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Maharashtra homeowners facing penalties for underpaid or unpaid stamp duty on property documents have been given an extension. The state government has extended its Stamp Duty Amnesty Scheme until June 30, 2024. This scheme offers a chance to rectify past mistakes and potentially save a significant amount of money.
Stamp duty, a tax levied by the state government on property transactions, varies depending on the property value and location. If a homeowner pays less than required at purchase or neglects to pay stamp duty altogether on unregistered property, a hefty penalty kicks in. This penalty accumulates at a steep 2% per month, reaching a maximum of 400% of the unpaid or underpaid stamp duty amount.
The Stamp Duty Amnesty Scheme provides a much-needed lifeline for homeowners in this predicament. By participating, they can significantly reduce the penalty they owe.
The scheme is divided into two schedules based on when the property document was signed. Schedule I covers documents executed between January 1, 1980, and December 31, 2000. Schedule II covers documents executed between January 1, 2001, and December 31, 2020. The earlier you apply for the Amnesty Scheme after June 30th, 2024, the greater the penalty reduction you'll receive.
The Department of Registration and Stamps will calculate the applicable stamp duty and remaining penalty based on these factors when you apply.
The scheme applies to a wide range of property transactions covered by the Maharashtra Stamp Act, 1958. This includes residential houses and apartments, commercial buildings and office spaces, industrial land and factories, agricultural land, and non-agricultural land.
Homeowners can apply for the Amnesty Scheme online or offline by visiting the Department of Registration and Stamps office. While the application process is relatively straightforward, consulting a property lawyer can ensure all documents are submitted correctly.
The extension of the Stamp Duty Amnesty Scheme until June 30th, 2024, offers a valuable opportunity for Maharashtra homeowners to save money. If you have any questions about the scheme or are unsure if you qualify, consult a property lawyer or visit the Department of Registration and Stamps website for details. Remember, missing this chance could mean paying a much higher penalty later. Don't delay and take advantage of this chance to rectify past mistakes and potentially save a significant amount of money on your property transaction.
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