All-About Maharashtra Stamp Duty Amnesty Scheme – Benefits | Processes | Practical Insights

All Instruments provided in Schedule I of Maharashtra Stamp Act, 1958.

Total 63 different types of instruments are covered in the schedule

5. Significance of year: 1958 – 1980 – 1985

11th June, 1958:

• Bombay Stamp Act, 1958 came into effect which was later changed to Maharashtra Stamp Act, 1958 in the year 2015.

4th July, 1980:

• Market value concept was introduced.
• Stamp duty payable on market value or agreement value whichever is higher.
• Earlier stamp duty payable on agreement value only.

10th December, 1985:

• Stamp duty payable compulsory on Agreement for sale
• Before that only Rs. 5 required and stamp duty payment required during agreement for sale

ii) Between Market value of Rs. 50,010 to Rs.1,00,000/- at 12% of the value.

10th December, 1985:

Eg: Building constructed in 1983 having 100 members and conveyance of building to society done in 2023

80 members bought flat in 1983:
In 1983 – Had to pay Rs.5 as stamp duty applicable.
In 2023 – Have to pay stamp duty as applicable

20 members bought flat in 1987:
In 1987 – Had to pay stamp duty rate applicable.
In 2023 – Have to pay Rs.100 only for deemed conveyance.

6. Stamp Duty on Gift deed

NOTE: 1% metro cess charged additional applicable since 8-2-2019

7. Stamp Duty Amnesty Scheme 2023 – 2024

7.1 What is the meaning of Amnesty?

• Forgiveness
• Pardon
• Relief
• Waiver

Revenue and Forest department of Maharashtra has introduced Amnesty scheme to reduce stamp duty and penalties on specified instruments Previous scheme was launched in 2019

7.2 When was the scheme launched?

Stamp Duty Amnesty Scheme 2023 was introduced and declared by the Govt. of Maharashtra on 7th December, 2023 via Govt order:
Mudrank-2023/C.R.No.342/M-1(Policy)

7.3 Time period for availing benefits

Scheme was launched in Two Phases for agreements between 1st January 1980 – 31st December 2020

• PHASE 1: From 1st December 2023 to 31st January 2024 – 29th February, 2024
• PHASE 2: From 1st February 2024 to 31st March 2024 – 1st March, 2024

Extended on 31st Jan, 2024 by Deputy Secretary – Shri Satyanarayan Bajaj

7.4 Instruments covered under this scheme

For Residential/Non–Residential/Industrial use

• Agreement or Memorandum of agreement relating to transfer of immovable property for purpose of residential use
• Conveyance of allotment of residential/non-residential units from MHADA, CIDCO and SRA to slum dweller for purpose of rehabilitation under scheme
• Conveyance of allotment of residential/non-residential units or houses in registered Co-op Housing Societies or any apartment whose Deemed Conveyance is pending
• Any type of Development Agreement
• Conveyance
• Agreement to sell
• Instrument of transaction of Assignment of developer rights

Related to redevelopment of any dilapidated old buildings or immovable property whose redevelopment is necessary

Any type of document related to:

• Amalgamation
• Merger
• Demerger
• Arrangement
• Reconstruction of companies

Any type of instrument executed by:

• MHADA and its divisional board
• CIDCO
• Municipal Corporation
• Municipal Council
• Nagar Panchayat
• Planning authorities like MIDC, SRA, etc.

First Allotment Letter or Share Certificate issued related to residential/non-residential units by Regd. Coop. Society on Government Land or by:

• MHADA
• CIDCO
• Municipal Corporation, Council or Nagar Panchayat
• Approved planning authorities like MIDC, SRA, etc.

7.5 Benefits of the Scheme

If Instrument between
1st Jan 1980 – 31st Dec 2000 (Schedule – I)
Phase I: From 1st December, 2023 to 29th February, 2024

Sr. No.

Reduction in penalty to be paid/payable

100%
(0% to be paid)

If Instrument between
1st Jan 1980 – 31st Dec 2000 (Schedule – I)
Phase II: From 1st March, 2024 to 31st March, 2024

70%
(30% to be paid)

If Instrument between
1st Jan 2001 – 31st Dec 2020 (Schedule – II)
Phase I: From 1st December, 2023 to 29th February, 2024

Sr. No.

Reduction in penalty to be paid/payable

90% waived off
(10% to be paid)

Penalty >= Rs. 25,00,000 (25 Lacs)

Rs. 25 Lacs to be paid, rest waived off

Rs. 1,00,00,000 (1 Crore) to be paid, rest waived off

If Instrument between
1st Jan 2001 – 31st Dec 2020 (Schedule – II)
Phase II: From 1st March, 2024 to 31st March, 2024

Sr. No.

Reduction in penalty to be paid/payable

80% waived off
(20% to be paid)

Penalty >= Rs. 50,00,000 (50 Lacs)

Rs. 50 Lacs to be paid, rest waived off

Rs. 2,00,00,000 (2 Crores) to be paid, rest waived off

7.6 General FAQs

FAQ 1. What documents need to be submitted along with application for availing amnesty scheme?

• Original Instrument on which some amount of stamp duty paid or specified allotment letter issued by authorities or CHS on Government land
• Copy of Society Registration Certificate
• Copy of BMC Assessment bill
• Copy of IOD/CC/OC of building
• Copy of Property Card
• Copy of Share Certificate (front & back)
• Copy of Aadhar Card & Pan Card along with 2 recent passport size photographs
• Letter from society about details of flat/apartment
• Authority Letter
• Proof of having possession, like:

1. 1. Electricity bill
   2. Entry in Form A during society formation
   3. Telephone bill
   4. Passport
   5. Election Card
   6. Bank Passbook

   FAQ 2. My agreement is on a piece of paper (without stamp paper), can I avail the benefit?

   • NOT ELIGIBLE for Amnesty Scheme
   • Any amount of stamp paper should be present

   FAQ 3. If stamp duty and penalty paid before the Scheme was announced, can I claim refund?

   NO REFUND shall be granted

   FAQ 4. How to apply for Scheme and within how many days to do the payment?

   • Application to be made through Online mode through https://igrmaharashtra.gov.in website
   • Within 7 days of receipt of demand notice from Registrar, payment has to be made

   FAQ 5. How to tell if stamp paper is real or fake?

   We have to submit application to proper authority to verify the stamp paper along with the Original Copy of the instrument requesting to verify the stamp. The appropriate authority issues a certificate as the case may be.

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   Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

   The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

   • The statutory material is obtained only from the authorized and reliable sources
   • All the latest developments in the judicial and legislative fields are covered
   • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
   • Every content published by Taxmann is complete, accurate and lucid
   • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
   • The golden rules of grammar, style and consistency are thoroughly followed
   • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied

   Author Taxmann Posted on March 7, 2024 Categories Other Laws, Blog

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