MAHARASHTRA SOCIETIES WELFARE ASSOCIATION, (MAHASEWA) Price : 935 1st Edition: 2024 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise, without the prior permission, in writing, from the publisher. Published by : CA. Ramesh Prabhu, Chairman, Maharashtra Societies Welfare Association,(MahaSewa) A/2, 302 Laram Centre, Near Bus Depot, Opp. Andheri Railway Station, Andheri (West), Mumbai- 400058, Mo.- 9820106766/68 Tel: 022 42551414/ 24 Email: rsprabhu13@gmail.com/mswa.hsg@gmail.com Website: www.mahasewa.org Disclaimer: In spite of having taken all possible due care to do away (avoid) mistakes or omissions, this publication is being sold on the condition and with precise/clear understanding that information provided in this book is solely for the reference and must not be taken as having authority of or in any way binding on the Authors, sellers, publishers or editors, who in no way owe any responsibility for any damage or loss to any person/s a purchaser of this publication or nor, for the result of any action taken on the basis of this work. Please do contact the concerned Department for convincing or reliable information. The Publishers shall be extremely obliged if errors are brought to their notice for carrying out the corrections in the future edition/s by an email to: rsprabhu13@gmail.com Printed and distributed by : Taxmann Publications (P.) Ltd. 59/32, New Rohtak Road, New Delhi-110 005 India Phone : +91-11-45562222 Website : www.taxmann.com, E-mail : sales@taxmann.com Mumbai 35, Bodke Building, Ground Floor, M.G. Road, Opp. Railway Station, Mulund (West), Mumbai-400080 Mobile : 09322247686, 9619668669, 7045453844/45/51 E-mail : sales.mumbai@taxmann.com; nileshbhanushali@taxmann.com Regd. Office : 21/35, West Punjabi Bagh, New Delhi-110 026 India
DR. Nitin Kareer, IAS
Chief Secretary Government of Maharashtra
FOREWORD
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am happy to know that MahaSewa formed a study group of experts in the stamp duty and registration to deliberate on each aspect of the New Stamp Duty Amnesty Scheme 2023-24 and have come out with an excellent book on the scheme. I personally know the authors Adv. Shyam Sunder Patil, (Rtd. lAS) who has extensively worked in Revenue Department on various posts and CA. Ramesh Prabhu, Chairman of Maharashtra Societies Welfare Association (MahaSewa) as true experts in the field of Stamp duty and Registration.
The authors have tried to explain the New scheme in a lucid language by including flow charts and Frequently Asked Questions (FAQs). The most important and relevant provisions of Maharashtra Stamp Act, 1958, applicable Rules, orders, circulars issued by the department from time to time are included in the Appendix. This scheme will help the housing societies to achieve their conveyance. The book contains the applicable notifications issued in this regard which makes it more meaningful and useful to the stakeholders. As per my experience, every citizen would like to comply with the provisions of the law. I am sure this book will be a ready reference and guide on the latest Stamp duty Amnesty scheme including the provisions related to Stamp duty. Registration, deemed conveyance. I am convinced that this book will be useful to the stakeholders like housing societies, members, flat purchasers, Promoters. Real Estate Agents. Allottees, Association of allottees its members. managing committee. Project Management Consultants. contractors. Architects, Engineers, Chartered Accountants, investors, bankers, companies developers, development managers, Professionals, advocates, Chartered Accountants including the government, authorities and the policy makers.
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FOREWORD
I congratulate both the authors Shri Shyamsundar Patil, IAS (Rtd) and CA. Ramesh Prabhu and their entire study team of experts and Maharashtra Societies Welfare Association (MahaSewa) for making this book available in a very short time.
Dr. Nitin Kareer, IAS Chief Secretary Government of Maharashtra
Anil Kawade, IAS
Commissioner Cooperation
FOREWORD
T
he Cooperative Societies in the State of Maharashtra are registered in the Maharashtra Cooperative Societies Act 1960. For Registered society, there is a need for conveyance of ownership of the land and building. The builders /developers sale out the flats in the building to various persons and they form a society under the Act. As per the provision of Maharashtra Ownership of Flats Act 1963 (MOFA) the builders/ developers are expected to convey the ownership of flat and land to the society by executing conveyance deed within prescribed time limit. Maharashtra is the only State where there is a provision to convey the land and building in the name of society, in case the builders /developer fails to convey the same within the prescribed time limit. Under the MOFA Act, District Deputy Registrar of Cooperative Societies has been declared as Competent Authority to grant a certificate of Deemed Conveyance. This provision makes the conveyance easier and it facilitates the transfer of ownership to the society in a seamless manner. Of course merely the issuance of certificate of Deemed Conveyance by the District Deputy Registrar will not help the society in recording the name of society in the record of nights. Here three major department of government are involved in the process of conveyance and recording the name of Cooperative Housing Society in the record of rights. These departments are, Cooperation Department which issue the conveyance certificate. Department of Stamp Duty which adjudicates the documents of conveyance and register the same and third department is the Revenue Department which helps in recording the name of society in the record of rights. From this, it is very clear that the process of conveyance involves the coordination of these three departments. Of course the Managing Committees of the societies at large should be aware of the process of Deemed Conveyance, the related provisions and the document required to be attached. In this connection the Department I-5
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FOREWORD
of Cooperation is trying to educate the societies and offering a hand holding support to the societies so that the process can be known and adopted by the societies at large. Recently the Department of Registration and Stamp Duty has came up with new Stamp Amnesty Scheme 2023-24 about which the society should know to get the proper benefit. In the recent past I had an opportunity to go through the manuscript of book prepared by Shri Shyamsundar Patil, IAS (Rtd.) and C.A. Ramesh Prabhu along with their group of experts. This book is offering member to get proper knowledge to the societies at large in order to facilitate the process of Deemed conveyance and benefit of Stamp duty. I feel that this book will help to create awareness about the scheme of Deemed Conveyance and will encourage the Managing Committees of cooperative housing societies to avail the benefit of stamp duty and conveyance of land and property. Shri Shyamsundar Patil, IAS (Rtd.) and C.A. Ramesh Prabhu along with their team have taken efforts to educate the people at large by including various aspects of deemed conveyance along with the stamp duty issues. So I wish them the success and best wishes for future endeavour in furthering the aspects of Deemed Conveyance and making housing societies, the owner of their land and building. Thank you.
(Anil Kawade)
+RQ¶EOH 6KUL +LUDODO 6RQDZDQH ,$6
Inspector of General and Registration & Controller of Stamps, New Adminis-
trative Building, Pune - 411 001.
FOREWORD
I
am happy to know that Maharashtra Societies Welfare Association (MahaSewa) under the leadership of CA. Ramesh Prabhu has been conducting number of seminars, workshops and training programs to update the knowledge of members, committee members and the professionals regarding the provisions applicable in the management of Co-operative housing societies, deemed conveyance, stamp duty, registration etc. and also publish number of books useful to them.
Government of Maharashtra in order to give relief to lakhs of citizen whose documents are insufficiently stamped and remained to be regularized due to huge penalty upto 400% and to mobilize the revenue from such documents, has announced the Maharashtra Stamp Duty Amnesty Scheme, 2023 on 7th December, 2023. The scheme is in operation in two phases. Phase 1 is operative from 1st December, 2023 to 31st January, 2024 and Phase 2 from 1st February, 2024 to 31st March, 2024 for the documents executed between 1st January, 1980 to 31st December, 2020 which remained insufficiently stamped by giving partial relief on the stamp duty payable as well as relief on the penalty payable. It is encouraging to see that under the able guidance of my colleague Shri Shyamsundar Patil, IAS (Rtd) who had worked extensively in the revenue department and CA. Ramesh Prabhu, chairman of MahaSewa by forming a study group of experts in the stamp duty and registration are bringing out detailed manual on Stamp duty Amnesty Scheme 2023-24. This book has been written in a lucid language for the understanding of the layman and includes orders, circulars issued by Revenue Department and Inspector of General and Registration and Controller of Stamps (IGR) of Maharashtra from time to time in respect of stamp duty, registration and deemed conveyance and the procedure to be followed. I am sure this edition will help all the stakeholders in understanding the provisions of the Act, Rules, Regulations, Orders and circulars and enable the compliances by the stakeholders.
