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| Stamp
Duty payable under Article 25(d) of Schedule 1 of the Bombay
Stamp Act 1958 relating to residential premises in Mumbai in
a Co-operative Housing Society registered or deemed to have
been registered under the Maharashtra Co-operative Society Act
1960 or to which provisions of the Maharashtra Ownership Flats
(Regulation of Promotion of Construction, Sale, Management and
Transfer Act, 1963), or the provisions of the Maharashtra Apartment
Ownership Act 1970, apply. |
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IMPORTANT
INFORMATION:
- Stamp
Duty is payable on market value or agreement value, whichever
is higher.
- The
Stamp Duty for shops / offices / industrial galas / basements
is 5% of the prevailing market value of the property or
the agreement value, whichever is higher.
- The
properties not covered in Article 25(d) of Schedule 1 of
the Bombay Stamp Act 1958, will attract Stamp Duty @ 5%
of the market value, even for residential properties [Article
25(b)(vi)(a)].
- The
above amount does not include Registration fees which is
@ 1% of the market value or agreement value, whichever is
higher, subject to maximum of Rs. 30,000/- (effective from
01.04.2003).
- Stamp
Duty is charged for every Rs.500/- or part thereof.
- Registration
fee is charged for every Rs.1000/- or part thereof.
- Stamp
Duty must be paid at the time of execution of the agreement.
Penalty for late payment of stamp duty is 2% per month on
the deficit stamp duty amount, subject to maximum 2 times
of the deficit stamp duty amount.
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