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Maharashtra: Assembly Passes Bill Extending Set-Off Period For Stamp Duty Payment

The stamp duty will now be payable only on the difference in the price of a property.

Maharashtra: Assembly Passes Bill Extending Set-Off Period For Stamp Duty Payment
(Representational Image)
SHARES

On Wednesday, March 23, the Maharashtra assembly passed a bill that extended the set-off (adjustment) period for stamp duty payment from one year to three years for every new property resale, highlighted narratives. 

According to reports, the stamp duty will now be payable only on the difference in the price of a property. Earlier, it was on the complete amount for a duration of three years. 

Based on accounts, previously, the benefit was accorded to flats sold within one year of purchase. In accordance with the bill passed on Wednesday, there were negligible cases of flats resold in a span of one year. It has been reported that the state's thought process behind this move is that owing to the dynamic international economy as well as the post-pandemic condition, it is requisite to ameliorate business activity. 

 If a concession to be earned is extended for up to three years, such advantage will be availed by a considerable number of investors, highlighted the bill. It is hoped that the bill will develop the number of investments and boost sale-purchase deals.

This is anticipated to benefit the state since it earns a considerable amount of revenue from the same. Moreover, the bill goes on to elucidate that the decision will propel the construction business and bring in employment opportunities in Maharashtra. 

Also Read: Mumbaikars Could Soon Get A New Tourist Spot At “Sister City Square”

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