Maharashtra Government Reinforces 5% Stamp Duty Charges On Property Purchase

On Wednesday, the Maharashtra state government decided that it shall not extend the 2 percent stamp duty waiver on real estate registration. And in fact would reinforce the original rate of 5 percent on property registration beginning April.

Maharashtra Government Reinforces 5% Stamp Duty Charges On Property Purchase

Amid the Covid19 led economic slowdown, the state government in August last year lowered the stamp duty charges to 2 percent. And then between January 1 and March 31, the rate was increased to 3 percent.

On Wednesday, state revenue minister announced that there shall be no changes to the stamp duty rate announced in September last year. Stamp duty is among the three biggest revenue source for the state governments.

Further in case the title of the property is in the name of a woman then 1 percent waiver in stamp duty is allowed. Also, there accompanies a clause, as per which once the property is bought in the name of the woman it cannot be put for sale for the next 15 years. And if for any reason she sells then one percent of the waived amount together with the huge penalty shall apply. So, for a woman buying a property, stamp duty at the rate of 4 percent shall be applicable.

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