REAL ESTATE UPDATE
2nd April, 2024
Issue No. 01/24-25
CURRENT SCENARIO OF STAMP DUTY CHARGES IN MAHARASHTRA
The Revenue and Forest Department of Government of Maharashtra on 1st April 2024 has declared that ready reckoner rates for the financial year 2024-2025 will remain unchanged.
BACKGROUND
In Maharashtra, stamp duty charges are governed by the Maharashtra Stamp Act, 1958 (“Act”). The administration and enforcement of stamp duty regulations falls under the jurisdiction of the Revenue Department of the Government of Maharashtra. This Act lays down the legal framework for the imposition of stamp duty on various types of transactions, including property sales, leases, and agreements. The rates and provisions for stamp duty are periodically reviewed and revised by the state government to align with economic conditions and revenue requirements. Over the years, the Act has undergone amendments to streamline the process of stamp duty collection and ensure transparency in property transactions. It serves as a crucial tool for revenue generation and regulatory control in the state’s real estate sector.
CURRENT STANCE
As of 1st April 2024, the stamp duty charges in Maharashtra remain unchanged from the previous year, following the existing regime established under the Act. Despite the dynamic nature of economic landscapes and fiscal policies, the state government has opted to maintain consistency in stamp duty rates, providing stability and predictability to stakeholders involved in property transactions.
It is important to note that the charges being followed are those established after April 22’, as there have been no further amendments or updates since then. Stakeholders in the real estate sector are advised to adhere to the prevailing stamp duty regulations as outlined in the Act, to ensure compliance with legal requirements and facilitate smooth transactions.
| Disclaimer: This newsletter is for general information only and not intended for any solicitation. Views expressed in this newsletter are as on date and not necessarily of V Law Partners (“VLaw”). While reasonable efforts have been taken to provide correct information, VLaw cannot and does not warrant or guarantee the accuracy of the information provided in the newsletter. Readers are advised not to rely solely on this information when making any decision.
Suggestions: If you do not wish to receive our newsletters or have any comments or suggestions for us, please write to us at – admin@vlawpartners.com |