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FOREWORD
I am sure this Manual will be useful for all the stakeholders like housing societies, members, flat purchasers, Promoters, Real Estate Agents, Allottees, Association of allottees, its members, managing committee, Project Management Consultants, contractors, Architects, Engineers, Chartered Accountants, investors, bankers, companies developers, development managers, Professionals, advocates, Chartered Accountants including the government, authorities and the policy makers. I am confident this manual will enable a better understanding of the process involved in the implementation of the scheme and help in citizens to avail the benefit of the scheme.
Shri Hiralal Sonawane, IAS
PREFACE
Adv. SHYAMSUNDAR PATIL, IAS (Rtd) Author
CA. RAMESH S. PRABHU, Author and Convener for Study Group
CA. SHREYASH PRABHU Author
FROM THE AUTHORS DESK Dear Friends,
W
e sincerely thank Hon’ble Shri Eknath Shinde, Chief Minister, Maharashtra, Hon’ble Shri Devandra Fadnavis, Dy. Chief Minister, Hon’ble Shri Ajit Pawar, Dy CM, Hon’ble Shri Radhakrishna Vikhe Patil, Revenue Minister and Hon’ble Shri Rajgopal Devara, IAS, Additional Chief Secretary for introducing the Stamp Duty Amnesty Scheme to give relief and benefit to the People of Maharashtra. We also sincerely thank Hon’ble Dr. Nitin Kareer, IAS. Chief Secretary of Government of Maharashtra and Shri Hiralal Sonawane, IAS, Inspector of General and Registration and Controller of Stamps, Maharashtra State, Pune and Shri Anil Kawade, IAS, Commissioner for Co-operation and Registrar of Co-operative Societies for giving the foreword to this book. We appreciate the various authorities including the above dignitaries who have encouraged and inspired us to write a book on “ Maharashtra Stamp Duty Amnesty Scheme 2023-24”. We also appreciate them for giving us the foreword and to the authorities and stakeholders who have expressed their views, feedback and wishes for the 1st Edition on Maharashtra Stamp Duty Amnesty Scheme 2023-24 book. We are also thankful to the entire team of experts who gave their inputs and guidance in bringing out the this book. We are thankful to managing Committee of Maharashtra Societies Welfare Association (MahaSewa) and I-9
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PREFACE
Shri Abhishek Ghosalkar, Chairman and board of directors of Mumbai Suburban District Co-operative Housing Federation Ltd for publishing this book and getting it printed and distributed through a leading law book publisher Taxmann Publishers Pvt Ltd. The book has been divided into four parts for easy reference. (1) PART- I : New Stamp Duty Amnesty Scheme 2023-24 which covers the provisions, process, practical tips, checklist, precautions to be taken, FAQs, flow chart, QR code of articles, news items. Government website, address of the authorities, videos on the scheme. (2) PART -II: Stamp Duty & Registration provisions with FAQs, PPT, Significance of dates, deemed conveyance and the valuation factors with examples. (3) PART-III : Notifications, Orders, etc with Latest Orders on Amnesty Scheme, notification, circulars on Standard Operating Procedure, Clarifications issued by the departments, application formats, specimen of formats, specimen of power of attorney, indemnity bond, affidavit, authority letter, society letters, correspondence, NOCs etc. (4) PART: IV: Representations to Ministers & Authorities to address the challenges in the implementation of the scheme and measures to be initiated to make the scheme successful and address some of the concerns which includes the representation made to the Chief Ministers, Housing, Co-operative and Revenue Ministers, Additional Chief Secretaries, Co-operative Commissioner, Inspector of General of Registration and Control of Stamps etc. since the notification of the scheme. The book attempts to serve as a guide to the members of the housing societies, new flat purchasers, Co-operative Housing Societies, Builders, Developers, Real Estate Agents, Advocates, practitioners in the Stamp duty and Registration and also as a reference manual to the professionals who are already into real estate and professional practice. We believe that no book is perfect and has all answers. There is enough scope to improve the arrangement as well as contents of this book, Readers are advised to go through the disclaimer printed elsewhere in this book and actual provisions, approach the department, consultant the legal experts before applying the information contained in this book. The book is only a reference guide which should not be treated as approved by the department. This being the first edition there may be many short comings. In all humbleness, we request the users of this book to give the their feedback and constructive suggestions to improve the book for revision in the proposed future editions to the authors on : rsprabhu13@gmail.com, shyamsundarpatil@ hotmail.com and with a copy to stampdutyamnesty2023@gmail.com. You
PREFACE
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may also may send message to the chairman of MahaSewa CA. Ramesh Prabhu on his whatApp number : 9820106766/68 and Adv. Shyamsundar Patil on his mobile : 8879111888 for any suggestions to improve the book or to seek any further clarification to avail the benefits of the scheme. We are thankful to Mr. Nilesh Bhansuali Business Head – India and the team of Taxmann Publications Pvt Ltd. for agreeing to print, distribute and make it available to the stakeholders in a very short time. Happy readings and our best wishes to avail the Maharashtra Stamp Duty Amnesty scheme to get your insufficiently stamped instruments regularized and also help housing societies to get their deemed conveyance of land and building in their name at the earliest. With regards Adv. Shyamsundar Patil, IAS (Rtd.) CA. Ramesh S Prabhu, Convenor for Study Group and CA. Shreyash Prabhu
MESSAGE FROM CHAIRMAN MUMBAI SUB-URBAN DISTRICT Cooperative. Housing Federation Ltd. Registration No. Bom /DDR.3/GNL/(O)/203/2000-2001, dated 14/02/2001 H. O.: - A-2/302, Laram Centre, Opp Railway Station, Andheri (W), Mumbai – 400 058. Tel.: 022 -42551414/25 Email: ho.msdchfl@gmail.com/rsprabhu13@gmail.com
Dear Friends,
A
t the outset let me congratulate on behalf of me, my board of directors and the people of Maharashtra to the Authors Adv. Shyamsundar Patil, IAS (Rtd.), CA. Ramesh Prabhu and CA. Shreyash Prabhu who have written a book on “Maharashtra Stamp Duty Amnesty Scheme 2023-24 Law & Practice” in very short time. The book provides the required clarity in a lucid language with flow charts, FAQs, QR code, examples, PPT etc. in four Parts. From the layman to the professionals, this book is going be a reference guide about the scheme, provisions related to stamp duty, registration, deemed conveyance including the circulars, notifications issued by the department and the representation made to the government and the authorities both by the MahaSewa and the Federation to make the scheme successful. Most important representation is to facilitate registration of the agreement for sale duly stamped under the scheme to get it registered as deemed registration just like deemed conveyance through the District Deputy Registrar as Deemed registration by amending section 4A of MOFA, bring regulatory Authorities to regulate the redevelopment and self redevelopment, allow the benefits of the scheme through societies who are planning to apply for deemed conveyance, allow the allotment letters issued by the Housing societies registered on government land, collect the stamp duty on xerox of the documents by following the due process of law and cover the instruments executed from the inception of the Maharashtra Stamp Act, 1958 rather than effective from 1st January, 1980.
