamp Duty & Registration Charges Online In Mumbai?
In Mumbai, you can go for payment of these charges through both online and offline mediums. The Government of Maharashtra has a dedicated portal ‘Government Receipt Accounting System’ (GRAS) in which you are required to enter all the necessary details about the property and its documents and make payments accordingly. Homebuyers must follow a few easy steps to pay the stamp duty and registration charges in Mumbai on the purchase of the property.
Step 1: Visit the Maharashtra Stamp Duty Online Payment Portal.
Step 2: If you are not registered with the portal, click ‘Pay without registration’. If you are a registered user, please fill in the login details.
Step 3: If you have selected the option ‘Without Pay Without Registration’, you will be directed to another page, where you will have to select ‘select citizen’ and select the type of transaction you want to do.
Step 4: Select ‘Pay to register your document’. Now, you can choose to pay stamp duty and registration fee together or only stamp duty or registration fee only.
Step 5: Fill in the required details such as District, Sub-Registrar office, Payment details, Party details, Property details, and Property value details.
Step 6: Select the payment option and once completed, generate the challan, which will have to be submitted at the time of execution of the deed.
If you are doubtful or stuck at any step or you want to recreate your invoice, you can leave a mail at [email protected]
Modes of Payment of Stamp Duty in Maharashtra
There are 4 modes of payment of Stamp Duty in Maharashtra:
- Non-judicial Stamp Papers – This is the traditional but cumbersome and time-consuming mode of stamping, and forces one to obtain physical stamp paper by engaging with licensed vendors. The instrument to be executed is printed on such stamp paper. This option is not practicable in cases where stamp duty of larger denominations is required to be paid.
- Franking a document – The process of franking a document requires submitting an application with an authorized bank or franking agency to pay stamp duty and stamp (using the vending machine) by the authorized bank or franking agency on the document denotes value. Franklin can only be done before the execution of the document and the maximum stamp duty cap is Rs. 5000 / document.
- e-SBTR/Electronic Secured Bank Treasury Receipt – E-SBTR is an online payment service for payment of stamp duty through an electronic payment gateway. For this one has to fill the filling ‘input form’ at the branch office with any bank providing e-SBTR facility and pay the required amount of stamp duty. The bank then records these details in the Government Virtual Treasury and creates an e-SBTR on the special government pre-printed secure stationery which serves as proof of payment of stamp duty. Since the e-SBTR is issued on a special government stamp, it is necessary to physically collect an e-SBTR from the respective branch of the bank upon the presentation of the confirmation of online payment for the print of input form and stamp duty.
- GRAS/Government Receipt Accounting System – Like e-SBTR GRAS, there is an online payment of stamp duty through an electronic payment system. However, under an e-SBTR mechanism, there is no need to physically go to the respective branch of the banks as recognition of e-challan generated online under GRAS as an accepted method of payment in sub-registrar offices and other offices of the department. Although a completely online process, GRAS has the limitation that it can only be used for compulsory registrable documents (under Section 17 of the Registration Act, 1908), including, inter alia, the right, title, and interest to or in immovable property. In financing transactions, therefore, this mode of payment will only be available for documents such as mortgages and cannot be used to pay stamp duty on other important but non-mandatory mandatory documents such as loan agreements, security and guarantee documents.
Recent Clarification on Stamp Duty in Maharashtra
Providing some relief to the Office of Inspector General of Registration and Controller General of Maharashtra through a circular dated 27th April 2020 and notified certain relaxations in relation to (a) Some exemptions have been notified in respect of filing of information (in the matter of financing, transactions required for the creation of mortgages on immovable property, through title deeds or deposits of similar mortgages):): and (b) Payment of stamp duty on non-compulsory registrable financing documents executed during the nationwide lockout period. The fee/exemption offered under the circular is summarized in the table below.
Stamp Duty News
- On 6 March 2020, the Maha Vikas Aghadi (MVA) government in its landmark decision announced a 1% stamp duty concession and other related charges applicable to the registration of documents in areas falling under the Mumbai Metropolitan Region Development Authority (MMRDA) and Municipal Corporations of Pune, Pimpri-Chinchwad, and Nagpur by 2022.
- On 31st March 2020, the Central Government has extended the applicability of stamp duty by 3 months. The provisions of the amended Indian Stamp Act, which were to come into force from 1 April 2020, will now come into force from 1 July 2020.
- On 11th May 2020, the Maharashtra government has lost Rs 3885 crore in stamp duty in 40 days of lockdown. The state government has earned only Rs 15 crore through stamp duty and registration in the last 40 days – a steep fall in comparison to the Rs 4000 crore it usually generates in such a period.
- On 28th May 2020, the Maharashtra Government has announced 1% concession of stamp duty.
Data Source: Google, Image source: https://gras.mahakosh.gov.in/
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Maharashtra to implement Stamp Duty Abhay Yojana (amnesty scheme) 2023
Under the scheme, the government will provide an exemption on stamp duty and penalty for registration of deeds executed between 1980 and 2020..
In a move aimed at enhancing revenue, the Maharashtra cabinet on Wednesday has decided to implement the Stamp Duty Abhay Yojana (amnesty scheme) 2023. Under the scheme, the government will provide an exemption on stamp duty and penalty for registration of deeds executed between 1980 and 2020.
The amnesty scheme will be implemented in two phases from December 1–2023 to January 31–2024 and from February 1–2024 to March 31–2024.
“In respect of deeds executed between January 1–1980 and December 31-2020, but not filed or registered, the entire stamp duty and penalty payable to the revenue department will be exempted under the Abhay Scheme,” the statement issued by the government said.
During the meeting a decision was also taken to allot 203 hectares of Agricultural Corporation Land in Ahmednagar district of the state for a new industrial estate.
The official said that the Revenue Minister, Industries Minister and the Chief Secretary will decide on whether the land should be transferred to Maharashtra Industrial Development Corporation (MIDC) free of charge, or the entire transfer amount should be charged.
“The Industries Department will take action as per rules regarding granting the status of Group D Plus Industrial Area to this industrial area,” an official said.
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Home » Property Trends » Stamp duty and registration charges in Maharashtra in 2023
Stamp duty and registration charges in Maharashtra in 2023
What is stamp duty and registration charges on property?
For every property transaction, a buyer has to pay a certain amount of tax to the state government known as stamp duty and registration charges. Stamp duty and registration charges in Maharashtra 2023 are charged under the Maharashtra Stamp Act. It specifies assets and instruments details the amount of stamp duty in Mumbai /stamp duty Maharashtra to be paid to the government.
