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Stamp Duty Reduction on Property Loans

Stamp Duty Reduction on Property Loans Latest News

1.5 min read

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Posted on- 29 Dec 2020

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Posted by- admin

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The Maharashtra government is all set to make a new ordinance by reducing the stamp duty rates in the agreements of registration for loans and properties, and bringing about uniformity in the State. This step is taken with an intent to uplift buyer sentiment. A decision that was made at the cabinet meeting. This move will permit ordinary citizens, slum dwellers, farmers as well as other unorganised entities who do not have a registered deed but have proof of 7/12 or income certificate to pay less stamp tax on the deed of their property.

It is observed that different stamp tax charges on different bank-related documents, there are some discrepancies in collecting stamp-duty fees. To curb this, the speed of stamp tax levied on a bank-related deposit of deed or equitable mortgage or hypothecation instrument is 0.3 percent rather than 0.2 percent; 0.5 percent instead of 0.3 percent. Hence, the cabinet has decided to levy a uniform stamp duty on bank-related documents, as well as Rs 15,000 for online registration of documents or online filing of notices.

Inclusively, the documents contain all kinds of items. Stamp duty is levied on those documents also. The state cabinet has also decided to amend various clauses or different transfers and transactions therein section with retrospective effect as per the Supreme Court’s judgment concerning stamp tax charges on mortgages of loans given by a gaggle of banks.

To refer to our buying guide. Click on the link below:
https://www.thepropertist.com/real-estate-news-and-articles/buying-guide

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