Stamp duty is the 2nd largest revenue of the State Government. Public at large are confused about the provisions of stamp duty on agreement for sale and conveyance deed. Prior to 10-12-1985, agreement for sale was liable for I-17
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MESSAGE FROM CHAIRMAN
stamp duty of Rs. 5/- and full stamp duty on conveyance was collected at the time of execution and registration of the conveyance deed. Thus there was provision to postpone the stamp duty liability till the conveyance. Government in order to collect the stamp duty in the initial stage of agreement for sale effective from 10-12-1985 agreement for sale was considered as part Conveyance liable for full stamp duty conveyance and pay nominal stamp duty at the time of conveyance. Thus the provision of law was changed. Similarly, on effective from 4th July, 1980, the instruments related to immovable property was made liable for stamp duty on agreement value or market value whichever is more. However, till 2000, the ready reckoner was not published and the instruments were kept pending by the department for determination of the stamp duty. This has created many confusion and many instruments have remained insufficiently stamped for many years whether registered or not registered. Thus, if members of housing society had not paid the nominal stamp duty on their agreement, they are liable to pay at the time of conveyance and if they had paid full duty at the time of agreement (i.e. after 10.12.1985), such members have to pay only Rs. 100/at the time of conveyance. Many societies are not able to process deemed conveyance due to the above confusion. The government had announced many amnesty scheme earlier but this scheme is an unique with a provision to get relief not only in the penalties but also in the payment of stamp duty. In order to remove this confusion and for the members to avail the benefits of the scheme. I compliment the Government of Maharashtra for bringing out an excellent scheme on the representation made by our Federation and Maharashtra Societies Welfare Association (MahaSewa) from time to time. We hope government also will implement the representation made by us on your behalf. In order to avail the benefit of the scheme the members should know the details of the scheme in layman’s language which authors have tried to do with the help of this book. The Present book is prepaid in four parts to provide clarity in many expects including explaining the preceding with the help of flow chart, FAQ and including various specimens. I congratulate and thank the entire team of experts, managing committee of MahaSewa, Board of Directors of Federation and the authors, printer, distributors for preparing such an excellent book which will help Housing society to obtain Deemed Conveyance by clearing all the members pending stamp duty. Yours Truly, Hon’ble Shri Abhishek Ghosalkar Chairman
MESSAGE
S
hri CA. Ramesh Prabhu, Chairman of Maharashtra Societies Welfare Association (MahaSewa) is veteran in the field of Cooperative Housing and Urban Development. I personally know Adv. Shyamsundar Patil (IAS Retd.), CA. Ramesh Prabhu & CA. Shreyash Prabhu and I really feel privilege and proud to know that they authored first edition of “Manual of Stamp Duty Amnesty Scheme 2023-24.” Such a wonderful publication is possible because of their understanding, knowledge and clarity on the existing statutes and Shri SUNIL V. KORE subordinate legislations that deals with various issues Expert Director, Mumbai Suburban District of Stamp Duty and Registration. Cooperative Housing
It is also great to know that Adv. Shyamsundar Patil Federation Ltd. (IAS Retd.), CA. Ramesh Prabhu & CA. Shreyash Prabhu has set up a study group comprising Chartered Accountants, Advocates, Financial experts, Realty experts, Government officials to examine the various aspects related to “Stamp Duty Amnesty Scheme 2023-24”. The various deliberations, discussion within the study group and the essence of the said deliberations contained in the manual that make the manual beneficial for the entire user. Reading the manual, will show the meticulous efforts taken to cover every aspect of the scheme, right from the motive of the scheme and views on the scheme by Adv. Shyamsundar Patil (IAS Retd.), CA. Ramesh Prabhu, CA. Shreyash Prabhu & their expert team. Glimpse of the Scheme: Under this scheme, the Revenue Department of Maharashtra has allowed a partial or full waiver of the Stamp Duty and the Penalty amount imposed on documents which remained insufficiently stamped whether were lodged for registration or remained to be unregistered, whether they are residential, non-residential, agricultural, non-agricultural or industrial etc. executed between 1st January 1980 and 31st December 2020. I hereby personally suggest every individual should go through this manual which contains immense knowledge and qualified views on subject of I-19
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“Stamp Duty Amnesty Scheme 2023-24”. I personally appreciate that Adv. Shyamsundar Patil (IAS Retd.), CA. Ramesh Prabhu, CA. Shreyas Prabhu & their expert team did not left any stone unturned to bring out the clarity on the topic of “Stamp Duty Amnesty Scheme 2023-24”. Shri Sunil V. Kore (Expert Director) Mumbai Suburban District Cooperative Housing Federation Ltd.
MESSAGE FROM CHAIRMAN AND SECRETARY
Adv. HARSHAD BADBADE Hon., President,
Adv. ANIL D’SOUZA, Hon., Secretary
05th January 2024
Ref. BAR/ADV/007/2024
FROM THE BAR ASSOCIATION OF MAHARERA AND MAHAREAT
H
earty Congratulations to Adv. Shyamsundar Patil, retired IAS, CA. Ramesh Prabhu and CA. Shreyash Prabhu for their latest book on Stamp Duty Amnesty Scheme. It’s noteworthy to see the untiring efforts of Authors to educate and update the laity and the experts in the ever-evolving space of statutory taxes, charges, levies and duties and update us on the new regulatory compliances. We have always awaited updated versions of literary material on conveyance, registration, statutory duties, model byelaws of the co-operative housing societies, besides other regular inputs from his desk and his team on these subjects Recently, the State Government, Maharashtra reached out to citizens, whose housing and land documents were improperly computed, inadequately I-21
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MESSAGE FROM CHAIRMAN AND SECRETARY
stamped and thus lacked statutory regulatory obligations, as there was huge penalty upto 400%. But to provide relief to this segment, the Maharashtra Stamp Duty Amnesty Scheme 2023 on 7 December, 2023 which was long awaited and thus is heartily welcome, played the dual role of mobilizing additional revenue from an hitherto untouched segment due to the penalty. The relief on the two areas of stamp duty and on the penalty payable, is a pleasant move. The literary content has been well handled and neatly elucidated, in this new book coinciding with the New Year 2024. It has a broad appeal across the spectrum from a student pursuing commerce, economics, accounts and law to a thorough CA, CS, LLB professional. It is an easy-go-to-guide for clarifications of the Act, Rules, Regulations, Orders and circulars and understand statutory and regulatory compliances. There is no doubt that important and valuable books as these, are a beacon of light to members of a managing committee of societies, who are forever in search of the right guides and manuals, besides home-buyers, existing home owners, promoters, builders and developers, property agents, professionals and licentiates like chartered accountants and lawyers, finance experts/ property and taxation consultants, RERA specialists, and the workforce across the government machinery in revenue. This books not only highlights the positive aspects of such a move by the State government but also shares light to encourage higher accountability and compliances, thereby positively and directly impacting the state’s exchequer. Hopefully, many should use this book, and such other professional guides and thereby educate citizens, besides using it themselves, on the many good strides by the government from time to time, from the Bar Association’s of MahaRERA Professionals side, we wish the Authors and the MahaSewa team the very best and hope that we see more such useful guides tabled regularly. Best Wishes Adv. Harshad Badbade, Hon, Chairman
Adv. Anil Dsouza LLB, MBA, MA Hon, Secretary
MESSAGE FROM OFFICE BEARERS OF MAHASEWA
Adv. S. Parathasarathy, Vice President, MahaSewa
Shri V. Viswanathan, Secretary, MahaSewa
Adv. Naresh Pai, Treasurer, MahaSewa
Dear Colleagues,
W
