Sudhir Mungantiwar, the State finance minister recently announced 90% waiver on the stamp duty penalties till August. This decision is taken to encourage the defaulting housing societies and the flat owners to pay their outstanding due at the earliest. The minister also said that the property owners responded positively to this move the last year.
The submission of stamp duty penalty is mandatory for all the property owners involved in the buying-selling deal. In Mumbai alone, 7,000 property owners have to clear the outstanding dues under this scheme. Apart from this, a huge number of housing societies are yet to receive ownership of land under the conveyance deed scheme.
In Maharashtra, the Stamp duty is charged 5% and the property buyers in Mumbai have to pay an additional 1% surcharge. The stamp duty has to be paid according to the rate in the current year, the extra cost of the penalty will be waived off. Approximately Rs 5,000 crore duty is reported to be outstanding in the state and the Mumbai alone has an outstanding due of Rs. 500 crores.
One of the senior officials said that the collection of even 10% will be a big addition to the revenue.
The experts, however, welcomed the move and urged the members to clear the dues by bringing in the necessary documents. But, the not so good publicity of the scheme might result in a poor response from the defaulters.
Last year, the State assembly sanctioned an increase of 1% to the stamp duty on conveyance deeds in rural and peri-urban areas. Now, the same is fixed at 4% of land value in the amendment under the gram panchayat. This earlier stood at 3 percent.
In the peri-urban areas governed by the municipal corporations witnessed an increase in the stamp duty charges by 1 percent as now it stands at 5% from the earlier rate of 4%.
In continuation of this, the dealers with the tax liability of not more than Rs. 25,000 via turnover crosses Rs. 1 crore mark need not require audits.