General Knowledge-Politics I

What is Stamp duty?
It is a kind of tax collected by the Stae Government.The payment of proper Stamp Duty on instruments bestows legality on them. Such instruments get evidentiary value and are admitted as evidence in courts.
Who pays the stamp duty-the buyer or the seller?
The liability of paying the stamp duty is on the buyer as specified under section 30 of the Bombay Stamp Act 1958 unless specified in the agreement to the contrary.
Has stamp duty to be paid for residential as well as commercial property?
Stamp duty is paid on residential as well as commercial property.

In case of residential property,there are various slabs depending on the market value of the property as follows.

Market Value of the property	Stamp Duty Rs.
Up to Rs 100,000	Nil
Between Rs 100,001 to Rs. 250,000	0.5% of the value
Between Rs.250,001 to Rs 500,000	Rs.1,250 + 3% of value above Rs. 250,000
Between Rs 500,001 to Rs.15,00,000	Rs. 8,750+ 6% of value above Rs. 5000,000
Above Rs.15,00,000	Rs.68,750 + 8% of value above Rs.15,00,000

In commercial property stamp duty payable is 10% of the market value of the property.

Has stamp duty to be paid for property purchased from the builder as well as resale property?
The stamp duty is applicable in case of property purchased from builder as well as resale property.
How much stamp duty is to be paid?
The stamp duty is paid on the consideration value agreed mutually between the seller and the buyer or the market value of the property as fixed by the stamp duty authorities,whichever is higher.
How is the market value of the property determined? Can one pay stamp duty on the purchase cost of the property as per the agreement for sale?
The market value of the property is determined by multiplying the property area by the rates provided in the Stamp duty Ready Reckoner for that particular location.These rates are revised every year by the stamp duty authorities.
Within how much time is stamp duty required to be paid.?
The stamp duty is to be paid either before execution of the document or on the day of execution of document.In certain cases it can be paid within one month of the date of execution of the agreement/document.
What is the penalty for late payment of stamp duty?
The penalty for late paymentof stamp duty is 2% of the deficit amount for every month from the date of execution of the agreement.
What is the procedure for of stamp duty?
1.Determine the market value of the property.The process of valuing the property to find its market value and to ascertain proper stamp duty is called adjudication.For adjudication, a nominal fee of Rs. 100 is paid along with the application covering property details like division/village and C.S/C.T.S number at the stamp duty office.
2. A bank draft for specified amount is drawn in favour of "SUPERINTENDENT OF STAMPS,MUMBAI" payable at Mumbai.
3.The stamp duty is paid in the following offices.
Address of offices
1.General Stamp Office,
Town Hall Building,Ground Floor
Near Horniman Circle,Fort
Mumbai-400001
Tel:22664585

2.General Stamp Office,
Extended Sales Counter,
MMRDA Building,1st floor
Near Sales Tax Office
Bandra Kurla Complex,Bandra(East)
Mumbai-400051
Tel:26591894

3.Office of The Sub Registrar,
New Administration Building Phase II,
Near Ration office,
Ramkrishna Chemburkar Marg,
Chembur,
Mumbai 400071
TEL:25322757

4 Stamp Office,
Town Hall,
Collector's Office Compound,
Thane(W) 400 601

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