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Maharashtra's Property Registration Department has recently unveiled an amnesty scheme aimed at providing relief to approximately 2.32 lakh individuals who defaulted on stamp duty payments between 1980 and 2020. The amnesty scheme, announced during the state cabinet meeting, promises a waiver on both the stamp duty and associated penalties if the defaulters settle their dues within the next two months. The payment window is scheduled in two phases, spanning from December 1 to January 31, 2024, and subsequently from February 1 to March 31.
This move follows an audit conducted by the department, identifying these defaulters across the state. During the audit, the evasion of stamp duty in the execution and registration of property documents came up, resulting in penalties upon the defaulters. Primarily concentrated in Mumbai, Pune, Thane, and Nagpur, these defaulters have an opportunity to rectify their non-payments.
The amnesty scheme presents a window for individuals to clear their dues while benefiting from waived penalties within the stipulated period announced by the state government. While the government anticipates an income of approximately Rs. 3,000 crore should citizens respond favourably and make timely payments.
Deputy Secretary (Stamps and Registration) SS Bajaj highlighted that this scheme is especially designed to assist those previously served notices but unable to pay due to substantial outstanding amounts. It is aimed at curtailing future litigations.
Prominent citizen activist Shrikant Joshi emphasized the potential benefits for individuals who previously refrained from registering their old documents due to hefty penalties. Ramesh Prabhu, Chairman of Maharashtra Societies Welfare Association, shed light on the legal implications of insufficient stamp duty payments under the Maharashtra Stamp Act, 1958. He said that documents with insufficient stamp duty are invalidated as evidence in courts. To regularize such documents, beneficiaries must pay the deficit stamp duty alongside penalties. This highlights the critical importance of this amnesty scheme.
The initiative not only offers a reprieve to the defaulters but also aims to streamline property documentation processes, ultimately providing legal legitimacy for numerous properties and societies in Maharashtra.
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