e take great pleasure in forwarding this message on this August occasion of the release of the edition of the “STAMP DUTY AMNESTY” book, aimed at facilitating the various professionals and stakeholders engaged in this sphere, to benefit from the procedures to be adopted in their day to day practice. I am confident that with the valuable inputs received from Adv. Shyamsundar (Rtd. IAS) who has extensively worked in Revenue Department in various posts and CA Ramesh Prabhu, Housing & stamp duty Expert and Chairman of Maharashtra Societies Welfare Association (MahaSewa) and CA. Shreyash Prabhu who have mastered the subject and are well versed with the provisions of then Act, Rules and Regulations laid down therein. We are extremely confident that this volume shall not only be beneficial during the present Stamp Duty Amnesty Scheme but also would be a guide and ready reference for any kind of activity in that area. We have no hesitation to emphatically state that the study group which was constituted under their leadership have extensively researched and have covered all the nuances in the subject matter. We also happy to know that the book has been reviewed and appraised by other experts in the field and have contributed with their rich knowledge and experience. I-23
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MESSAGE FROM OFFICE BEARERS OF MAHASEWA
We should also not forget to mention here that the contents of the book are very elaborate and the language made used is very simple and easy to be understood by any layman. We are glad that the study group has been able to work relentlessly and bring out the edition on a war footing, without compromising on the quality and contents. The entire group deserves to be appreciated and complimented on their stupendous efforts in offering to the society this amazing volume. We are sure that this book will be useful not only to the stakeholders in the real estate industry like Promoters, Real Estate Agents, Home Buyers, Co-operative Housing Society members & managing committee, Project Management Consultants, etc. but also to the common man on his specific requirement. We are also hopeful that the domicile of the State of Maharashtra shall derive a lot of benefit from this book not only to comply with their statutory obligation of paying any of their deficient stamp duty on their instruments during the ongoing Amnesty scheme, but also for any future reference in the subject matter. We once again wish the entire team on this initiative and extend my heartfelt compliments to all the contributors for the successful launch of the book. Yours truly, Adv. S. Parathasarathy, Vice President, MahaSewa
Shri V. Viswanathan, Secretary, MahaSewa
Adv. Naresh Pai, Treasurer, MahaSewa
ABOUT THE AUTHORS Educational Background: B.Sc. at Govt. College of Arts & Science, Aurangabad from Marathwada University in 1982. Silver Medal in “ADVANCED POST GRADUATE DIPLOMA IN URBAN MANAGEMENT”- Mumbai University. LLB Mumbai University 39 years of comprehensive experience [Revenue Department (27 yrs.), Sales Tax Department (3 yrs.), Police Department (7 yrs.), and Reserve Bank (2 years)]
SHYAMSUNDAR PATIL, IAS Retd. B.Sc., APGDUM, LLB
Served on the posts: 1. Managing Director, Mahanand, (Maharashtra Rajya Sahakari Dudh Mahasangh Maryadit) as IAS Officer. 2. Joint Secretary, (Stamp & Registration, Sardar Sarovar Project, Evacuee Properties), Revenue & Forest Department, Mantralaya, Mumbai. Additional charge of the Settlement Commissioner, Compensation Pool Properties-cum- Custodian of Evacuee Property, Maharashtra State. 3. Deputy Secretary, (Stamp & Registration, Sardar Sarovar Project, Evacuee Properties), Revenue & Forest Department, Mantralaya, Mumbai. 4. Dy. Inspector General of Registration & Dy. Controller of Stamps, Mumbai division. 5. Superintendent of stamps, Mumbai.
Other Assignments held in past:
Additional Municipal Commissioner, Thane Municipal Corporation With additional charges of the posts: Commissioner, Thane Municipal Corporation [26.4.13 to 3.7.13] and Commissioner, Kalyan Dombivli Municipal Corporation [13.4.14 to 6.6.14]
Officer on Special Duty (OSD) to Minister, Revenue Department, Govt. of Maharashtra I-25
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ABOUT THE AUTHORS
Officer on Special Duty (OSD) to Additional Chief Secretary (Revenue),
Sub-Divisional Officer & Sub-Divisional Magistrate, Mumbai Suburban District
Dy. Collector (Appeals), Mumbai Sub-urban District & Thane District
Sub-Divisional Officer & Sub-Divisional Magistrate, Kankavli, Distt. Sindhudurg
District Supply Officer, Sindhudurg District
Sales Tax Officer Class-I -Mandavi Division & Andheri Division, Mumbai.
Police Sub-Inspector-Greater Mumbai Police Force, (Juhu Police Station, SB-II CID, SB-I CID)
ABOUT THE AUTHORS CA Ramesh Prabhu is a practicing Chartered Accountant and CISA (USA) qualified with experience of more than three decades and whose opinion is sought on various laws and issues particularly in RERA & Co-operative Sector. He is a partner in R. S. Prabhu & Associates Chartered Accountants firm, Chairman of Maharashtra Societies Welfare Association a Mumbai based registered NGO which is spreading the Co-operative Society movement across Maharashtra and chairman of Swagat Housing Finance Co. Ltd.
CA. RAMESH S. PRABHU B.COM. F.C.A., CISA (USA)
He is a regular faculty and Task Force Member with Institute of Chartered Accountants of India (ICAI). He has addressed number of seminars and webinars organized by WIRC, ICAI, Govt. Department, News papers, Political Parties, NGOs etc. He is the co-opted member of Co-op. Committee for Maharashtra by WIRC of ICAI for last few years. He has practical in-depth knowledge of the Cooperative & Housing sector. He is the author of 40 books on issues like conveyance, transfer of flats, parking, collection of dues from members, and service tax for housing societies. He has authored four books on RERA covering all important features thereof. He is the editor of WIRC MahaRERA practice manual to be published by WIRC of ICAI in both the edition of 2021 and 2024. He is the editor of MSWA Housing Societies Review having circulation of 35,000 copies with readership over 1.50 Lacs across Maharashtra state. He was appointed by Govt. of Maharashtra in 2008 on its Committee for drafting the law for Deemed Conveyance. He was invited to discuss before the Parliament Committee of Govt. of India to discuss draft bill of RERA and most of his suggestions were incorporated in the final approval of the said Act. His book on Deemed conveyance was released by Shri Prithviraj Chavan, Ex-Chief Minister, Govt. of Maharashtra, with a forward Message from Her Excellency Smt. Prathibathai Patil, the then President of India and CA Ramesh Prabhu had occasion to be Presidential Guest at Rashtrapathi Bhavan, New Delhi. I-27
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ABOUT THE AUTHORS
He is the member of the committee of the Government of Maharashtra to include a separate Chapter for Cooperative housing society in the MCS Act, 1960, MCS Rules, Election Rules & Bye laws. He has become synonymous with Housing Society, redevelopment and RERA matters in Maharashtra. He has authored book on SelfRedevelopment released by Shri Uddhav Thackeray CM of Maharashtra in Feb.-2020. He the secretary of Mumbai Sub-urban District co-operative Housing Federation Ltd. and has taken up number initiates including forming local area committees at every Corporator ward in Mumbai.
ABOUT THE AUTHORS CA Shreyash Prabhu B.Com. ACA and is a practicing Chartered Accountant. Presently in the second year of LLB. a He has worked in internal audit in Grant Thornton (GT) for a year. He the partner of R.S. Prabhu & Associates, Chartered Accountants firm and he is regular faculty and trainer in various programs. He was a presentor in 4 days Residential RERA Leadership Development Program organized by ICAI at Hyderabad in which nearly 15 Authorities and RERA experts had come from across India.
CA. SHREYASH PRABHU
He has actively taken part in spreading awareness related to deemed conveyance of society along with that practice of RERA through which he wishes to aid the allottees who suffer from the some of the unscrupulous builders. Currently, with the announcement of Stamp Duty Amnesty Scheme 2023, he has been conducting seminars and meetings with various societies to make people aware of the benefits of the scheme and how one can maximise the scheme for themselves. His passion in learning new subjects and creating the awareness of such subjects through articles, video and books has made him to contribute in the Maharashtra RERA Law & Practice Manual 2024 published by WIRC of Institute of Chartered Accountants of India and also actively written and contributed in the latest book on Stamp Duty Amnesty scheme 2023-24 published by Maharashtra Societies Welfare Association (MahaSewa). He is a honorary advisor to Mumbai sub-urban District Co-op. Hosing Federation and MahaSewa.
