ARTICLES OF ASSOCIATION OF A COMPANY Where the Company has no share capital or nominal share capital or increased share capital. These amendments were first proposed under the Finance Act of 2019 and the Indian Stamp. Hence, it is crucial to duly stamp a contract. 0.1% of the value of the shares ,scrip or stock. The eSBTR is a receipt of duty paid to the government. 0.5 % of the amount agreed in the contract. Exemptions Affidavit or declaration in writing when made --. (Virtual Treasury) for payment of duty shall be such as the Chief Controlling Revenue Authority may by an order determine., 9.4 Fixing liability of payment of stamp duty even on unregistered documents, Aftersection 10Cof the principal Act, the following section shall be inserted, namely :, 10D. (c) where such share contribution is brought in by way of property, excluding cash. . Tenancy agreement in Maharashtra When renting a property, landlords and tenantsmust engage in proper documentation to make the rental agreements legally binding. Also read: Stamp duty on property registration in Gujarat Stamp duty in Mumbai 2023 As per Article 5(h)(B) of Schedule I of the Act, read with Section 4 of the Act and as per the latest judgement of Bombay High Court on writ petition of Prabha Laxman Ghate and PIL of Chandrakant Nanekar, the stamp duty on free flats/ galas given to owner of the land by the developer is chargeable with Rs. (a) if the release deed of an ancestral property or part thereof is executed by or in favour of brother or sister (children of renouncers parents) or son or daughter or son of predeceased son or daughter of predeceased son or father or mother or spouse of the renouncer or the legal, heirs of the above relations without consideration in any form. It is an indirect tax collected by the State Government in Maharashtra. 10.2 Amendment in Article 1 of Schedule I, In SCHEDULE I of the principal Act , in Article 1, in clause (1),-, exceeds rupees 10,000 but is less than rupees 10,00,000; and, 11.1Amendment of SCHEDULE I appended to Maharashtra Stamp Act. (2) Letter of hypothecation accompanying a bill of exchange, ARTICLE 10 ARTICLES OF ASSOCIATION OF A COMPANY. All agreements for leave and license must be stamped and registered. Explanation I. STAMPS TO BE USED- Non-Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules10 & 11]. With an intent to bring uniformity in rates of . 0.5% of the consideration amount of the debenture. In August 2020, Maharashtra Government announced that they are reducing the stamp duty for the next three months. Two key amendments to the Maharashtra Stamp Act, 1958 have been introduced in relation to stamping of documents encompassing multiple transactions and stamp duty rates in case of mortgage by deposit of title deeds and mortgage deed. In all other cases, it is to be paid by the person executing the instrument. Stamp Paper- The stamp charge must be executed on non-judicial stamp papers and is paid directly to the registered authority. Mumbai, Maharashtra, India. However, from 1st April 2021, the stamp duty rate . if(MSFPhover) { MSFPnav4n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav4h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } . (2) The Chief Controlling Revenue Authority shall authorize a person nominated by such Department or body, etc. The Amendment introduces a new definition of clearance list which is each client's list of transactions of sale and purchase relating to contracts traded on the stock exchange. An instrument covering or relating to several distinct matters is chargeable with the aggregate amount of duty with which each separate instrument would have been chargeable. The Finance Act, 2019 ('FA 2019'), has prescribed certain amendments in the Indian Stamp Act, 1899 ("the ISA") with the intent of creating a mechanism which would enable the State to collect . In cases of Bonds, Release, Settlement, it is to be paid by the person making or drawing the instrument. 3,q~KQLa5})lDUau2Pyq?P|#K:G::w;9,8izk+x5o/y% hn;p#glsf VK>KJU|p7y6#&Q oFa#K/ if(MSFPhover) { MSFPnav5n=MSFPpreload("../_derived/back_cmp_Profile110_back.gif"); MSFPnav5h=MSFPpreload("../_derived/back_cmp_Profile110_back_a.gif"); } Explanation For the purposes of this sub clause, the unit shall include a flat, apartment, tenement, block or any other unit by whatever name called, as approved by the Competent Authority in the building plan. From 1st January 2021, people were to pay a 3% stamp duty on the . However, upon delving deeper into the property registrations data, it was found that, only 7 per cent of these registrations were . W.e.f. If the garden of your house has a formal design, then you must place the water fountain in a central location so that it can serve as a focal point. Thus, no instrument can be registered beyond 8 months from the date of execution. ARTICLE 37 LETTER OF ALLOTMENT OF SHARES. Conditions (1) Maharashtra Housing and Area Development Authority (MHADA) must certify that the Project is an approved project under the Pradhan Mantri Awas Yojana- Housing for All (Urban). Indian Stamp Act, 1899 Amendments and Rules made thereunder. 31.03.2020 that the Company had committed default in payment of instrument deed . If the property is sold by Govt. Provided further that, if the proper stamp duty is paid under clause (g) of article 48 on a power of attorney executed between the same Explanation I.-For the purposes of this article, where in the case of agreement to sell an immovable property, the possession of any immovable property is transferred or agreed to be transferred to the purchaser before the execution, or at the time of execution, or after the execution of, such agreement [* * *] then such agreement to sell shall be deemed to be a conveyance and stamp duty thereon shall be leviable accordingly: Provided that, the provisions of Section 32A shall applymutatis mutandisto such agreement which is deemed to be a conveyance as aforesaid, as they apply to a conveyance under that section: Provided further that, where subsequently a conveyance is executed in pursuance of such agreement of sale, the stamp duty, if any, already paid and recovered on the agreement of sale which is deemed to be a conveyance, shall be adjusted towards the total duty leviable on the conveyance.