Table of Contents
See also: All about stamp duty in MP
What is Maharashtra Stamp Act?
The Maharashtra Stamp Act also known as Bombay Stamp Act 1958 applies to all the instruments mentioned in Schedule 1, on which the stamp duty Maharashtra is payable to the state. Recent amendments in the Act include a revision of gift deed stamp duty Mumbai /gift deed stamp duty Mumbai, inclusion of e-payment of stamp duty Maharashtra, revision of penalty clauses and increment of stamp duty in Maharashtra under certain instrument clauses.
See also: Property registration online process and charges in India
Stamp duty Maharashtra: Factors on which it is based
- Age of the person: If the home buyer is a senior, there is a likelihood of him/her getting a reduction in stamp duty in Maharashtra when it comes to paying stamp duty and registration charge.
- Gender: To encourage women home buyers, sometimes there are options where stamp duty and registration charges in Maharashtra for female are very attractive.
- Age of the property: If a person invests in an old property, he may get a reduced stamp duty in Maharashtra. However, if the property is a new property, then, there are chances that the stamp duty in Maharashtra will be high.
- Type of property: According to stamp duty and registration charges in Maharashtra, a residential property commands lesser stamp duty in Pune and other parts of Maharashtra than a commercial property .
- Area of the property: The locality in which the property is located has an impact on the stamp duty.
- Market value of the property: The market value of a property determines the kind of stamp duty that will be attached to it. More the market value, the greater will be the stamp duty that the homebuyer will have to pay.
See also: All about Maharashtra rent agreement stamp duty and registration laws
Stamp duty and registration charges in Maharashtra in 2023
Know about: Dombivli east pin code
Stamp Duty in Maharashtra consists of the stamp duty and the additional taxes. Properties in urban areas that fall under Municipal Corporation or Municipal Council limits have to pay 1% of the property value as cess/local body tax or / transport surcharge. This is used for funding transport infrastructure projects including metros, bridges, flyovers, etc. in the cities of Maharashtra
Properties in rural areas which fall under Gram Panchayat and not under the jurisdiction of any Municipal Corporation or Municipal Council have to pay 1% of property consideration value as Zilla Parishad cess instead of cess/ surcharge.
Also, note that properties in areas falling under Nagpur Municipal Corporation (NMC) and Nagpur Improvement Trust (NIT) jurisdiction have to pay an additional surcharge of 0.5% over and above the 1% cess/surcharge that is payable.
Check out: Sale flat in Pune
Stamp duty of resale flat in Mumbai 2023
Pin code: Bandra pin code
Stamp duty in Navi Mumbai 2023
Check out Tamil Nadu stamp duty
Stamp duty 2023 in Maharashtra for redeveloped housing projects
Under section 4 (1) of the Maharashtra Stamps Act, a nominal stamp duty of Rs 100 will be charged for all Permanent Alternative Accommodation Agreements (PAAAs) of redevelopment projects. Note, if society members are getting additional carpet area free in their homes, they have to pay nominal stamp duty of Rs 100 as per section 4(1).
Stamp duty 2023 in Maharashtra on gift deed
See also: Everything about land survey maps online Maharashtra
According to Article 34 of the Maharashtra Stamp Act, which was amended in 2017, gift deed stamp duty Mumbai and other parts of Maharashtra is 3% of the property’s value. However, if the property in consideration is a residential or agricultural property and is gifted (without any payment) to family members, then the stamp duty on gift deed in blood relation in Maharashtra is Rs 200.
Stamp duty 2023 in Maharashtra on lease deed
In Maharashtra, all the lease agreements have to be registered. The leave and license agreements have to be stamped by a paying a stamp duty of 0.25% of the total rent.
Stamp duty 2023 in Maharashtra on Power of Attorney
The stamp duty on Power of Attorney (POA) document is based on the Maharashtra Stamp Act, 1958 and the Maharashtra Stamp (Determination of True Market Value of Property) Rules, 1995.
In Mumbai, the stamp duty to be paid for a POA document is 0.25% of the property’s market value. A property’s market value depends on the government guidelines that is established in that state.
Tax benefits for paying stamp duty in Maharashtra
Under section 80C of the Income Tax Act, one can avail income tax deductions for payments against stamp duty and registration charges and cess charges. However, note that the total IT deduction under Section 80C is not more than Rs 1.5 lakh.
Know about: Miraj pin code
Stamp duty and registration charges in Maharashtra 2023: Ready Reckoner rates
Stamp duty in Maharashtra is calculated using ready reckoner rates and the property value mentioned in the buyer-seller agreement. This holds true for other parts of Maharashtra too. For instance, stamp duty in Mumbai for a property located in the municipal limit of urban areas will be 5% of the market value, while a property located within the limits of any gram panchayat will attract 3% stamp duty in Mumbai of the market value.
Ready reckoner rate is very important to calculate Stamp duty and registration charges in Maharashtra 2022. It depends on:
Location: Mumbai is divided into 19 zones that are further classified into 221 sub zones.
Type of property: While commercial property has high ready reckoner rate, the residential property enjoy a lower ready reckoner rate. Again, ready reckoner rate value differs in a residential property too- it’s different for independent house or villa and a flat that are both located in the same area.
Property market value: Ready reckoner rate is based on the market value of the property. Any amenities that are present with the property further impact the ready reckoner rate.
The state had kept the ready reckoner rates unchanged for the financial year 2021-22 owing to the pandemic. There was a marginal increase of 1.74% in ready reckoner rates in the state in September 2020.
See also: All about land records Karnataka
Stamp duty calculator for Maharashtra
To know approximate stamp duty to be paid, you can use the stamp duty calculator under stamps section on the IGR Maharashtra website and you will be led to the next page.
See also: Everything about house registration process in Telangana
Choose from the options for which you need to calculate the stamp duty.
For instance, if you want to know stamp duty to be paid in Mumbai on sales deed, then click on sales deed and you will be led to the following page.
Click on municipal corporation, you will be led to
On clicking on Mumbai municipal corporation, you will reach
where you have to enter the consideration value and market value and click on submit and you will get the approximate stamp duty value to be paid.
If the Ready Reconer Rate for the flats in the Bandra is RS 85,000 per sqft, the minimum value of a 1,000 sqft flat in the Bandra will be around RS 8,50,00,000. As per Article 25(b)(a) of the Maharashtra Stamp Act, the total stamp duty including local taxes is Rs 42,50,000.
