2.1 It is very important to note that stamp duty is on an instrument and not on a transaction. has. Non-judicial stamp documents – This is the traditional type of stamp, but complicated and time-consuming, and involves obtaining physical stamp papers through collaboration with licensed suppliers. The instrument to be executed is printed on these stamp papers. This option is not feasible in cases where a stamp duty of high nominal value must be paid. Stamp duty on these instruments is now limited to a maximum stamp duty of INR One million (INR 1,000,000). This amendment was introduced with effect from 1 July 2014. With regard to the purchase of shares in a system by an investor of a developer, if the investor sells the unit, compensation for the tax paid on the transfer tax would be in accordance with Art. 25 stamp papers still available in some cities of India, but not freely. For financing transactions, some of the documentation is often executed in a different state than the rest of the documentation.
This is often the case for certain security documents. When determining the place of performance (and storage) during the lockdown, the parties would be advised to also consider the availability of papers or other stamping options in the state concerned and the possible retention of hours provided for in the Maharashtra circular. Other states are also expected to issue clarified circulars on the payment of stamp duty during the lockdown, and it remains to be seen whether these circulars provide for a more reasonable period of time for parties to obtain stamp paper safely. In the State of Maharashtra, there are mainly 4 methods of payment of stamp duty: 4.8 Stamp duty must be paid at the rates indicated in Annex I. In the case of instruments based on the market value of the immovable property, the concept of immovable property which is the subject of an instrument is the price that the property would have obtained if it were sold on the open market at the time of the execution of that instrument or if the consideration indicated in the instrument was indicated, whichever is higher. The Maharashtra Stamp Act has been amended to accept online payments for stamp taxes on instruments executed in the state. Follow these steps to pay your stamp duty online: historically, stamp duty was limited on instruments related to mortgage, deposit and just mortgage in the state of Maharashtra. However, in July 2009, the Maharashtra government introduced an insolent tax (ad valorem) of 0.2% of the guaranteed amount. This was a significant deviation from the position of almost all other states in the country where the tax is either limited or nominal. As a result, financing operations in Maharashtra have been subject to extremely high stamp duties.
The obligation, introduced in the circular, to stamp the documents and submit the notification of insinuation within one “working day” from the date of lifting of the lockdown is a very painful “relaxation”. Section 10 of the General Clauses Act 1897 (and, similarly, section 11 of the Bombay General Clauses Act, 1904) provides that, where an act or proceeding may be ordered or performed before a court or office on a day or within a prescribed period, where the court or office is closed on the day or the last day of the prescribed time limit, the act or proceeding shall be deemed to have been completed or carried out in good time if it takes place or is carried out on the “day after” the opening of the court or registry. . . .