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JC - Legal Updates - MAHA Stamp Duty Amnesty Scheme 2023

Legal Updates

13 Dec 2023

MAHA Stamp Duty Amnesty Scheme 2023

Brief Overview:
 
To reduce,
 
1)  the stamp duty amount; and
 
2)  associated penalties,
 
on documents which are inadequately stamped, pursuant to the provisions of the Maharashtra Stamp Act, 1958. The Government of Maharashtra has introduced the Maharashtra Stamp Duty Amnesty Scheme 2023 (“Scheme”).
 
Technical Details:
 
1)  Purpose
 
Several documents are stamped inadequately. To regularise the same and to give relief to the citizens on the penalty amount, the Government launched this Scheme.
 
2)  Phases
 
(a) Phase 1: from 1st December 2023 to 31st January 2024.
 
(b) Phase 2: from 1st February 2024 to 31st March 2024.
 
3)  Eligible Instruments
 
(a) Related to immovable property.
 
(b) Related to development rights.
 
(c) Related to companies.
 
(d) Executed by any government body/ies.
 
(e) Allotment letter or share certificates for residential or non-residential units.
 
4) Reduction / Remission on Instruments

Instruments which are executed between the 1st January 1980 & 31st December 2000

Phase

1

2

1st December 2023 to
31st January 2024

1st February 2024 to 31st March 2024

Amount of stamp duty

Reduction in stamp duty

Reduction in penalty

Reduction in stamp duty

Reduction in penalty

Upto INR 1 lac

100%

100%

80%

80%

Exceeding INR 1 lac

50%

100%

40%

70%

Instruments which are executed between the 1st January 2000 and 31st December 2020

Phases

1

2

1st December 2023 to

31st January 2024

1st February 2024 to

31st March 2024

Amount of stamp duty

Reduction in stamp duty

Reduction in penalty

Reduction in stamp duty

Reduction in penalty

Upto INR 25 Crore

25%

  Penalty < INR 25lac then 90% reduction;

  Penalty > INR 25lac, then INR 25lac to be paid & balance to be waived off.

25%

  Penalty < INR 50lac then 80% reduction;

  Penalty > INR 50lac then INR 50lac to be paid & balance to be waived off.

Exceeding INR 25 Crores

20%

INR 1 crore to be paid

20%

INR 2 crore to be paid


4) How to apply?
 
Form to be submitted with original instrument and self-attested copies of supporting documents, on the official website of IGR Department.
 
5) Conditions
 
(a) Applicable only to instruments which are executed on a valid stamp paper sold by the Government approved stamp vendors.
 
(b) No refund shall be granted where stamp duty and penalty has already been paid, prior to the scheme.
 
(c) Even the successors in title of the instruments are eligible to make application.
 
(d) Deficient amount of stamp duty and penalty to be paid within 7 days from the date of receipt of the demand notice.
 
The Scheme has been instituted by an order dated 7th December 2023 by the Revenue Department, Government of Maharashtra.
 
JC Takeaway:
 
The Scheme encourages regularising the documents which were inadequately stamped by way of no/reduced stamp duty & penalty. This will not just contribute towards the revenue of the state, but also help in resolving the disputes vis-à-vis under/un-stamped documents.
 
For further details, please see:
 
 
For any queries / clarifications, please feel free to ping us and we will be happy to chat:

●   Mr. Saurabh Sharma (saurabh.sharma@jclex.com)
   Ms. Viidhi Chopra (viidhi.chopra@jclex.com)