Property registration charges in Maharashtra
The property registration charges in Maharashtra are 1% of the total cost for the properties priced below Rs 30 lakh and capped at Rs 30,000 for properties priced above Rs 30 lakh.
Also read: Stamp duty on property registration in Gujarat
If an apartment in Maharashtra is being sold for Rs 60 lakh, the registration fee will be Rs 30,000 as the land value is above Rs 30 lakh. However, if the value of a property is Rs 20 lakh, the registration charges will be 1% of Rs20 lakh that is Rs 20,000.
Online payment of stamp duty in Maharashtra 2023
The Maharashtra Stamp Act has been amended to accept online payment, for stamp duty in Maharashtra payable on instruments executed in the state. Follow these steps, to pay your stamp duty in Maharashtra online:
Step 1: Visit the Maharashtra Stamp Duty online payment portal.
Step 2: Click ‘Pay Without Registration’ if you are not registered with the Maharashtra stamp duty portal. If you are a registered user, fill in the login details on the Maharashtra stamp duty portal.
Step 3: If you have selected the ‘Pay Without Registration’ option, you will be redirected to another page on the stamp duty in Maharashtra portal, where you have to choose ‘Citizen’ and select the type of transaction you want to do.
Step 4: Choose ‘Make Payment to Register your Document’. Now, you can opt for paying the stamp duty and registration charges together, or stamp duty only, or registration charges only.
See also: All about Vasai virar property tax
Step 5: Fill in the details as required such as district, sub-registrar’s office, payment details, party details, property details and property value details in the stamp duty and registration charge website.
Step 6: Choose the payment option for stamp duty and registration charges payment and proceed once done, generate the challan from the stamp duty and registration charge website, which has to be presented at the time of execution of the deed
If you are stuck at any step or you want to generate your challan again, you can drop a mail to [email protected]
Learn about: section 10 10d
What is challan?
A challan is a digital document that mentions the stamp duty that has been paid .You can search a challan on the Mahakosh portal.
How to search challan on Mahakosh portal?
While you can pay the stamp duty and registration charges in Maharashtra 2023 using the Mahakosh portal, you can also use it to search a challan online.
- Login to https://gras.mahakosh.gov.in/echallan/ and click on ‘Search Challan’ on the homepage.
- A new page will open where you have to enter department, district/ treasury, amount, bank, CIN, GRN, payment gateway captcha and click on search.
- Note that challans between April, 1 2008 to March 31, 2017 are archived. You can get the copy of challan by clicking on archived challan tab.
- Click on Search Challan for sales tax department if you want challan for the sales tax department.
- Enter details like department, MSTDLocation, Bank, Amount, GRN, CIN, Captcha and click on Search.
Know about: Penthouses in Pune
List of available banks for E-challan
Click on ‘All Major Banks, Debit Card, Credit Card are Accepted’ on the Mahakosh portal.
See also: All about Satara (Maharashtra)
Stamp duty refund in Maharashtra: Eligibility
- The stamp duty paper is not fit for use due to writing mistakes.
- The stamp paper is unsigned and complete or partial information is filled but is intended not to be used.
- The stamp paper is signed but the transaction is found to be illegal by the party as per Section 31 of Specific Relief Act.
- The court finds the transaction to be entirely illegal since the beginning (Void /ab/ initio) as per Section 31 of Specific Relief Act.
- The person whose signature is essential refuses to sign or has died before signing.
- Any party to the stamp paper document declines signing it.
- Any party to the stamp paper document does not comply with the terms and conditions.
- The value of the stamp for the document is insufficient and the transaction has been completed by using another stamp paper with the correct value.
- The stamp duty paper is spoiled and both parties have executed another stamp paper document for the same purpose.
See also: Importance of AP stamps and registration deed details
How to get stamp duty Maharashtra refund?
To initiate stamp duty Maharashtra refund, it is compulsory to enter information through the online system. Once the information is fed online and a token is allotted, you have to submit the application offline. Mentioned below is the procedure in detail.
See also: All about token money, GST and stamp duty refund when a property deal is cancelled
First you have to log on to the website of IGR Maharashtra and select online services. Here, you have to click on the stamp duty Maharashtra refund application link. Alternatively, you can go to https://appl2igr.maharashtra.gov.in/refund/
Here, click on the check box on understanding the terms and conditions and click on New Entry. Enter mobile number, OTP and captcha.
Then, you will get the stamp duty Maharashtra refund token number. Now create password, confirm password, enter captcha and press ‘Submit’.
For a stamp duty Maharashtra refund, firstly one has to enter all their personal details, their bank account number and the reason for the refund. One has to enter all information about the document like if it is executed or not, registered or not etc. in the particulars of the document.
If the document is registered, and you want a stamp duty refund in Maharashtra , you have to enter the document number, date and SRO details. Likewise, cancellation deed if registered, then registration number and SRO details should be entered.
Next you have to enter particulars of the stamp including the type- whether it is e-payment, e-SBTR or franking, name of the stamp vendor along with his address, name and details of purchaser of stamp, value of stamp etc. On entering all stamp related details, an ‘Image Code’ in red will appear. You will have to mention that code in the blank frame and press on the ‘register’ button. Post this, your stamp duty in Mumbai/ stamp duty Maharashtra refund information is submitted and you will see the ‘acknowledgement‘ tab . Enter your stamp duty in Mumbai/ stamp duty Maharashtra refund token number in the application that has to be submitted to the office of collector of stamps for initiation of stamp duty refund Maharashtra.
Stamp duty and registration charges: Ways to pay
Stamp duty Maharashtra can be paid in three ways namely:
- Stamp paper: Stamp duty can be paid using Stamp paper where details of the agreement are written on a paper that is signed by the authorised person once checked. After this the stamp paper is registered at the sub-registrar office after a period of 4 months.
- Franking: In this, the stamp duty Maharashtra is paid where in the agreement is printed on a paper that is then submitted to an authorised bank. Once submitted, the documents for stamp duty payment are processed with the help of franking machine.
- E-stamp: This is the most convenient method of paying stamp duty Maharashtra or stamp duty in Mumbai. In this the stamp duty in Maharashtra is paid using RTGS or NEFT. What is an added advantage of this way of paying Maharashtra stamp duty is an applicant would not be able to submit fake documents.