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CONTENTS
PAGE Foreword by Dr. Nitin Kareer, IAS
I-3
Foreword by Anil Kawade, IAS
I-5
Foreword by Shri Hiralal Sonawane, IAS
I-7
Preface
I-9
Books Authored by CA. Ramesh Prabhu, Chairman Mahasewa and
I-12
Message from Chairman
I-17
Message from Shri Sunil V. Kore
I-19
Message from Chairman and Secretary Bar Association of Maha RERA
I-21
0HVVDJH IURP 2I¿FH %HDUHUV RI 0DKDVHZD
I-23
About the Authors
I-25
Published by Mahasewa
& Maha REAT
Maharashtra Societies Welfare Association (Mahasewa) & Mumbai
Suburban District Co-Op. Housing Federation Ltd.
I-31
Board of Directors of Federation
I-33
Selected Photos of Mahasewa
I-34
Maharashtra Stamp Duty Amnesty Scheme 2023-24 Law & Practice study
I-43
Review and Appreciation of the Authorities
I-53
group of experts, Reviewers & Contributors
I-69
I-70
CONTENTS
PAGE
PART I
ABOUT STAMP DUTY AMNESTY SCHEME Ch. 1
Stamp Duty Amnesty Scheme (Abhay Yojana) 202324
3
Ch. 2
Background : Stamp Duty Amnesty Scheme 20232024
16
Ch. 3
Types of documents covered under the scheme
43
Ch. 3A
Avail Benefits of the Scheme for Pending Deemed Conveyance
52
Ch. 4
Determination of market value by the ready reckoner for stamp duty
63
Ch. 5
Online application for Amnesty Scheme
68
Ch. 6
Payment of stamp duty and its process
73
PART II ABOUT STAMP DUTY AND REGISTRATION Ch. 7
Stamp duty: Overview, importance and valuation factors
80
Ch. 8
Registration of Documents
118
Ch. 9
Stamp duty applicable on conveyance from time to time in favour of co-operaive housing societies
136
Ch. 10
Stamp Duty on Conveyance in Co-Operative Housing Societies from the beginning of the Stamp Act
146
Ch. 11
FAQs from the Government (IGR) Website
160
Ch. 12
QR Code for articles, important Government sites and YouTube videos on Stamp Duty Amnesty Scheme 2023
174
PART III APPENDIX COVERING ORDERS & CIRCULARS APX-1
07/12/2023 – Stamp Duty Abhay Yojana 2023 Order
183
CONTENTS
I-71 PAGE
APX-2
11/12/2023 – Standard Operating Procedures (SOP) for availing benefits under Stamp Duty Abhay Yojana 2023
191
APX-3
13/12/2023 – Corrigendum in Standard Operating Procedures (SOP) with respect to SOP
196
APX-4
Maharashtra Collector Stamp District Wise/Taluka wise
200
APX-5
12/12/2023 – Implementation of Maharashtra Stamp Duty Abhay Yojana 2023
202
APX-6
Scrutiny of documents for filing in Abhay Yojana 2023
214
APX-7
13/12/2023 – Letters issued by the Collectors of Stamps to Co-operative Housing Societies to avail the benefits of the Scheme
217
APX-8
Stamp Duty And Registration Fees Applicable on certain Instruments as per Schedule-I of the Act
220
APX-9
02/01/2018 – Guidelines regarding calculation of built-up area and carpet area for market value calculation
228
APX-10
07/12/2013 – Circular to protest loss of Govt. revenue and to protest mis-management of Stamp Duty by IGR
230
APX-11A
22/04/2009 – Letter issued by IGR dated 22/04/2009 regarding Amnesty Scheme 2008. In respect of stamp duty on the instruments executed during the period from dt. 4-7-1980 to 10-12-1985
235
APX-11B
Letter Issued by IGR Dated 10-08-2006. Regarding Amnesty Scheme 2008. In Respect of Stamp Duty on the instruments executed during the period from Dt. 4-7-1980 to 10-12-1985
237
APX-12
12/04/2012 – Procedure for calculation of the stamp duty applicable on the deemed conveyance deed issued by IGR
238
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CONTENTS
PAGE
PART IV
APX-13
14/06/2016 - To determine the documents in view of to remove the difficulties in Deemed Conveyance
242
APX-14
12/07/2016 - Documents required for registration of Deemed Conveyance Deeds of Deemed Conveyance Deeds of Co-operative Housing Authority as per provisions of MOFA Act, 1963
245
APX-15
22/06/2018 – Procedure to be followed while issuing deemed conveyance order and certificate
248
APX-16
22/12/2011 – Registration of confirmation deed or declaration deed issued by IGR
257
APX-17
28/05/2012 – Regarding Registration of Confirmation Deed or Declaration Deed (FAQ by IGR)
260
APX-18
Format of Society Certificate Mentioning the Details of the Agreement to be processed under Amnesty Scheme to Pay Stamp Duty on their own agreement
270
APX-19
Format of Authority Letter
271
APX-20
Power of Attorney
272
APX-21
Indemnity Bond
275
REPRESENTATION MADE TO GOVERNMENT TO ADDRESS CHALLENGES & CONCERNS BY MAHASEWA APX-22
Amendment in MOFA to register the agreement for sale /resale of flats to give relief to Lakhs of citizen of Maharashtra whose agreements were not registered and to generate the revenue under the Stamp Duty Amnesty Scheme 2023
279
APX-23
Suggestion to implement the unique Stamp Duty Amnesty Scheme more effectively and Successfully for the benefit of public at large
284
APX-24
Representation to ease the process of adjudication of deemed conveyance and consider the agreement for sale prior to 10.12.1985 under the latest Stamp Duty Amnesty Scheme 2023
289
CONTENTS
I-73 PAGE
APX-25
Representation on payment of stamp duty under Stamp Duty Amnesty Scheme, 2023 on Certified Copy or Photocopy of Stamped executed Instrument
297
APX-26
Representation to accept online application to be under Stamp Duty Amnesty Scheme, 2023
300
APX-27
Representation on payment of stamp duty under Stamp Duty Amnesty Scheme, 2023 on share certificate and allotment letter issued by the co-operative housing society constructed on private land
303
APX-28
Representation regarding Policy Changes required for smooth completion of Redevelopment and Self Redevelopment Projects
307
1 C H A P T E R
STAMP DUTY AMNESTY SCHEME (ABHAY YOJANA) 2023-24 EXECUTIVE SUMMARY : Sr. No.
Particulars
In brief/Reference
1.
Government Initiative
Announcement of the Amnesty scheme by GR 7th December, 2023
2.
Stamp Duty Amnesty Scheme
To regularize insufficiently stamped documents with minimum penalty
3.
Implementation of the scheme 1st Phase: 1-12-2023 to 31-01-2024 in 2 phases 2nd Phase 1-02-2024 to 31-03-2024
4.
Penalties levied on insufficient Penalty of 2% per month or part upto 400% Stamp duty penalties are levied on stamp duty due
5.
Waiver or the relief granted
6.
Impact of Stamp duty Amnesty Govt. will get revenue and citizen will save Scheme huge penalties
7.
Maharashtra’s 2023 Stamp Scheme to provide exemption on stamp Duty Abhay Yojana duty and penalties for a wide range of instruments in the state.
8.
Benefits of Stamp duty of Waiver of Stamp duty and Penalties Abhay Yojana, 2023 depending on the date of application and the date of execution of the instruments
9.
Scheme was announced by The scheme was announced by the Revenue whom? & Forest department of Maharashtra.
