On January 20, 2022, the Maharashtra Government passed the Maharashtra Stamp (Amendment) Act, 2021 (“2021 Act”) to amend the Maharashtra Stamp Act, 1958 (“Act”). By way of the 2021 Act, following key changes have been introduced in Schedule I to the Act:
|
S. No. |
Description of Instrument |
Previous Stamp Duty |
Present Stamp Duty |
|
|
Article 6 - Agreement Relating to Deposit of Title Deeds, Pawn, Pledge or Hypothecation for an amount exceeding Rs. 5 lacs.
|
0.3 per cent of the amount secured by such deed subject to the maximum of Rs. 10 lacs. |
0.3 per cent of the amount secured by such deed subject to the maximum of Rs. 20 lacs:
Provided that, in case of instrument executed in favour of consortium of banks, the duty chargeable shall not exceed Rs. 50 lacs. |
|
|
Article 33 (Further Charge) -Instrument imposing a further charge on mortgaged property where possession is not given–
(A) if the amount of further charge secured by such deed does not Rs. 5 lacs,
(B) in any other case. |
Rs. 1000 for every five hundred or part thereof for the amount of further charge secured by such instrument subject to minimum of Rs. 100 and the maximum of Rs. 10 lacs |
0.1 per cent of the amount of further charge secured by such deed, subject to a minimum of Rs. 100;
0.3 per cent. of the amount of further charge secured by such deed, subject to maximum of Rs. 20 lacs. |
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|
Article 40 - Mortgage Deed - for an amount exceeding Rs. 5 lacs, when possession is not given or agreed to be given. |
0.3 per cent. of the amount secured by such deed, subject to the maximum of Rs. 10 lacs |
0.3 per cent. of the amount secured by such deed, subject to maximum of Rs. 20 lacs:
Provided that, in case of instrument executed in favour of consortium of banks, the duty chargeable shall not exceed Rs. 50 lacs. |
|
|
Article 54 - Security Bond or Mortgage Deed (i) if the amount secured by such deed does not exceed Rs. 5 lacs,
(ii) in any other case. |
0.5 per cent. for the amount secured by such deed subject to the maximum of Rs. 10 lacs:
Provided that, where on an instrument executed by a person for whom a person stands surety and executes security bond or a mortgage deed, duty has been paid under article 40, then the duty payable shall be Rs. 100. |
0.1 per cent of the amount secured by such deed, subject to the minimum of Rs. 100;
0.3 per cent of the amount secured by such deed, subject to the maximum of Rs. 20 lacs:
Provided that, where on an instrument executed by a person for whom a person stands surety and executes security bond or a mortgage deed, duty has been paid under article 40, then the duty payable shall be Rs. 100. |
Please find a copy of the 2021 Act, here.
This update has been contributed by Nidhi Arya (Partner) and Vansh Aggarwal (Associate).
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