Stamp duty and registration charges: Notice of intimation charges
A person can file the ‘Notice of Intimation’ (NOI) online, for loan deposit title deed or mortgage, without going to the SRO office for which he has to pay the notice of intimation charges online. This can be done by logging on the stamp duty and registration charges website and is available all across Maharashtra.
Notice of intimation Maharashtra charges if filed online is Rs 1000, whatever the loan amount may be. If Notice of intimation is filed physically by going to the SRO office, the Notice of intimation Maharashtra charges or the document handling charge will be Rs 300.
Stamp duty and registration charges on past property documents
While the Maharashtra Stamp Act empowers the collector of a district, to call for documents within a period of 10 years from the registration date of such documents, to verify if the appropriate duty has been paid on the deed, the Bombay High Court has held that stamp duty cannot be collected for inadequately stamped past documents, at the time of its subsequent sale. Moreover, according to stamps and registration charges in Maharashtra, if the historical documents are liable to be stamped, the stamp duty shall be recovered only at the market rate prevalent when the transaction took place. That means, stamp duty and registration charge cannot be applied on a retrospective basis.
See also: Bombay HC rules stamp duty cannot be charged for past tran sactions
Stamp duty and registration charges in Maharashtra 2023: Adjudication
According to Section 31 of Maharashtra Stamp Act, any person who is party in the instrument can apply to Collector of Stamps along with the instrument for his opinion about Stamp Duty applicable
Click on Adjudication under stamps on the IGRS Maharashtra page. You will reach
Here, enter username, password, captcha and login. If you don’t have username and password, click on Sign up and register first.
After login in, in this, page a person can
- Enter the data relating to his application.
- Upload the copy of instrument as well as the other proofs.
- Know the status of his application.
- Know the query / requirement and to comply it.
- To get the copies of notices and orders (if any).
Application for Section 10D of Maharashtra Stamp Act
Section 10D of Maharashtra Stamp Act mentions that the notified institutions, bodies etc. ensures the proper stamp duty has been paid on the notified types of documents by e-payment mode. You can access https://appl2igr.maharashtra.gov.in/section10d/LoginPG.aspx
The application helps the notified institutions, bodies
- Register and to create login ids for their branches.
- Enter data and to stamp duty calculation
- Pay the stamp duty online.
- Verify and deface online payment.
- Upload batch file & do bulk payment
- Generate the certificate.
- Generate various reports.
See also : Know all about Mahafood ration card Maharashtra
Also read all about IGR Maharashtra document search
Stamp duty and registration charges in Maharashtra 2023: Latest news
Maha govt removes 15-year lock-in rule for 1% rebate for women home buyers .
The Maharashtra government on May 31, 2023 scrapped the 1 5-year cap that it has imposed on women home buyers in return for availing 1% rebate on stamp duty. With this amendment, women home buyers can sell properties to male buyers even anytime even after availing the 1% rebate on stamp duty charges. Note that women home buyers get a rebate of 1% on stamp duty charges only on residential properties. This is not valid on commercial and industrial properties.
Know about: Dombivali east pin code
When should the gift deed be stamped?
According to the Maharashtra Stamp Act, all instruments should be stamped before or at the time of execution, or on the next working day following the date of execution. However, if the deed is executed out of the territory, it can be stamped within three months after it is first received in India.
Whose name should be on the stamp duty Maharashtra papers?
The stamp duty Maharashtra papers must be in the name of one of the parties to the transaction and not in the name of the chartered accountant or lawyer of the parties. Also, the date of issue of the stamp paper in Maharashtra for stamp duty must not be more than six months older than the date of the transaction.
How can stamp duty be paid?
Maharashtra stamp duty can be paid by way of adhesive or impressed stamps on the deed. Additionally, the adhesive stamps used on the deed is cancelled at the time of execution so that it is not available for reuse.
What is stamp duty Maharashtra based on- ready reckoner rate or consideration value of property?
For property sale documents, Stamp Duty Maharashtra is payable on whichever is higher- the consideration value of the property that is mentioned in the document or the ready reckoner rates /circle rates that are decided by the government.
Will stamp duty be reduced in 2023 in Maharashtra?
A 50% stamp duty concession for developers of integrated township projects in Thane, Navi Mumbai and Pune has been announced by the Maharashtra government. However, this won’t be applicable to projects in Mumbai and Lonavala.
How can I lower stamp duty in India?
You can register the property in a women’s name, register under-construction property at lower undivided share and avail of tax benefits on stamp duty.
How can I get stamp duty refund stamp in Maharashtra?
The application of refund of stamp duty can be made within two years from the date of cancellation of the sale deed.
How to initiate stamp duty refund?
To initiate stamp duty refund in Maharashtra, you have to enter the information online and get a token. With this token, you have to submit the stamp duty refund form offline.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling. Email: [email protected]
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All about Indian Insolvency Laws
The stamp duty payable during assignation of debt by Asset Reconstruction Companies – By Adv. Haaris Moosa
The stamp duty payable during assignation of debt by Asset Reconstruction Companies
Adv. Haaris Moosa
Stamping has been used by litigators as a deus ex machina for long. Insufficient stamping determines the fate of a case quite independent of its facts or merits. The interplay of the stamping legislations with the Insolvency and Bankruptcy Code, 2016 (IB Code, 2016), has not been adequately analysed by either courts or tribunals. Stamping in India is regulated by both Union and State legislations since it is covered by Entry 91 of the Union List and Entry 63 of the State List. The Union legislation is the Indian Stamp Act, 1899 (ISA, 1899) 1 and almost all the States have their own stamping statutes. The stamping legislations of old vintage have stood their ground even with the coming of avant garde legislations meant to streamline commercial transactions like the Arbitration and Conciliation Act, 1996, SARFAESI Act, 2002, Companies Act, 2013 and now the IB Code,2016.
In Phoenix ARC Private Limited, Mumbai Vs. M/S. Cherupushpam Films Pvt Limited, Ernakulam (2023) ibclaw.in 48 NCLT (hereafter Phoenix ARC ) the question raised before the NCLT, Kochi Bench was whether stamp duty has to be paid on a deed assigning debt to an Asset Reconstruction Company (ARC). The NCLT Kochi Bench has held that the ARC is bound to pay the appropriate stamp duty as per the relevant state legislation, in this case the Kerala Stamp Act, 1959 (KSA, 1959) 2 . The Hon’ble NCLT held that the applicability of KSA 1959 3 is not ruled out by the prescription under Section 8F of the Indian Stamp Act, 1899 (ISA, 1899) which exempts ARCs from paying any stamp duty on “ any agreement or other document for transfer or assignment of rights or interest in financial assets of banks or financial institution s” covered under section 5 of the SARFAESI Act, 2002.
