REAL ESTATE UPDATE
24th March 2022
Issue No. 29/21-22
MAHARASHTRA LEGISLATIVE ASSEMBLY PASSES BILL EXTENDING SET – OFF PERIOD FOR PAYMENT OF STAMP DUTY ON RESALE OF IMMOVABLE PROPERTY
As reported in the Times of India[1], the Maharashtra Legislative Assembly has passed a Bill which inter alia extends the set-off period for payment of stamp duty on resale of immovable property from one year to three years.
Earlier, if the resale of immovable property took place within one year of purchase, the stamp duty payable would only be on the difference of the property rates calculated in the purchase price and the resale price, and not on the entire consideration amount when the property is resold.
Now, with the passage of this Bill, this one-year set-off period has now been extended to three years.
The said Bill is expected to boost the real estate market by enhancing property investments and encouraging construction businesses.
The said Bill will now need the assent of the Governor of Maharashtra before it officially becomes an Act of the State Legislature.
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[1] https://timesofindia.indiatimes.com/city/mumbai/maharashtra-stamp-duty-sop-for-resale-of-properties-extended-to-3-years/articleshow/90408181.cms