Maharashtra Government Eases Stamp Duty Penalty: What Homebuyers Need to Know
The Maharashtra government has reduced the penalty for underpayment of stamp duty from 2% to 1% to help recover dues and encourage homebuyers to pay the correct amount
Maharashtra GovernmentStamp DutyReal EstateHomebuyersPenalty ReductionReal Estate MaharashtraJul 19, 2024
The decision was announced by Finance Minister Ajit Pawar while presenting the Maharashtra Interim Budget 2024-25. The government aims to earn a revenue of ₹200 crore from this move.
Here are five key things that homebuyers should know about the reduced penalty on underpayment of stamp duty
1. Reduced Penalty The penalty for underpayment of stamp duty has been reduced from 2% to 1% per month. This will provide relief to homebuyers who have paid less stamp duty on their registered documents.
2. Extended Time Limit for Refund Homebuyers who have paid excess stamp duty can now claim a refund within a year, instead of the earlier six-month limit.
3. Stamp Duty Slabs The current stamp duty slab in Maharashtra ranges from 5% to 7% of the total agreement value, depending on the city. Homebuyers also need to pay a registration fee, which is 1% of the total agreement value for properties up to ₹30 lakh.
4. Stamp Duty Concession for Women Women homebuyers in Maharashtra are eligible for a 1% waiver on the total stamp duty amount, provided the property is purchased in their name.
5. Stamp Duty Collection The revenue collected from stamp duty in Maharashtra has been increasing steadily, with a 13% increase in 2023-24 compared to the previous year. The highest stamp duty collection was reported from Mumbai, Pune, and Nagpur.
The Maharashtra government has been taking steps to encourage homebuyers to pay the correct stamp duty and reduce the penalty for underpayment. This move is expected to help the government recover dues and provide relief to homebuyers.
The Maharashtra government is committed to providing relief to homebuyers and encouraging them to pay the correct stamp duty. The recent move to reduce the penalty for underpayment is a step in this direction.
Frequently Asked Questions
What is the reduced penalty for underpayment of stamp duty in Maharashtra?
The penalty has been reduced from 2% to 1% per month.
What is the extended time limit for claiming a refund for excess stamp duty paid?
The time limit has been extended from six months to one year.
What is the current stamp duty slab in Maharashtra?
The stamp duty slab ranges from 5% to 7% of the total agreement value, depending on the city.
Are women homebuyers eligible for a stamp duty concession in Maharashtra?
Yes, women homebuyers are eligible for a 1% waiver on the total stamp duty amount, provided the property is purchased in their name.
What is the revenue collected from stamp duty in Maharashtra?
The revenue collected from stamp duty in Maharashtra crossed ₹50,400 crore in 2023-24, a 13% increase from the previous year.
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