KSA, 1959 in section 25, declares the assignment of a debt to be a conveyance, and the duty payable has been pegged at 8%. In the instant case, the Tribunal found that the assignment deed was to be stamped at 8% as per Section 25 of KSA, 1959 since the agreement was made in Kerala. Interestingly in the instant case, the stamp duty as per KSA, 1959 comes to Rs. 6,33,99,500/- while the assignment deed was found to be made on a non-judicial stamp paper of Rs. 500/-. Consequently, the Tribunal found the assignment deed to be unenforceable for insufficient stamping. Phoenix ARC breaks new ground in holding that the assignment of a debt to an Asset Reconstruction Company is liable to be stamped as per the concerned state stamping legislation.
In Essar Steel India Ltd. Committee of Creditors v. Satish Kumar Gupta  ibclaw.in 07 SC (hereafter Essar Steel ) the supreme court confirmed the decision of the NCLAT,  ibclaw.in 109 NCLAT in affirming the decision of the NCLT in rejecting an application that suffered from insufficient stamping. And held that “Further, the submission of the Appellants that they have now paid the requisite stamp duty, after the impugned NCLAT judgment, would not assist the case of the Appellants at this belated stage. These appeals are therefore dismissed.” 4 Quite to the contrary, in Praful Nanji Satra v. Vistra ITCL (India) Ltd. (2022) ibclaw.in 550 NCLAT , the NCLAT went on to reject an argument for dismissal of an application for insufficient stamping, holding that the only issue that the NCLT in IBC proceedings can look at is whether there has been a default, and nothing further. It was also held that insufficient stamping is a curable defect. The effect of insufficient stamping has attracted contradictory judgments from the NCLAT and the Supreme Court. However, Phoenix ARC follows the correct law laid down by the Supreme Court in Essar Steel .
It is to be noted that proceedings under Code are non-adversarial. Any applicant seeking to initiate corporate insolvency proceedings is required to produce documents that satisfy the Adjudicating Authority (the NCLT) proving the default committed by the corporate debtor. Such an applicant is also required to ensure that the financial contracts on which they rely are legally sound and are not truncated. While structuring true sale transactions for assignment of debt (standard assets or NPA), compliance under the applicable stamping legislations must be ensured to avoid legal complications.
Disclaimer: The Opinions expressed in this article are that of the author(s). The facts and opinions expressed here do not reflect the views of IBC Laws ( http://www.ibclaw.in ). The entire contents of this document have been prepared on the basis of the information existing at the time of the preparation. The author(s) and IBC Laws ( http://www.ibclaw.in ) do not take responsibility of the same. Postings on this blog are for informational purposes only. Nothing herein shall be deemed or construed to constitute legal or investment advice. Discussions on, or arising out of this, blog between contributors and other persons shall not create any attorney-client relationship.
References [ + ]
Stamp duty has to be independently paid for a Power of Attorney executed along with a deed assigning debt: SC
- | Corporate Law - Judiciary
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- 08 May 2022
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Case Law Details
Asset reconstruction co. (india) ltd. vs chief controlling revenue authority (supreme court of india).
The High Court overlooked the fact that there was no independent instrument of PoA and that in any case, the power of sale of a secured asset flowed out of the provisions of the Securitisation Act, 2002 and not out of an independent instrument of PoA. Section 2(zd) of the Securitisation Act, 2002 defines a ‘secured creditor’ to mean and include an Asset Reconstruction Company. The appellant has acquired the financial assets of OBC in terms of Section 5(1)(b) of the Securitisation Act, 2002. Therefore, under subsection (2) of Section 5 of the Securitisation Act, 2002, the appellant shall be deemed to be the lender and all the rights of the Bank vested in them. In fact, under Amendment Act 44 of 2016, subsection (1A) was inserted in Section 5 of the Securitisation Act, exempting from stamp duty, any document executed by any bank under Section 5(1) in favour of an Asset Reconstruction Company acquiring financial assets for the purposes of asset reconstruction or securitization. Though the said amendment may not be applicable to the case of the appellant, as the deed of assignment, in this case, was executed long prior to the amendment, we have just taken note of the amendment to show how far the Parliament has gone.
For invoking Article 45(f), two conditions have to be satisfied. They are, (i ) the PoA should have been given for a consideration; and (ii) an authorization to sell any immovable property should flow out of the instrument.
In the case on hand, the consideration paid by the appellant to OBC, was for the purpose of acquisition of the financial assets, in respect of a particular borrower. The draft of the PoA contained in Schedule 3 of the deed of assignment was only incidental to the deed of assignment. The deed of assignment has already been charged to duty under Article 20(a) which deals with “ conveyance ”. In fact Article 45(f) also requires a PoA covered by the said provision to be chargeable to stamp duty under Article 20.
But what has happened in this case was that under a Notification bearing No.GHM/20025M STP1020002749/H1 dated 25 th January, 2002, the Government ordered the reduction of stamp duty payable on an instrument of securitization of loans or assignment of debt with underlying securities, to 75 paise for every Rs.1000 or part thereof.
In view of the Notification dated 01.04.2003 issued in exercise of the power to reduce, remit or compound the duty, conferred by Section 9(a) of the Act, the amount of duty chargeable in terms of Article 20(a) was capped at Rs. 1,00,000/. In addition to the said amount of Rs.1,00,000/, the appellant was asked to pay an additional duty of Rs.40,000/ under Section 3A. The appellant has thus paid a total amount of Rs.1,40,000/ with the instrument having been charged as a conveyance under Article 20(a).
In all taxing Statutes, there are taxing provisions and machinery provisions. Once a single instrument has been charged under a correct charging provision of the Statute, namely Article 20(a), the Revenue cannot split the instrument into two, because of the reduction in the stamp duty facilitated by a notification of the Government issued under Section 9(a). In other words after having accepted the deed of assignment as an instrument chargeable to duty as a conveyance under Article 20(a) and after having collected the duty payable on the same, it is not open to the respondent to subject the same instrument to duty once again under Article 45(f), merely because the appellant had the benefit of the notifications under Section 9(a). Since the impugned order of the High Court did not address these issues and went solely on the interpretation of Article 45(f), the same is unsustainable. Therefore, the appeal is allowed and the impugned order is set aside. The demand made by the Chief Controlling Revenue Authority is consequently set aside.
