Insection 31of the principal Act, in sub-section (4), in the proviso, for the word double the wordsfour timesshall be substituted. Design transfer agreement and 3. The existing ceiling of stamp duty payable on an agreement relating to deposit of title deeds, pawn, pledge or hypothecation where the amount secured exceeds Rs.5 lakhs stamp duty has been amended to 0.3% of the amount secured subject to a maximum of Rs. 9.12 Voluntary disclosure of fact of instrument not duly stamped. It is a tax paid to the government, similar to the income tax. The Explanation to the definition provides that any instrument by which one co-owner transfers his property to another co-owner would be deemed to be a conveyance provided that it is not an instrument of partition. 43 (b).The parties cannot rely on statements or conduct outside the License Agreement to establish any right or duty beyond or contrary to those expressly provided in or limited by the License Agreement. This section deals with Stamp Duty on instruments (written documents). on the refundable security deposit or money advanced or to be advanced, by whatever name called. In the absence of any such agreement, the Act provides that in the case of a Conveyance, duty is to be paid by a buyer and by the lessee in case of a lease. The same duty as is leviable on Conveyance under clause (a), (b) or (c), as the case may be, of article 25 on 50 % of the market value of the property. (a) where the amount or value set forth in such contract does not exceed Rs. --For the purpose of this article more persons than one when belonging to the same firm shall be deemed to be one person. Stamp duty refers to a tax on a transaction which is paid to the government and the tax is levied on the instrument recording the transaction. Amendment to Section 70 of Maharashtra Stamp Act: By way of this amendment, the amount of stamp duty, which is determined, payable on instruments chargeable with more than Rs. CANCELLATION --Instrument of, if attested and not otherwise provided for. It is imposed by states and therefore, the rates will vary from one state to another. A person can be punished with rigorous imprisonment for up to 6 months (not less than 1 month) and with fine up to 5,000, if it is proved that the instrument was undervalued or short payment of duty was made with intention to evade duty. Other states levy additional tax such as metro cess and local body tax along with stamp duty. Earlier, if the resale of such Immovable Property took place within one year of purchase, the stamp duty payable would only be on the difference of the property rates calculated in the purchase price and the resale price, and not on the entire consideration amount when the property is resold. And every order made by the Board for Industrial and Financial Reconstruction under section 18 or 19 of the Sick Industrial Companies (Special Provisions) Act, 1985, in respect of sanction of Scheme specified therein or every order made by the National Company Law Tribunal under section 31 of the Insolvency and Bankruptcy Code, 2016, in respect of approval of resolution plan. 10. EXCISE BOND, See Customs Bond or Excise Bond (Article 28). 10.1 Deletion of requirement to round off duty amount. This agreement is similar to a lease agreement . If you are a registered user, fill in the login details. However, once the market value of a property crosses over Rs.30 Lakh, the buyer is required to pay 1% of the market value as the . * The amount of stamp duty has been calculated as per the provisions of Maharashtra Stamp Act( Bom. every order made by the High Court u/s. (ii) If relating to the purchase of one or more units in any scheme or project by a person from a developer: Same duty as is leviable under clause (a), (b) or (c), as the case may be, of Article 25 on the market value of the unit. Insection 52A of the principalAct, (a) in sub-section (1), for the words one lakh the words five lakhs shall be substituted; (b) in sub-section (2), for the words ten lakhs at both the places where they occur, the words twenty lakhs shall be substituted. Both the Parties of the agreement are also situated in Maharashtra. Stamp Duty to be paid on the market value of the shares and debentures. AWARD, that is to say, any decision in writing by an arbitrator or umpire, on a reference made otherwise than by an order of the Court in the course of a suit, being an award made as a result of a written agreement to submit, present or future differences to Arbitration but not being an award directing a partition--. 2. The levy of stamp duty is a state subject and thus the rates of stamp duty vary from state . The renewal period, if specifically mentioned, shall be treated as part of the present lease, Explanation III. Explanation III.(i) For the purposes of clause (da) the market value of shares,--, (a) in relation to the transferee company, whose shares are listed and quoted for trading on a stock exchange, means the market value of shares as on the appointed day mentioned in the Scheme of Amalgamation or when appointed day is not so fixed, the date of order of the High Court; and, (b) in relation to the transferee company, whose shares are not listed/or listed but not quoted for trading on a stock exchange, means the market value of the shares issued or allotted with reference to the market value of the shares of the transferor company or as determined by the Collector after giving the transferee company an opportunity of being heard. 22-12-2011: As per new circular from IGR, the old agreement, which has expired 8 months period from the date of execution cannot be registered. Instrument of gift has been defined to include, 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. Explanation II. Explanation(1) For the purposes of this Order, unit means, a residential unit. 10,00,000; 0.25 % of the amount agreed in the contract subject to minimum of Rs.100. Instrument of partition means any instrument whereby co-owners of any property divide or agree to divide such property in severally and includes: a final order for effecting a partition passed by any revenue authority or any civil court, an award by an arbitration directing a partition, and, 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. Similarly, Stamp Duty under above Article in rest of Maharashtra State was reduced by Two percent (2%) for the period starting from 1st September, 2020 and ending on 31st December, 2020 and by One Half percent (1.5%) for the period starting from 1st January, 2021 and ending on 31st March, 2021. However agreement for sale of flats, shops, etc. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. (a) as a condition of enrolment under the Air Force Act, 1950, (XLV of 1950) the Army Act, 1950 (XLVI of 1950) or the Navy Act, 1957 (LXII of 1957); (b) for the immediate purposes of being filed or used in any Court or before the officer of any Court; or. Stamp duty refers to a tax on a transaction which is paid to the government and the tax is levied on the instrument recording the transaction. Stamp duty rate: The rates at which stamp duty is charged in various Indian states at present range from 4 per cent to 10 per cent.