Agreement Stamp Duty Maharashtra

Posted by on Nov 15, 2022 in Uncategorized | 0 comments

Agreement Stamp Duty in Maharashtra: A Comprehensive Guide

If you`re planning to purchase a property in Maharashtra, you have to pay an agreement stamp duty to register the sale agreement. Stamp duty is a legal fee that you have to pay to the government as per the Indian Stamp Act, 1899.

In Maharashtra, the agreement stamp duty is levied under the provisions of the Maharashtra Stamp Act, 1958, and is calculated according to the market value of the property. The stamp duty rate for residential properties in Maharashtra is currently 5% of the market value or the agreement value, whichever is higher. In case of commercial properties, the stamp duty rate is 5% of the market value or the agreement value, whichever is higher.

Apart from the agreement stamp duty, you also have to pay a registration fee of 1% of the market value or agreement value, whichever is higher. This fee is paid to the government as a processing fee to register the property in your name.

It`s important to note that if the agreement value is lower than the market value of the property, the stamp duty will be calculated based on the market value. This is to prevent buyers and sellers from undervaluing the property to pay a lower stamp duty.

The agreement stamp duty payment can be made online through the official website of the Maharashtra government`s Department of Registration and Stamps. The process is simple and user-friendly, and you can pay the amount using net banking, credit card, or debit card.

If you`re purchasing a property jointly, the stamp duty should be paid by all the buyers in proportion to their ownership share. For example, if two people are buying a property jointly and one is paying 70% of the total cost and the other is paying 30%, the stamp duty payment should also be made in that proportion.

In case of a delay in payment of agreement stamp duty, a penalty of 2% per month will be charged until the time of payment. It`s important to ensure that you pay the stamp duty on time to avoid any legal complications.

To sum up, agreement stamp duty is an important legal fee that you have to pay when purchasing a property in Maharashtra. It`s calculated based on the market value of the property and can be paid online through the Department of Registration and Stamps website. Ensure that you pay the stamp duty on time to avoid any legal complications or penalties.