Based on the date of application and the date of the agreement & Stamp duty due
10. Instruments covered under the All instruments related to transfer of immovScheme able property under Maharashtra Stamp Act, 1958 whether registered or not. Whether
3
4 Sr. No.
PART I : ABOUT STAMP DUTY AMNESTY SCHEME
Particulars
In brief/Reference residential, Non-Residential, Industrial, Agricultural, Non-Agriculture etc. Schedule I : Instruments executed between 1st January, 1980 to 31st December, 2000. Schedule II : Instruments executed between 1st January, 2001 to 31st December, 2020
11. Role of the revenue department
Revenue Department through Inspector of General of Registration and Collector of Stamps (IGR) implements the scheme. To receive application online, verify, adjudicate, issue demand notice, collect the deficit amount and then certify the instruments as duly stamped under the scheme.
1.01 GOVERNMENT INITIATIVE Welcome to Maharashtra’s 2023-24 Stamp Duty Abhay Yojana: Amnesty Scheme Details and Benefits: The Maharashtra Stamp Duty Abhay Yojana or popularly known as Maharashtra Stamp Duty Amnesty Scheme 2023-24 is a government initiative aimed at providing relief to individuals and entities by granting waiver or pardon on stamp duty and penalties. The scheme is set to bring significant benefits to those seeking to regularize their property and other instruments or documents by paying pending stamp duty payments and penalties. Under the scheme, the insufficiently paid documents will be certified by the department as properly paid. For this, the beneficiaries need to apply under the scheme on online and offline basis. The department will collect the stamp duty as applicable on the date of execution of the documents by offering relief in the stamp duty amount as well as penalty depending on the period at which such documents were executed and the date on which the application has been filed by the beneficiary to avail the benefit of the scheme.
CH. 1 : STAMP DUTY AMNESTY SCHEME (ABHAY YOJANA) 2023-24
5
1.02 WHAT THEhtra MAHARASHTRA DUTY AMNESTY 1.002What is th heIS Maharas Stamp p Duty AmnestySTAMP Scheme 2023-24? SCHEME 2023-24? HAVE YO OU HEARD ABOUT THE NEW STAM MP DUTY AMNESTY Y SCHEME?
NO, WHE EN WAS THIS SCH HEME LAUNCH HED?
OH, PLEA ASE TELL ME MORE E ABOUT THIS SCH HEME
TH HE GOVERN NMENT L LAUNCHED THE AM MNESTY SC CHEME ON DEC, 7TH H 2023
The Amnesty Scheme offers a comprehensive approach in resolving pending stamp issues by providing a waiver penalties and allowing The Amnesty A duty-related Sch heme offers a comprehe ensive appro oach in on resoolving exemptions on deficit stamp duty to eligible applicants. It presents an oppendinng stamp du uty-related issues by providing p a waiver onn penalties and allowiing portunity for individuals and organizations to rectify their non-compliances exempt tions previous on deeficit stamp to obligations eliigible appliccants. It preesents that an opportunity oproper stamp f for and fulfil stampduty duty by certifying duty has been paid on such documents who avail the benefits of the scheme. individduals and org ganizations to t rectify theeir non-comppliances andd fulfil previoous stamp duuty Through this have the opportunity obligattions by certprogram, tifying that proper pindividuals/companies/firms stampp duty has beeen paid on such docum ments who avvail to receive waivers and exemptions for penalty payments and stamp duty, the bennefits of the scheme. offering essential relief for those struggling with unpaid stamp duty obligations. Eligibility for the Amnesty Scheme encompasses various criteria, Througgh this prog gram, indivviduals/ com mpanies/ which firm ms have opportunitytoto avail receiivethe covering a wide range of instruments arethhe applicable benefits of the scheme. waiverrs and exemp ptions for penalty paym ments and staamp duty, offering o esseential relief for f those struggling s with w unpaid stamp dutyy obligationss.Eligibility for the Am mnesty Schem me encomppasses vario ous criteria, covering c a wide w range of o instrumennts which aree applicable to avail thhe benefits of o the schemee.
6
PART I : ABOUT STAMP DUTY AMNESTY SCHEME
1.03 HOW IS THE SCHEME BEING IMPLEMENTED ? 1.03 How is the scheme s beiingimpleme ented ?
IT IS VALID V FROM M DEC,1 1ST 2023 TO O MAR,, 31ST 2024 4
NOW W THAT I KN NOW ABO OUT THE SCH HEME FRO OM WHEN IS I IT A APPLICABLE E
THE SCH HEME IS BEIING IMPLEMENTED INTO TWO O PHASES
WH HICH ARE TH HE TW WO PHASES?
The implementation of of the scheme structured two with The implem mentation f theamnesty amnestty scheme is is structured in twoinpha ases,phases, with eaach each phase having specific key dates and processes designed to facilitate phase having specific key dates and processses designedd to facilitaate the smoooth the smooth execution of the program. The Maharashtra government has execution o plan the progra Mahharashtra goovernment haasofoutlined a clear plan f on for outlined a clearof foram. theThe phased implementation the scheme based theof phased implementa ation ofthe thebenefit s scheme base on scheme the daate ofto applyi ng to maximum avail the t the date applying to avail ofedthe ensure participation and compliance. benefit of th he scheme too ensure maxximum partiicipation andd compliancee. Phase-1: First phase shall be the date on which applications are made by the applicants fromirst1stphase December, tillon 31st 2024are to enable made byproper s shall be 2023 thee date w January, which appliications t the Phase-1:F ground work for a successful launch is ensuring initial implementation of st st f 1 Deccember, 20223 till 31 Jaanuary, 20244 to enable proper grouund applicants from the scheme. work for a successful laaunch is ensuuring initial implementaation of the scheme. s
Phase-2: The Second phase shall be the date on which applications are Phase-2:T The Second phase pfromshall bFebruary, he date on o 2024 which till appplications arre made by the t with made by the applicants 1st be 31st March, 2024 st st an intention to extend the opportunities for availing benefits, providing indiapplicants from f 1 Febbruary, 20244 till 31 Maarch, 2024 with w an intenntion to exteend vidualsthe with additional time resources toindividual take advantage thetime program. opportu unities for av vailingand benef fits, providinng ls with additof tional a and resources to o take advanntage of the program. p
CH. 1 : STAMP DUTY AMNESTY SCHEME (ABHAY YOJANA) 2023-24
7
1.04 WHAT ARE THE PENALTIES LEVIED ON INSUFFICIENT STAMP 1.04 What W are the Penalties levied on in nsufficient stamp s duty?? DUTY?
IF I DID NOT PAY P Y STAMP DU UTY MAY IS S THERE AR RE PENA ALTY CHARG GED
YES Y PENALTY Y UPTO 2 % PER MO ONTH IS CHARG GED
WH HAT IS MAX XIMUM PENALTY TY CHARGED D
MAXIM MUM PENA ALTY IS UPTO 400 %
Non-complliance with s stamp duty regulations may may result result i penalties in as per sectiion Non-compliance with stamp duty regulations in penalties as per section 39 39of ofthe theMaharashtra Maharashtra Stamp Act, 1958. Penalty of 2% per month or M a Stamp Actt, 1958. Pennalty of 2% per month or part of the t part of the month is charged on deficit amount of stamp from the month is ch harged on deeficit amoun nt of stamp d duty from thhe time duty stam mp duty amou unttime stamp duty amount is due till the time the deficit stamp duty amount is paid. is due till th he time the deficit d stampp duty amounnt is paid. Maximum M peenalty is up to Maximum penalty is up to 400% i.e. 4 times of the stamp duty amount. 400% i.e. 4 times of thhe stamp dutyy amount.
