The new rate after the reduction was 2% (from earlier 5%) and applied from 1st September to 31st December 2020. (1) Instrument of any partnership inclusive of ,Limited Liability Partnership and Joint Venture to run a business ,earn profits and to share profits ,whether in cash or in kind-. 5 It should be for consideration. After six months it is mere a piece of paper. The authenticity of the Stamp Certificate can be verified at Authorised Collection Centers (ACCs), SHCIL Offices and Sub-registrar Offices (SROs). Both the Parties of the agreement are also situated in Maharashtra. The same duty as is leviable on a Conveyance under clause (a), (b) (c), as the case may be, of Article 25, on the market value of the property of the greatest value. (c) exceeds rupees 5,000 but does not exceed rupees 10,000; (d)exceeds rupees 10,000 but is less than rupees 10,00,000; and. 10,00,000; 0.25 % of the amount agreed in the contract subject to minimum of Rs.100. HIRING AGREEMENT or agreement for service, see Agreement (Article 5). B If the agreement claims to be for a period of more t A highly motivated and ambitious practising Advocate and Solicitor with an experience in commercial litigation and dispute resolution. Stamp Duty is a statutory payment like Goods and Services Tax which needs to be paid on all instruments chargeable to duty. Registration charges in Mumbai for a property worth Rs. (c) When a collateral or auxiliary or additional or substituted security, or by way of further assurance for the above-mentioned purpose where the principal or primary security is duly stamped. These states include Haryana and Maharashtra. Stamp duty is a duty payable upon the execution of certain instruments or documents specified in the Indian Stamp Act, 1899 ("IS Act") or the relevant state Stamp Act as the case maybe. Vide Notification No. (da) if relating to the order of the High Court under section 394 of the Companies Act, 1956 or the order of the National Company Law Tribunal under sections 230 to 234 of the Companies Acts, 2013 or confirmation issued by the Central Government under sub-section (3) of section 233 of the Companies Acts 2013 in respect of the amalgamation, merger, demerger, arrangement or reconstruction of companies (including subsidiaries of parent company) or order of the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949 in respect of amalgamation or reconstruction of Banking Companies. In India there are 29 States and Stamp Duty varies in each State for ex: The Stamp Duty for Rent Agreement in Delhi is Rs. In August 2020, Maharashtra Government announced that they are reducing the stamp duty for the next three months. Explanation II-For the purposes of this Article ,any new instrument executed for additional loan or extension of previous loan shall be treated as a fresh instrument and chargeable with the duty to the extent of additional amount being secured or disbursed or sanctioned. Controller of Stamps ,Mumbai/Designated Officers. Stamp duty on lease agreements Stamp duties are payable pursuant to Section 3 of the Indian Stamp Act, 1899. (a) if the amount agreed does not exceed Rs. Stamp Duty Consultation And . You have to pay a stamp duty while registering the rent agreement, which will vary, depending on the city where it is registered. (a) Where the leave and license agreement purports to be for a term not exceeding 60 months with or without renewal clause. The Penalty on the instruments mentioned in the Appendix is reduced to ten per cent of total penalty on the deficient portion of the duty. NOTARIAL ACT, that is to say, any instrument, endorsement, note, attestation, certificate or entry not being a Protest (Article 49) executed by a Notary Public in the performance of the duties of his office, or by any other person lawfully acting as a Notary Public. Insection 40of the principal Act, after the words hereinafter prescribed the words with the prior approval of the Additional Controller of Stamps, Mumbai for the areas in Mumbai City and Mumbai Suburban Districts and for the other areas the Deputy Inspector General of Registration and Deputy Controller of Stamps shall be added. As per announcement, stamp duty was brought down to 2% (from 5%) until 31st December 2020 and 3% for the period between 1st January 2021 and 31st March 2021. They cannot be in the name of the Chartered Accountant or Lawyer of the parties. Stamp duty in Mumbai, Thane, Navi Mumbai, Pune, Nagpur and Nashik on sale, mortgage and gift deed details will attract a 1% metro cess from April 1, 2022 as these places have metro projects -operational or work under progress. While Buying a Non-Judicial Stamp Paper you need to provide the following details: Names of parties to the agreement (First party, second party, etc. as they are worded or drafted. 4.6 The date of issue of the stamp paper must not be more than 6 months older than the date of the transaction. Stamp Paper: The rent agreement must be executed on non-judicial stamp paper of the correct value as per the applicable stamp duty laws. As per the Ordinance dated 9th February 2021 amendment to Articles 6(1) and 40 has been carried out to bring uniformity in stamp duty chargeable on the instruments of mortgage by deposit of title deeds and simple mortgage deed. 4.90 for every Rs. // -->
