Registration Charges & Stamp Duty In Mumbai, Maharashtra

Registration Charges & Stamp Duty In Mumbai, Maharashtra

After the state government announced an extra percent as a metro cess on property acquisitions, beginning as of April 1, 2022, the stamp duty in Mumbai increased by one percent. The Mumbai stamp duty & registration fees are shared in this article.

Update: The State government has declared a 1% metro cess on stamp duty, beginning April 1, 2022, which is expected to cause property prices in certain cities in Maharashtra to rise. Mumbai, Pune, Thane, and Nagpur will enact an additional cess to pay for the expansion of transportation infrastructure projects. In Mumbai, the stamp duty and registration fees would increase by 6% with the implementation of the metro cess. Similar to this, the metro cess will increase the current six percent stamp duty in Pune and Nagpur to seven percent.

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The Maharashtra government assessed stamp duty rates for property registrations at 5% in Mumbai and 6% elsewhere in the State prior to the announcement. In March 2021, the government announced a one percent stamp duty rebate for property transfers made only in a woman's name. Therefore, all female homebuyers in Mumbai are required to pay 4% in stamp duty. Joint owners are not eligible for this reimbursement (Male and Female).

Another event is that the government has approved a law to give investors up to three years to avoid paying stamp duty. To qualify for the waiver in the past, the investor had to sell their homes within a year of purchasing them. In the future, investors who resell their property within three years after obtaining it will be eligible for a stamp duty waiver. In such transactions, the stamp duty is only paid on the difference in the property's price rather than the entire amount.

Mumbai's current stamp duty & registration fees Areas in Mumbai

Stamp Duty rates in Mumbai for men Within the municipal 6% of the market limits of any urban value of property area Within the limits of 4% of the market any municipal value of property council/ Panchayat/ cantonment of any area within MMRDA Within the limits of 3% of the market any gram Panchayat value of property

Stamp Duty rates in Mumbai for women 5% of the market value of property

Registration charges in Mumbai 1%

3% of the market value of property

1%

2% of the market value of property

1%

How is Mumbai's stamp duty rate determined?

The valuation of the property specified in the buyer-seller agreement is typically higher than the Ready Reckoner rate when calculating stamp duty rates. In India, the cost of stamp duty varies by state. In Maharashtra, the stamp duty on real estate varies depending on whether it is located within the boundaries of the municipal corporation, municipal council, or gramme Panchayat. A one percent registration fee is also levied.

Maharashtra's stamp duty and registration fees

Cities Mumbai

Pune

Thane

Navi Mumbai

Stamp Duty rates (Male) 6% (Stamp duty 5% + 1% Metro Cess)

Stamp Duty rates (Female) 5% (Stamp duty 4% + 1% Metro Cess)

Registration Charges

7% (Stamp duty 5% + Local Body Tax (LBT) 1% + 1% Metro Cess)

6% (Stamp duty 4% + Local Body Tax (LBT) 1% + 1% Metro Cess)

For properties above Rs 30 lakh - Rs 30,000.

7% (Stamp duty 5% + Local Body Tax (LBT) 1% + 1% Metro Cess)

7% (Stamp duty 5% + Local Body Tax (LBT) 1% + 1% Metro Cess)

6% (Stamp duty 4% + Local Body Tax (LBT) 1% + 1% Metro Cess)

6% (Stamp duty 4% + Local Body Tax (LBT) 1% + 1% Metro Cess)

For properties above Rs 30 lakh - Rs 30,000.

For properties below Rs 30 lakh - 1% of the property value.

For properties below Rs 30 lakh - 1% of the property value.

For properties above Rs 30 lakh - Rs 30,000.

For properties below Rs 30 lakh - 1% of the property value.

For properties above Rs 30 lakh - Rs 30,000.

For properties below Rs 30 lakh - 1% of the property value.

Pimpri Chinchwad

Nagpur

7% (Stamp duty 5% + Local Body Tax (LBT) 1% + 1% Metro Cess)

7% (Stamp duty 5% + Local Body Tax (LBT) 1% + 1% Metro Cess)

6% (Stamp duty 4% + Local Body Tax (LBT) 1% + 1% Metro Cess)

6% (Stamp duty 4% + Local Body Tax (LBT) 1% + 1% Metro Cess)

For properties above Rs 30 lakh - Rs 30,000.

For properties below Rs 30 lakh - 1% of the property value.

For properties above Rs 30 lakh - Rs 30,000.

For properties below Rs 30 lakh - 1% of the property value.