FULL TEXT OF THE SUPREME COURT JUDGMENT/ORDER
1. Aggrieved by the opinion rendered by the Full Bench of the High Court of Gujarat in a Stamp Reference under Section 54(1)(a) of the Gujarat Stamp Act, 1958 ( hereinafter referred to as the ‘Act’ ), made by the Chief Controlling Revenue Authority of the State of Gujarat, the Asset Reconstruction Company (India) Ltd., has come up with the above appeal.
2. We have heard Mr. V. Chitambaresh, learned senior counsel appearing for the appellant and Ms. Archana Pathak Dave, learned counsel appearing for the State of Gujarat.
3. The Oriental Bank of Commerce (‘ OBC’ for short ) granted certain facilities to a borrower and the borrower committed default in repayment. Unable to recover the loan, the Bank assigned the debt in favour of the appellant herein, which is an Asset Reconstruction Company registered with the Reserve Bank of India under Section 3 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ( hereinafter referred to as ‘Securitisation Act 2002’ ). The assignment made by the OBC was under an Agreement dated 18.11.2008. The Assignment Agreement was registered with the SubRegistrar, Bharuch, on 18.11.2008. In fact, the registration of the document was preceded by an adjudication under Section 31 of the Act.
4. However, an audit objection was raised by the Office of the Accountant General on the ground that the deed of assignment contained a reference to a Power of Attorney (‘PoA’ for short ) in Schedule 3 and that the said PoA was chargeable to stamp duty under Article 45(f) of ScheduleI to the Act. A demand for deficit stamp duty to the tune of Rs.23,53,800/ was raised pursuant to the audit objection.
5. Thereafter, the Deputy Collector (Stamp Duty) referred the matter to the Chief Controlling Revenue Authority, who in turn issued a notice to the appellant herein. After considering the reply submitted by the appellant, the Chief Controlling Revenue Authority passed an order dated 04.01.2012 setting aside the order of adjudication passed on 23.10.2008 and directing recovery of the deficit stamp duty.
6. Aggrieved by the said order, the appellant submitted an application under Section 54(1)(a) of the Act. On the said application, the Chief Controlling Revenue Authority referred the following two questions for the opinion of the Court:
“(A) Whether the objection raised by the Account General, Ahmedabad in audit para, in the year 2008 is proper or not, as per Article45(f) of the Bombay Stamp Act, 1958 or not?
(B) Whether the Asset Reconstruction Company (India) Limited is liable to pay stamp duty of Rs.24,94,100/ i.e. 4.9% as per Article20(a) of the Bombay Stamp Act or not?”
7. For finding an answer to the above questions, the Full Bench of the High Court examined the recitals contained in the deed of assignment and found that the Bank had agreed to execute an irrevocable PoA in favour of the appellant herein, substantially in the form set out in Schedule 3 of the deed of assignment. The form set out in Schedule 3 contained recitals empowering the assignee, as the agent of the Bank, to sell any immovable property. Therefore, considering the fact that Article 45(f) of Schedule I to the Act makes a PoA given for a consideration and containing an authority to sell any immovable property chargeable to stamp duty as a conveyance, the High Court came to the conclusion that the appellant has to pay stamp duty as fixed by Article 45(f). The High Court opined that merely because the power to sell, forms part of the deed of assignment under Schedule 3, the appellant could not escape the charge of duty and that the PoA is required to be considered independently.
8. But we do not think that the above reasoning can be accepted. First of all, what was presented for registration by the appellant was a single document namely an “Assignment Agreement”. Clause 11.12 of the Assignment Agreement contained recitals to the effect that the seller (assignor, namely the OBC ) had agreed to execute simultaneously with the execution of the deed of assignment, an irrevocable PoA, substantially in the form set out in Schedule 3. What was contained in Schedule 3 to the Assignment Agreement was the format of an irrevocable PoA.
9. The High Court overlooked the fact that there was no independent instrument of PoA and that in any case, the power of sale of a secured asset flowed out of the provisions of the Securitisation Act, 2002 and not out of an independent instrument of PoA. Section 2(zd) of the Securitisation Act, 2002 defines a ‘secured creditor’ to mean and include an Asset Reconstruction Company. The appellant has acquired the financial assets of OBC in terms of Section 5(1)(b) of the Securitisation Act, 2002. Therefore, under subsection (2) of Section 5 of the Securitisation Act, 2002, the appellant shall be deemed to be the lender and all the rights of the Bank vested in them. In fact, under Amendment Act 44 of 2016, subsection (1A) was inserted in Section 5 of the Securitisation Act, exempting from stamp duty, any document executed by any bank under Section 5(1) in favour of an Asset Reconstruction Company acquiring financial assets for the purposes of asset reconstruction or securitization. Though the said amendment may not be applicable to the case of the appellant, as the deed of assignment, in this case, was executed long prior to the amendment, we have just taken note of the amendment to show how far the Parliament has gone.
Article 45(f) of Schedule I to Act, reads as follows:
11. For invoking Article 45(f), two conditions have to be satisfied. They are, (i ) the PoA should have been given for a consideration; and (ii) an authorization to sell any immovable property should flow out of the instrument.
12. In the case on hand, the consideration paid by the appellant to OBC, was for the purpose of acquisition of the financial assets, in respect of a particular borrower. The draft of the PoA contained in Schedule 3 of the deed of assignment was only incidental to the deed of assignment. The deed of assignment has already been charged to duty under Article 20(a) which deals with “ conveyance ”. In fact Article 45(f) also requires a PoA covered by the said provision to be chargeable to stamp duty under Article 20.
13. But what has happened in this case was that under a Notification bearing No.GHM/20025M STP1020002749/H1 dated 25 th January, 2002, the Government ordered the reduction of stamp duty payable on an instrument of securitization of loans or assignment of debt with underlying securities, to 75 paise for every Rs.1000 or part thereof. This Notification reads as follows:
“In exercise of the powers conferred by clause (a) of Section 9 of the Bombay Stamp Act, 1958 (Bom LX of 1958) and in supersession of Government Orders Revenue Department No. GHM9822MSTP10962527H1 dated 26.02.1998, the Government of Gujarat hereby reduces from the date of publication of this order the duty with which an instrument of securitization of loans or assignment of debt with underlying securities chargeable under Article 20 (a) of Schedule I to the said Act to 75 paise for every rupees 1000 or part thereof the loan securitised or debt assigned with underlying securities.
