stamp duty
Stamp Duty is a tax collected by the Government on every document by which any right, title, interest or liability is created, transferred, extended, extinguished or recorded. Stamp duty is prerequisite condition which has to be paid before taking possession of the flat.
Stamp Duty for Flats
Present rates of stamp duty for residential premises in Maharashtra above Rs.5,00,000/- is Rs.7600/- plus 5% of the remaining value.
Stamp Duty for Shops/ Galas/ Office Premises & Garage
The rate of Stamp Duty for Shops/Galas/Office Premises and Garage even if used for car parking is 5% in Navi Mumbai.
Additional Stamp Duty
1% ZP Tax in form of additional Stamp Duty has to be paid for properties in Kharghar, Panvel, Kamothe.
Procedure for Stamp Duty
When the Flat-Purchaser is desirous of entering into an Agreement, he/she has been given the stamp duty amount which is calculated as per the Agreement Value or Market Value whichever is higher. Once the stamp duty amount has been given to the Flat-Purchasers have been told to get the Pay-Order. The pay-order is given for franking of the agreement and later on the said agreement is duly filled and signed by the respective parties.
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