State Cabinet increases stamp duty on gift deeds

 State Cabinet increases stamp duty on gift deeds

The state government has increased stamp duty on gift deeds and conveyance deeds by amending the Maharashtra stamp duty act on Tuesday.With the aim to increase revenue from stamp duty, the state government has decided to charge 3% of the ready reckoner rates of land as stamp duty if a flat is gifted to a blood relation.

Gift deed can only be made between husband and wife or brother and sister.Conveyance deed is a legal document which shows that a property has been transferred in the name of another person. Current the stamp duty on conveyance deeds in Gram Panchayat area was 3% of the land rate which has been increased to 4% and the stamp duty rate in urban areas which also include the MMR region of Mumbai has been increased from 4% to 5%.

In another decision, the government has allowed payment of stamp duty and registration using the electronic secured bank cum treasury receipt for denominations for than Rs 100, which earlier was for the amount more than Rs 5000. Prior to this, transfer of property was done on the stamp paper of Rs 500 only.

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