By order and in the name of the Governor of Gujarat.”
14. The above Notification was amended by a subsequent Notification bearing No. GHM/2003/28/STP/102002/2065/H1 dated 1 st April, 2003. The said Notification reads as follows:
“In exercise of powers conferred by clause (a) of section 9 of the Bombay Stamp Act, 1958 (Bom LX of 1958), the Government of Gujarat hereby amends Government Order No. GHM/2002/5/M/STP/102000/ 2749/H1, dated 25 th January, 2002 as follows, namely:
In the said order, for the words and figures “to seventy five paise for every rupees 1000 or part thereof” the words and figures “subject to maximum of rupees one lakhs, seventyfive paise for every rupees 1000 or part thereof” shall be substituted.
By order and in the name of the Governor of Gujar at.”
15. In view of the Notification dated 01.04.2003 issued in exercise of the power to reduce, remit or compound the duty, conferred by Section 9(a) of the Act, the amount of duty chargeable in terms of Article 20(a) was capped at Rs. 1,00,000/. In addition to the said amount of Rs.1,00,000/, the appellant was asked to pay an additional duty of Rs.40,000/ under Section 3A. The appellant has thus paid a total amount of Rs.1,40,000/ with the instrument having been charged as a conveyance under Article 20(a).
16. In all taxing Statutes, there are taxing provisions and machinery provisions. Once a single instrument has been charged under a correct charging provision of the Statute, namely Article 20(a), the Revenue cannot split the instrument into two, because of the reduction in the stamp duty facilitated by a notification of the Government issued under Section 9(a). In other words after having accepted the deed of assignment as an instrument chargeable to duty as a conveyance under Article 20(a) and after having collected the duty payable on the same, it is not open to the respondent to subject the same instrument to duty once again under Article 45(f), merely because the appellant had the benefit of the notifications under Section 9(a). Since the impugned order of the High Court did not address these issues and went solely on the interpretation of Article 45(f), the same is unsustainable. Therefore, the appeal is allowed and the impugned order is set aside. The demand made by the Chief Controlling Revenue Authority is consequently set aside. There will be no order as to costs.
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India: Allahabad High Court On Stamp Duty On Debt Assignment
Assignment of debt is one of the most common forms of transactions in financial markets. It essentially entails transfer of a debt from a creditor (assignor) to a third-party (assignee).
One of the biggest challenges faced in debt assignment transactions in India is the significant stamp duty implication on the deed of assignment. Considering the volume of assignment transactions undertaken generally by banks and financial institutions or by asset reconstruction companies (" ARCs "), the stamp duty levied becomes a significant cost in such transactions.
The Constitution of India (" Constitution ") confers upon the Parliament and each State Legislature the power to levy taxes and other duties. The subjects on which the Parliament or a State Legislature or both can legislate are specified in the Seventh Schedule of the Constitution. The Seventh Schedule is divided into 3 (three) lists:
- Union List;
- State List; and
- Concurrent List.
The Parliament has the exclusive power to legislate on the subjects enumerated in the Union List. The State List enumerates the subjects on which each State Legislature can legislate and such laws operate within the territory of each State. The Parliament, as well as the State Legislatures, have the power to legislate over the subjects listed in the Concurrent List.
The entry pertaining to levy of stamp duty in the Union List is as follows: -
" 91. Rates of stamp duty in respect of bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of shares, debentures, proxies and receipts."
The entry pertaining to levy of stamp duty in the State List is as follows: -
" 63. Rates of stamp duty in respect of documents other than those specified in the provisions of List I with regard to rates of stamp duty. "
The entry pertaining to levy of stamp duty in the Concurrent List is as follows: -
" 44. Stamp duties other than duties or fees collected by means of judicial stamps, but not including rates of stamp duty . " [emphasis supplied]
From the aforementioned entries, it is clear that the power to legislate on the rate of stamp duty chargeable on instruments of debt assignment (since it is not covered under Entry 91 of the Union List) is with the State Legislature. However, the power to determine whether stamp duty can be charged or not on a specific instrument is in the Concurrent List.
In this regard, it may be noted that pursuant to the Enforcement of Security Interest and Recovery of Debt Laws and Miscellaneous Provisions (Amendment) Act, 2016 (" Amendment Act "), the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (" SARFAESI ") and the Indian Stamp Act were amended to provide for an exemption from stamp duty on a deed of assignment in favour of an ARC.
As mentioned above, the power to legislate on whether stamp duty is payable or not on an instrument is in the Concurrent List. Therefore, the Parliament has the power to legislate on the aforesaid subject.
Pursuant to the Amendment Act, section 5(1A) was inserted in SARFAESI which provides that any agreement or document for transfer or assignment of rights or interest in financial assets under section 5(1) of SARFAESI in favour of an ARC is not liable to payment of stamp duty.
In several States, notifications have been issued for remission and/ or reduction of stamp duties on debt assignment transactions. For instance, in Rajasthan, the stamp duty chargeable on any agreement or other document executed for transfer or assignment of rights or interests in financial assets of banks or financial institutions under section 5 of SARFAESI in favour of ARCs 1 has been remitted. Further, in Maharashtra, the stamp duty on instrument of securitization of loans or assignment of debt with underlying security has been reduced to 0.1% (zero point one percent) of the loan securitized or the debt assigned subject to a maximum of Rs. 1,00,000 (Rupees one lac) 2 .
Certain State Governments, such as those of Rajasthan and Tamil Nadu have reduced the stamp duty based on the nature of the financial asset being assigned. In Rajasthan, the stamp duty has been reduced for assignment of standard assets whilst in Tamil Nadu, the stamp duty has been reduced for assignment of non-performing assets and assignment in favour of ARCs.
This paper discusses a decision passed by the Allahabad High Court in the case of Kotak Mahindra Bank Limited v. State of UP & Ors. 3 (" Kotak case "), where it was held that an instrument of assignment is chargeable with stamp duty under Article 62(c) (Transfer) of Schedule 1B of the Indian Stamp Act, as applicable in Uttar Pradesh (" UP Stamp Act "), as opposed to Article 23 (Conveyance) of Schedule 1B of the UP Stamp Act.
The stamp duty payable in various States under Article 23 or the relevant provision for conveyance is on an ad valorem basis whereas the stamp payable under Article 62(c) or relevant provision for transfer of interest secured, inter alia , by bond or mortgage deed, is a nominal amount. For instance, in Uttar Pradesh, the stamp duty payable under Article 62(c) is Rs. 100 (Rupees one hundred).
