The stamp duty in Maharashtra may be hiked by 1 percent. The stamp duty in Maharashtra will go up to 7 percent if a hike is enforced. Stamp duty in Maharashtra can be hiked from April 1, 2023, according to reports. If the proposal is accepted, the cost of houses will be increased across Maharashtra. If the Local Body Tax and Metro surcharge are also levied by the state government, the stamp duty might rise to 8 percent. The stamp duty is 7 percent if the LBT is not levied.
The Bombay High Court ruled that there was no stamp duty on the apartments.
The residents of a redeveloped housing society don't need to pay stamp duty on the allotted permanent accommodations as a result of a judgement by the Bombay High Court. A huge relief will be provided to the real estate sector in Maharashtra. The ruling has put an end to the litigation and paved the way for a clearer regime. The court expunged the earlier circulars which had contemplated that the PAAA must be stamped again even though the development agreement between the developer and the society is already stamped.
There is Stamp Duty in Maharashtra.
Stamp duty is charged on property transactions. Stamp duty and registration charges are included in the Maharashtra Stamp duty Act.
Stamp Duty in Maharashtra has been reduced to 2% of the property value to encourage homeownership and boost the real estate sector. Stamp duty in Maharashtra will be back in April 2022, after a brief hiatus.
Property buyers
in Maharashtra will be able to purchase resale properties for one to three years without paying stamp duty if the bill passed by the Maharashtra state government is followed. This initiative was taken by the state government to address the difficulties in property resale. Stamp duty in Maharashtra will be calculated on the difference in the property's value and not on its overall price over the next three years according to the terms and conditions of the bill. There are charges and Levies covered in Maharashtra. Stamp Duty and additional taxes are included in Total Stamp Duty in Maharashtra.
There is a local body tax in urban areas. This is 1% of the property value and is intended to be used for funding transport infrastructure projects in the cities. Zilla Parishad cess is used in rural areas which do not fall under the jurisdiction of any Municipal Corporation or Municipal Council. At 1% of the property consideration value, this cess is also payable. There is an additional surcharge on areas under the NMC and NIT. The surcharge is over the 1% cess.
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