Stamp Duty Registration in Mumbai has increased by one percent by post the State government announced on April 1, 2022. The development comes as a blow to home buyers who were hoping for a reduction in the stamp duty. The move is also likely to slow down the already sluggish real estate market in Mumbai. The increase stamp duty of an additional percentage as metro cess on property purchases.
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Present Stamp Duty Registration Charges in Mumbai
1). The municipal limits of any urban area have a stamp duty of 6% of the market value of the property for men and 5% for women.
2). The limits of any municipal council/ panchayat/ cantonment of any area within MMRDA have a stamp duty of 4% of the market value of a property for men and 3% for women.
3). The limits of any gram panchayat have a stamp duty of 3% of the market value of a property for men and 1% for women.
The registration charges of all the above-mentioned areas have fix charge of 1%.
Is the stamp duty calculator in Mumbai?
Stamp duty rates in Mumbai are usually calculated on the Ready Reckoner rate, which is the official rate set by the government. The current Ready Reckoner rate in Mumbai is up to 6%, which means that stamp duty on a property worth Rs 1 lakh would be Rs 6,000. However, the actual stamp duty rate charged may be lower or higher than 6%, depending on the market value of the property.
For example:
You buy a 500 sq ft property in the municipal limits of Mumbai(which have a stamp duty of 6 percent for men and 5 perfect for women)
The RRR of the area is Rs. 10,000 per sq ft.
The total value of the property is = 10000*500
= 50 lakh
The stamp duty is 6%(men) and 5%(women)
So stamp duty, 50 lakh 6% = 3 lakh and 50 lakh 5% = 2.5 lakh
and registration is the same for everyone which is 1% of the property value
50 lakh 1 percent = 50 thousand
so stamp duty + registration total cost(men) = 3 lakh + 50 thousand= 3.5 lakh
so stamp duty + registration total cost(women) = 2.5 lakh + 50 thousand= 3 lakh
Stamp Duty and Registration Charges in Maharashtra
The stamp duty and registration of Maharashtra cities are:
1). Pune – 7% which (Stamp duty 5% + Local Body Tax (LBT) 1% + 1% Metro Cess) for men and women 6% which (Stamp duty 4% + Local Body Tax (LBT) 1% + 1% Metro Cess).
2). Thane – 7% which (Stamp duty 5% + Local Body Tax (LBT) 1% + 1% Metro Cess) for men and women 6% which (Stamp duty 4% + Local Body Tax (LBT) 1% + 1% Metro Cess).
3). Navi Mumbai – 7% which (Stamp duty 5% + Local Body Tax (LBT) 1% + 1% Metro Cess) for men and women 6% which (Stamp duty 4% + Local Body Tax (LBT) 1% + 1% Metro Cess).
4). Pimpri Chinchwad – 7% which (Stamp duty 5% + Local Body Tax (LBT) 1% + 1% Metro Cess) for men and women 6% which (Stamp duty 4% + Local Body Tax (LBT) 1% + 1% Metro Cess).
5). Nagpur – 7% which (Stamp duty 5% + Local Body Tax (LBT) 1% + 1% Metro Cess) for men and women 6% which (Stamp duty 4% + Local Body Tax (LBT) 1% + 1% Metro Cess).
What is Local Body Tax(LBT)
Local Body Tax (LBT) is a tax levied by the Municipal Corporation on the sale of goods in the city. It is a tax on businesses and is collected at the time of the sale of goods. The tax applies to all businesses, whether they are small or large, retail or wholesale.
LBT is typically a tax on all goods sold within the city limits, except for those goods which are exempt from the tax. The LBT rate varies from city to city and is typically between 0.5% and 2%.
What is Metro Cess
In Maharashtra, the collection of metro cess on metered taxis or autos (three-wheeled motorized vehicles) was introduced in 2007. The cess is charged at the rate of 1% for every property sold. The cess is used for the development of metro bridges and flyovers.
Stamp duty in Maharashtra on lease deed
As per the recent amendment to the Maharashtra Rent Control Act, all lease agreements need to be registered with the District Registrar within four months from the date of execution. This applies to all leases executed on or after 1st October 2015.
The registration of the lease agreement is important as it protects the rights of both the landlord and the tenant. It should be done by paying .25% of the total rent for the period as stamp duty.
Stamp duty in Maharashtra on gift deed
Article 34 of the Maharashtra Stamp Act states that “Every instrument required by this Act to be stamped shall be stamped at the time of its execution, and where no place is specified for the execution thereof, then at the time of its delivery”.
The government has proposed a new stamp duty of Rs 200 on the sale of property between family members. The new stamp duty will be levied on the sale of property between family members who are not brothers or sisters.
The amount of stamp duty payable on a gift deed will be 3% of the property cost. This is payable by the donor at the time of registration of the deed.
How to pay stamp duty online in Mumbai?
The online stamp duty payment procedure is quick and easy, and you can see exactly how much you need to pay. There are no hidden costs or complicated processes – everything in front of you.
This makes it easy to budget for your stamp duty costs and means you can avoid any last-minute surprises. Plus, you can be sure that you’re paying the right amount of stamp duty, as the calculator is updated in real-time with the latest rates.
Steps:
1). Go to this website “Finance Department, Govt. of Maharashtra, India – GRAS” and log in or register.
2). After this you need to fill in the details about the property like the area.
3). Once you have done this you can proceed to the payment gateway.
4). Choose a payment method and make the payment.