Decision in the Kotak case
In the Kotak case, Kotak Mahindra Bank Limited (" Kotak ") had purchased and acquired certain loans from State Bank of India (" Assignor ") along with the underlying securities.
The question for consideration before the full bench of the Allahabad High Court was whether the deed executed by the applicant with the underlying securities would be chargeable with duty under Article 62(c) or Article 23 of Schedule 1B of the UP Stamp Act.
The court observed that in order to determine whether an instrument is sufficiently stamped, one must look at the instrument in its entirety to find out the true character and the dominant purpose of the instrument. In this case it was observed that the dominant purpose of the deed of assignment entered into between Kotak and the Assignor (" Instrument "), was to transfer/ assign the debts along with the underlying securities, thereby, entitling Kotak to demand, receive and recover the debts in its own name and right.
Article 11 of Schedule 1B of the UP Stamp Act provides that an instrument of assignment can be charged to stamp duty either as a conveyance, a transfer or a transfer of lease. The court observed that since the Instrument was not a transfer of lease, it would either be a conveyance or a transfer.
The court referred to the definition of conveyance in the UP Stamp Act, which reads as follows:
" Conveyance" . — "Conveyance" includes a conveyance on sale and every instrument by which property, whether movable or immovable, is transferred inter vivos and which is not otherwise specifically provided for [by Schedule I, Schedule IA or Schedule IB] [as the case may be];" [emphasis supplied]
The court held that the term conveyance denotes an instrument in writing by which some title or interest is transferred from one person to other and that the use of the words "on sale" and "is transferred" denote that the document itself should create or vest a complete title in the subject matter of the transfer, in the vendee. In this case since under the Instrument, the rights of the Assignor to recover the debts secured by the underlying securities had been transferred to Kotak, it was held that the requirement of conveyance or sale cannot be said to be satisfied.
The court further observed that debt is purely an intangible property which has to be claimed or enforced by action and not by taking physical possession thereof, in contrast to immovable and movable property. Where a transaction does not affect the transfer of any immovable or movable property, Article 23 of Schedule 1B cannot have any applicability.
The court's view was that since debt along with underlying securities is an interest secured by bonds and/ or mortgages, transfer of such debt would be chargeable under Article 62(c).
The court further clarified that under the Instrument, merely the right under the contract to recover the debts had been transferred. Since the borrower(s) had never transferred the title in the immovable property given in security to the Assignor, the Assignor could merely transfer its rights i.e. mortgagee's rights in the property to recover the debts. It was further observed that the Assignor never had any title to the underlying securities and that it merely had the right to enforce the security interest upon default of the borrower(s) in repayment. The right transferred to Kotak was primarily the right to recover the debts, in accordance with law, by proceeding against the underlying security furnished by the bonds/ mortgage deed(s).
Therefore, the court held that the Instrument was chargeable with stamp duty under Article 62(c) of Schedule 1B of the UP Stamp Act.
Whilst coming to the conclusion that assignment of debt would not constitute a conveyance, the court referred to the definition of conveyance to state that debt is an intangible property which has to be claimed or enforced by action and not by taking physical possession thereof, in contrast to immovable and movable property.
In this regard, it may be noted that there are various judicial precedents 4 , where it has been held that an interest (including mortgage interest) in immovable property is itself immovable property.
However, even assuming assignment of debt with underlying securities over immovable property amounts to a conveyance, it may be pertinent to refer to the definition of conveyance in the UP Stamp Act which specifically excludes a conveyance which is otherwise provided for by the Schedule to the UP Stamp Act.
Article 62(c) of the UP Stamp Act reads as follows:
" 62. Transfer (whether with or without consideration) –
(c) of any interest secured by a bond, mortgage- deed or policy of insurance-- "
In view of the above, transfer of any interest secured by a mortgage deed, which is covered under Article 62(c), would be excluded from the meaning of conveyance and would be chargeable to stamp duty under Article 62.
In this regard it may be pertinent to refer to the definitions of 'bond' and 'mortgage deed' under the UP Stamp Act, which is as follows:
" " Bond " includes-
- any instrument whereby a person obliges himself to pay money to another, on condition that the obligation shall be void if a specified act is performed, or is not performed, as the case may be;
- any instrument attested by a witness and not payable to order or bearer, whereby a person obliges himself to pay money to another; and
- any instrument so attested, whereby a person obliges himself to deliver grain or other agricultural produce to another "
" " Mortgage-deed ". — "mortgage-deed" includes every instrument whereby, for the purpose of securing money advanced, or to be advanced, by way of loan, or an existing or future debt, or the performance of an engagement, one person transfers, or creates, to, or in favour of another, a right over or in respect of specified property; "
In view of the above, where a debt secured by a bond or a mortgage deed is assigned under a deed of assignment, the stamp duty payable on such deed of assignment will be under Article 62(c) of the UP Stamp Act or corresponding provisions of the Stamp Act of other States.
However, in cases of unsecured loans or loans secured by an equitable mortgage (where there is no mortgage deed), the deed of assignment would attract ad valorem stamp duty chargeable on conveyance, since the same will not get covered under Article 62(c) or similar provisions in other states.
The market practice until now has been to stamp the deed of assignment of debt under the relevant article for Conveyance in the applicable Stamp Act. In fact, in States such as Maharashtra, the State Government has issued notifications for reduction of stamp duty on a deed of assignment under the article for Conveyance.
The judgment passed by the Allahabad High Court in the Kotak case may prove to be a welcome step in reducing the incidence of stamp duty on debt assignment transactions. However, it would need to be seen whether in other States a similar view is taken by stamp duty authorities.
1. Notification No. F4(3)FD/Tax/2017-110 dated March 8, 2017 issued by Finance Department (Tax Division) Government Of Rajasthan.
2. Notification No.Mudrank-2002/875/C.R.173-M-1 dated May 6, 2002 issued by Revenue & Forests Department, Government of Maharashtra.
3. Reference Against MISC. Acts. No. 1 of 2016, order dated February 9, 2018.
4. Bank of Upper India Ltd. (in liquidation) v. Fanny Skinner and Ors. , AIR 1929 All 161. See also Prahlad Dalsukhrai and Ors. v. Maganlal Muljibhai Tewar , AIR 1952 Bom 454 and Harihar Pandey v. Vindhayachal Rai and Ors. , AIR 1949 Pat 170.
Originally published February 13, 2018.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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