Maharashtra Government launches Stamp Duty Abhay Scheme

'Stamp Duty Abhay Yojana' is being implemented by the State Registration and Stamp Department. The scheme provides rebates of up to 50 per cent in stamp duty on old bills where less stamp duty has been paid from January 1, 1980 to December 31, 2000. Apart from this, a lot of relaxation has also been given in the fine.

The scheme is being implemented in two phases and the first phase will be till January 31,2024 and the second phase will be from February 1 to March 31 2024.

Information about scheme scope, exemptions and application process

Under this scheme, in the first phase, 100 percent waiver of penalty including stamp duty will be given on bills registered between January 1, 1980 to December 31, 2000, in which the amount of short-paid stamp duty is less than INR 1 lakh. 50 percent concession on stamp duty and 100 per cent rebate on fines above INR 1 lakh. In the second phase of the scheme, there will be 80 percent rebate in stamp duty and fine amount up to INR 5000. Also, there will be a 40 percent discount on stamp duty and 70 percent penalty on more than INR 1 lakh.

25 percent rebate in stamp duty up to INR 25 crore for documents registered between January 1, 2001 and December 31, 2020. If the fine amount is less than INR 25 lakh then 90 percent rebate is available. Also, if the amount of fine is more than INR 25 lakh then INR 25 lakh fine will be charged and the remaining fine amount will be exempted. A rebate of 20 per cent has been given on stamp duty exceeding INR 25 crore and a penalty of INR 1 crore will be imposed and the remaining penalty amount will be waived off.

In the second phase of this scheme, 20 percent concession will be given in stamp duty up to INR 25 crore and 80 percent concession will be given if the penalty amount is less than INR 50 lakh. If the stamp duty is more than INR 25 crore, 10 percent rebate will be given. A fine of INR 2 crore will be collected and the remaining amount will be waived off.

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Scope of the scheme

The scheme is applicable for purchase deeds, leases, development agreements, deposit deeds, sale agreements, allotment deeds, award deeds etc. for residential, commercial, industrial as well as agricultural purposes. Applicable for various types of schemes like MHADA, CIDCO, Brihanmumbai Municipal Corporation, Various Development Authorities, MIDC, Slum Rehabilitation Scheme etc. This scheme will be applicable for documents registered and unregistered before 31 December 2020. But this scheme will not be applicable to property transfer documents on blank paper without stamp duty.

Application procedure
For effective implementation of Abhay Yojana, a special control room has been set up in the Office of the Inspector General of Registration along with the concerned Stamp Collector. Applicants can apply in person or online. The application form is available on the website of Registration and Stamp Department www.igmaharashtra.gov.in as well as in the offices of the Stamp Collector and Stamp Sub-Registrar. If there is any problem in availing the discount under this scheme, please contact the Registration and Stamp Department on 8888007777.

Abhay Yojana will promote redevelopment of old dilapidated buildings in urban and rural areas and provide an opportunity to common citizens to live in new houses. Abhay Yojana will also help in expeditiously completing the transfer of registered cooperative housing societies whose transfer process is pending due to short payment of stamp duty.