Example: If Stamp duty amount to be paid in year 1998 was Rs. 5,00,000/which was not paid, the penalty amount will be Rs. 20,00,000/- (2% per Example: If Stamp duuty amount t be paid inn year 1998 was Rs. 5,000,000/- whiich to month up to 400%) in 2014 or thereafter. was not paaid, pennalty amoun nt will bewith R 20,00,000 Rs. 0/- (2% perr month up to for Understanding the the penalties associated non-compliance is crucial 400%)in 20 014 or thereaafter. individuals and entities seeking to regularize their stamp duty obligations and benefit from the scheme’s provisions. Understand ding the penalties p associated with w non-com mpliance iss crucial for f individuals and entitiess seeking to regularize r thheir stamp duuty obligatioons and beneefit from the sccheme's provvisions.
8
PART I : ABOUT STAMP DUTY AMNESTY SCHEME
1.05 WHAT IS THE WAIVER AND RELIEF GRANTED UNDER THE SCHEME? 1.05 What W is the waiver w and relief r granteed under th he scheme?
YO OU CAN SET T 100% % EXEMPTIO ON OF O PAYING ST TAMP DUTY Y
WAY SHOULD HE SCHEME? ? AVAIL TH
100% % EXEMPT TION REALLY!!!??
YES IF ST TAMP DUTY Y PAYMEN NT IS UPTO RS. 1,0 00,000/100% ST TAMP DUTY WILL BE EXEMPTED
Exemptionss available under the Abhay A Yojaana are desiigned to proovide relief to
Exemptions available under the Abhay Yojana are designed to provide relief eligible app plicants, alloowing them to benefit from f waiverrs and reducced stamp duuty to eligible applicants, allowing them to benefit from waivers and reduced obligations . The docum ments applie ed under the e scheme is divided d the scheme into two is schedu ules stamp duty obligations. The documents applied under divided g the date onn which the suchh date instruments s or the docu uments weree executed.or the considering into two schedules considering on which such instruments documents were executed. ScheduleSchedule 1: Documents January, 31st cember,to 20000 1: 1 Documenttsexecuted executed between b between 1st January, J 1st 198 80 to 31st De1980 st st December, 2000 Schedule 2: 2 Documentts executed between b 1 January, J 20001 to 31 December, 20220. ScheduleBy2: Documents between January, 2001 to s31st understa anding the exemptions, e executedindividuals can 1st leverage e the scheme e's offerings to December, 2020. rectify any outstandingg stamp dutyy issues. Below is the exxemption lim mit availablee to By understanding the exemptions, can the scheme’s beenefit of thee individuals scheme baased on theleverage date of execution of the t individuals availing offerings to rectify any outstanding stamp duty issues. Below is the exempdocuments (Schedule 1 or 2) and based b on thee date of appplying to avaail the beneffits tion limit available to individuals availing benefit of the scheme based on me (Phase-1 2). of execution the schem the date of of theordocuments (Schedule 1 or 2) and based on the date of applying to avail the benefits of the scheme (Phase-1 or 2).
CH. 1 : STAMP DUTY AMNESTY SCHEME (ABHAY YOJANA) 2023-24
9
If Instrument is executed during 1st Jan. 1980 – 31st Dec. 2000 (Schedule – I) (A) Application for Amnesty filed in Phase I: From 1st December 2023 If Instrument2024 is executed during 1 Jan 1980 – 31 Dec 2000 (Schedule – I) to 31st January A) Application for Amnesty filed in Phase I: From 1 December 2023 to 31 January 2024 st
st
st
st
B)
(SCHEDULE – I) INSTRUMENT EXECUTED DURING 1ST JAN 1980 TO 31ST DEC 2000
APPLICATION FILED DURING
PHASE I: 1ST DECEMBER, 2023 TILL 31ST JANUARY, 2024
PHASE II: 1ST FEBRUARY, 2024 TILL 31ST MARCH, 2024
NEXT PAGE (B) STAMP DUTY DUE UP TO RS. 1,00,000
STAMP DUTY DUE MORE THAN RS. 1,00,000
WAIVED STAMP DUTY 100%
WAIVED STAMP DUTY 50%
WAIVED PENALTY 100%
WAIVED PENALTY 100%
10
PART I : ABOUT STAMP DUTY AMNESTY SCHEME
C) Application for Amnesty filed in Phase II: From 28th February 2023 to 31st
(B) Application for Amnesty filed in Phase II: From 28th February, March 2024 2023 to 31st March, 2024 (SCHEDULE – I) INSTRUMENT EXECUTED DURING 1ST JAN 1980 TO 31ST DEC 2000
APPLICATION FILED DURING
PHASE I: 1ST DECEMBER, 2023 TILL 31ST JANUARY, 2024
PHASE II: 1ST FEBRUARY, 2024 TILL 31ST MARCH, 2024
PREVIOUS PAGE (A) STAMP DUTY DUE UP TO RS. 1,00,000
STAMP DUTY DUE MORE THAN RS. 1,00,000
WAIVED STAMP DUTY 80% (20% TO BE PAID)
WAIVED STAMP DUTY 40% (60% TO BE PAID)
WAIVED PENALTY 80% (20% TO BE PAID)
WAIVED PENALTY 70% (30% TO BE PAID)
11
CH. 1 : STAMP DUTY AMNESTY SCHEME (ABHAY YOJANA) 2023-24
If Instrument is executed during 1st Jan. 2001 – 31st Dec. 2020 (Schedule – II) If Instrument is executed during1st Jan 2001 – 31st Dec 2020 (Schedule – II)
(A) Application for for Amnesty filedinPhase in Phase I: From 1st December 2023 to 31st 2023 A) Application Amnesty filed I: From 1st December to 31st January January 2024 2024 (SCHEDULE – II) INSTRUMENT EXECUTED DURING 1ST JAN 2001 TO 31ST DEC 2020
APPLICATION FILED DURING
PHASE I: 1ST DECEMBER, 2023 TILL 31ST JANUARY, 2024
PHASE II: 1ST FEBRUARY, 2024 TILL 31ST MARCH, 2024
STAMP DUTY DUE UP TO RS. 25,00,00,000 (25 CRORES)
STAMP DUTY DUE MORE THAN RS. 25,00,00,000 (25 CRORES)
WAIVED STAMP DUTY 25% (75% TO BE PAID)
WAIVED STAMP DUTY 20% (80% TO BE PAID)
PENALTY LESS THAN RS.25,00,000 (25 LACS) 90% WAIVED OFF (10% TO BE PAID)
PENALTY MORE THAN RS. 25,00,000 (25 LACS) RS.25 LACS TO BE PAID, REST WAIVED OFF
PENALTY RS. 1,00,00,000 (1 CRORE) TO BE PAID, REST WAIVED OFF
NEXT PAGE (D)
12
PART I : ABOUT STAMP DUTY AMNESTY SCHEME B) Application for Amnesty filed in Phase II: From 1st February 2024 to 31st March 2024
(B) Application for Amnesty filed in Phase II: From 1st February 2024 to 31st March 2024 (SCHEDULE – II) INSTRUMENT EXECUTED DURING 1ST JAN 2001 TO 31ST DEC 2020
APPLICATION FILED DURING
PHASE I: 1ST DECEMBER, 2023 TILL 31ST JANUARY, 2024
PREVIOUS PAGE (C)
PHASE II: 1ST FEBRUARY, 2024 TILL 31ST MARCH, 2024
STAMP DUTY DUE UP TO RS. 25,00,00,000 (25 CRORES)
STAMP DUTY DUE MORE THAN RS. 25,00,00,000 (25 CRORES)
WAIVED STAMP DUTY 20% (80% TO BE PAID)
WAIVED STAMP DUTY 10% (90% TO BE PAID)
PENALTY LESS THAN RS.50,00,000 (50 LACS) 80% WAIVED OFF (20% TO BE PAID)
PENALTY MORE THAN RS. 50,00,000 (50 LACS) RS.50 LACS TO BE PAID, REST WAIVED OFF
PENALTY RS. 2,00,00,000 (2 CRORE) TO BE PAID, REST WAIVED OFF
CH. 1 : STAMP DUTY AMNESTY SCHEME (ABHAY YOJANA) 2023-24
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1.06 HOW DOES THE AMNESTY SCHEME IMPACT STAMP DUTY IN MAHARASHTRA? Maharashtra Government’s second highest revenue source is Stamp duty collection after Goods and Services tax. The introduction of the Stamp Duty Amnesty Scheme in Maharashtra brings significant changes to stamp duty payments and obligations during the scheme period. Understanding the impact of the scheme on stamp duty is essential for individuals and organizations operating within the state, as it directly influences their financial obligations and compliance with stamp duty provisions. With the implementation of the Amnesty Scheme, individuals and entities gain insights into the changes in stamp duty payments, penalties, and exemptions, thereby enabling them to make informed decisions and take necessary actions to benefit from the relief provided by the scheme. The insufficient Stamped instruments may be regularized by paying concessional stamp duty as applicable on the date of execution of the instruments and also maximum relief in the penalties. Thus make the instruments legally valid and which will be considered as evidence in the court of law in future, if required.