In essence, stamp duty is a form of property tax that buyers of real estate pay. Maharashtra imposes stamp duty and registration fees on all sorts of properties, including freehold or leasehold, land (both agricultural and non-agricultural), independent houses or flats, residential flats, and commercial properties, same like other States in India. It is a significant source of funding for the government. All of Maharashtra State is covered by the Maharashtra Stamp Duty Act, 1958. The State-determined rate of stamp duty is imposed under the Act on real estate properties.

The amount of stamp duty that must be paid depends on a number of factors, such as the property's area, market worth, and other factors.

The stamp duty on a business property is a little greater than on a residential property because a commercial unit offers various amenities, floor space, & security elements.

The locality and jurisdiction determine the stamp duty for land purchases. You must pay a higher stamp duty land tax if your land parcel is located in an urban or municipal locality.

In a similar vein, if the land is within Panchayat boundaries, the buyer will pay less than if it were in an urban area.

Maharashtra's conveyance deed stamp duty Sales Agreement Lease agreement Gift sales agreement Gift sales agreement for residential/agricultural property transferred to family members Power of Attorney

Stamp Duty 5% 3% Rs 200 5% for property within the municipal limits.

3% for areas within the gram Panchayat.

According to the Maharashtra Stamp Act, which was last amended in 2017, if the property being considered is a farmland, agricultural land, or residential property, the stamp duty will be Rs 200 if passed on to family members, whereas the stamp duty on gift deeds will be three percent of the property cost for non-family members.

How can stamp duty in Mumbai be paid online?

A number of State governments have introduced electronic stamp duty payment in an effort to streamline the property registration procedure. Homebuyers might pay the stamp duty, registration fee, or any other fees online with just a few clicks with the use of an estamp registration service. The process for paying stamp duty online is quick, clear, and easy. By taking a few simple procedures, homebuyers can pay stamp duty on the purchase of a property.

   

The Maharashtra Stamp & Registration Department website can be accessed by homebuyers by clicking here.

Payers must fill out a form after arriving on this website with information about the property and its surroundings.

After entering all the necessary information, you must select the payment gateway.

All significant nationalized banks have connections to the website.

Select your bank, and then carry out the transaction.

Factors influencing Mumbai's stamp duty rates The following are the main variables that impact stamp duty rates:   



Age and gender of the property owner: Female homebuyers are eligible for a 1% stamp duty discount.

Location of the property: The cost of stamp duty is higher inside an urban area's municipal limits than outside.

Property type and use: Commercial properties, such shops and offices, have higher stamp duty rates than residential ones. For apartments, independent homes, etc., the fees differ as well.

Property age and amenities: High-end amenities in housing societies frequently result in greater stamp duty. Older properties also incur lower stamp duty fees.

How can I get my Maharashtra stamp duty refund?

Stamp duty refunds are permitted by IGR Maharashtra in the following situations:        

If the stamp paper is declared unfit for use because it has writing errors.

If the stamp paper is not signed or has inaccurate information.

If any of the parties or a judge finds the transaction to be fraudulent.

If any party declines to stamp the paper.

If a crucial signatory party passes away before signing the stamp paper.

In the event that one party rejects the terms and conditions.

If the registration is performed using stamp paper of the appropriate denomination but the value of the stamp on the document is insufficient.

If the transaction has been recorded using another stamp paper document but the original stamp paper is ruined or useless.

To apply for the refund process, you must do it online, obtain a token, and follow the steps below to submit your application to the closest SRO:     

To access the Stamp Duty Refund website, use your mobile number as your login.

Produce a password and the refund token number.

Details such a personal bank account number, the cause for the reimbursement, etc. should be filled in.

Mention your payment method, the closest SRO, and the stamp dealer.

Enter all the information, and then send this token number to the appropriate SRO.

Do old property records require stamp duty to be paid?

According to the Maharashtra Stamp Act, the collector may request property records in order to confirm that the correct amount of stamp duty was paid. Only within ten years of the registration date could this be done. Additionally, the Bombay High Court recently ruled that the stamp duty on documents that were improperly stamped may not be collected at a subsequent sale. Additionally, if the stamp duty is paid within a 10-year period, it must be calculated using the market rate in effect at the time the transaction was finalized.

In Mumbai, do stamp duty payments qualify for tax benefits?

Stamp duty and registration fees that are directly connected to the transfer are eligible for a tax credit under Section 80C of the Income Tax Act of 1961. The most you may deduct is Rs 1.5 lakh.

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