1.07 WHAT IS MAHARASHTRA’S 2023 STAMP DUTY ABHAY YOJANA? Maharashtra’s 2023 Stamp Duty Abhay Yojana is an amnesty scheme or stamp duty waiver scheme announced by the Maharashtra Government on 29th November, 2023 after a Cabinet decision and by issuing the Government Resolution on 7th December, 2023 to provide exemption on stamp duty and penalties for a wide range of instruments in the state.
1.08 WHAT ARE THE BENEFITS OF THE STAMP DUTY ‘ABHAY YOJANA, 2023’? The scheme offers exemption on entire stamp duty and penalties for instruments executed during January 1, 1980 to December 31, 2000. Additionally, it provides a waiver on stamp duty up to 25% on stamp duty payable and up to 90% waiver in penalty (Maximum payable being Rs. 25 Lakhs) amount for instruments executed during between January 1, 2001 to December 31, 2020. The details are provided in the GR dated 7th December, 2023 in the appendix -1 in this book.
1.09 WHO ANNOUNCED THE STAMP DUTY ‘ABHAY YOJANA, 2023’? The scheme was announced by the Government of Maharashtra headed by Hon’ble Chief Minister Eknath Shinde Deputy Chief Minister Devendra Fadnavis and Deputy Chief Minister Ajit Pawar after the cabinet decision
14
PART I : ABOUT STAMP DUTY AMNESTY SCHEME
in Mumbai on 29th November, 2023 notified in Government Gazette by a Government Order dated 7th December, 2023.
1.10 WHICH INSTRUMENTS ARE ELIGIBLE FOR THE EXEMPTION ON STAMP DUTY UNDER THE MAHARASHTRA AMNESTY SCHEME? The Scheme is applicable to the following instruments executed during 1st Jan. 1980 – 31st Dec. 2000 (as stated in Schedule – I of the Scheme) and the instruments executed during 1st Jan 2001 – 31st Dec 2020 (as stated in Schedule – II of the Scheme) which is part of Annexure to the Government order dated 7th December, 2023: (a) Any type of Instrument related to the Conveyance or Agreement to sale or Lease or Sale Certificate or Gift or Agreement relating to deposit of title deeds, pawn, pledge or hypothecation of immovable property for the purpose of residential or non-residential or industrial use; (b) Agreement or its records or Memorandum of agreement if relating to transfer of tenancy of immovable property for the purpose of residential use, Conveyance of allotment of residential or non-residential units or houses from the Maharashtra Housing and Area Development Authority (MHADA) and its Divisional Boards, the City and Industrial Development Corporation of Maharashtra Limited (CIDCO) and the Slum Rehabilitation Authority (SRA) to a slum dweller for the purposes of rehabilitation under approved Slum Rehabilitation Scheme and also Conveyance of allotment of residential or non-residential units or houses in registered Co-operative Housing Societies or any apartments whose deemed conveyance is pending; (c) Any type of Development Agreement or Conveyance or Agreement to Sale or Instrument of transaction of Assignment of the rights to the developer regarding the redevelopment of any dilapidated old buildings or any building or immovable property whose redevelopment is necessary; (d) Any type of Instrument in respect of the amalgamation, merger, demerger, arrangement or reconstruction of companies; (e) Any type of Instrument executed by the Maharashtra Housing and Area Development Authority (MHADA) and its Divisional boards, the City and Industrial Development Corporation of Maharashtra Limited (CIDCO) and the Municipal Corporation, Municipal Council, Nagar Panchayat, by the various Development or Planning Authorities approved or constituted by the Government under the prescribed Regulations, the Maharashtra Industrial Development Corporation (MIDC), the Slum Rehabilitation Authority (SRA) etc. authorities;
CH. 1 : STAMP DUTY AMNESTY SCHEME (ABHAY YOJANA) 2023-24
15
(f) The First allotment letter or Share Certificate issued or executed regarding residential or non-residential units by the registered Co-operative Housing Society on the Government land or by the Maharashtra Housing and Area Development Authority (MHADA) and its Divisional boards or by the City and Industrial Development Corporation of Maharashtra Limited (CIDCO) or by the Municipal Corporation, Municipal Council, Nagar Panchayat or by the Development or Planning Authorities approved or constituted by the Government under the prescribed Regulations.
1.11 WHAT IS THE ROLE OF THE REVENUE DEPARTMENT IN THE ‘STAMP DUTY AMNESTY SCHEME-2023’? The Revenue Department of the Government of Maharashtra implements the ‘Stamp Duty Amnesty Scheme-2023’ through the administrative machinery of Inspector General of Registration & Controller of Stamps including Joint District Registrar & Collector of Stamps. Collector of Stamps is assigned the role of Adjudication of Stamp Duty and plays vital role in the Amnesty Scheme. The applications under ‘Stamp Duty Amnesty Scheme-2023’ are to be submitted in the office of Collector of Stamps who is also responsible for recovery of deficit stamp duty and penalty. The details are available on www.igrmaharashtra.gov.in website. Link: https://igrmaharashtra.gov.in/
MAHARASHTRA STAMP DUTY AMNESTY SCHEME 2023-24 LAW & PRACTICE AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE
: SHYAMSUNDAR PATIL , RAMESH S. PRABHU , SHREYASH PRABHU : TAXMANN : JANUARY 2024 : 2024 Edition : 9789357784795 : 384 : PAPERBACK
Rs. 935 | USD 41
DESCRIPTION This book is a comprehensive guide to provide an in-depth understanding of the new Maharashtra Stamp Duty Amnesty Scheme for 2023-24. It is a blend of theoretical and practical elements, designed not only as a guide but also as a reference manual for professionals in the field. This book is divided into four parts: • Part I discusses the new Stamp Duty Amnesty Scheme, elaborating on its provisions, processes, practical tips, and FAQs and providing valuable tools like checklists, flow charts, and QR codes for additional resources • Part II focuses on Stamp Duty & Registration provisions, including FAQs and practical examples • Part III compiles Notifications, Orders, and other relevant administrative documents, offering a comprehensive view of the Scheme's operational framework. • Part IV discusses Representations to Ministers & Authorities, providing insights into the challenges of implementing the Scheme and proposing measures for its success. It is a valuable resource for housing society members, new flat purchasers, builders, developers, real estate agents, advocates, and stamp duty and registration professionals. The Present Publication is the 1st Edition, authored by Adv. Shyamsundar Patil, CA. Ramesh S. Prabhu and CA. Shreyash Prabhu.
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