Citizens' Issues
Maharashtra may introduce new stamp duty amnesty scheme

The earlier amnesty scheme started in June 2008 and ended in March 2009; however, the current political turbulence in the state might delay the government’s decision

The Maharashtra government is likely to announce a stamp duty amnesty scheme soon for those property buyers who evaded stamp duty on their property agreements, a source familiar with the development told Moneylife.

“The revenue department may announce the stamp duty amnesty scheme anytime as the draft of the scheme was ready about one and a half years back, but due to political and bureaucratic problems, the scheme was delayed,” said the source.

Government officials were not available for comments.

In June 2008, the state’s revenue department introduced the ‘Stamp Duty Amnesty Scheme 2008’, under which, only flats and offices were covered and a buyer who evaded paying stamp duty could pay up the amount along with a nominal penalty.

But under this proposed new amnesty scheme, all types of properties are likely to be covered.

“Two years back, the Stamp Duty Amnesty Scheme 2008 covered only flats and offices; industrial galas and shops were not covered. The department had said that it would cover these segments (industrials galas and shops) in the next amnesty scheme. The draft of the amnesty scheme for industrial galas and shops was ready around two years back. Later on, the department decided to cover every type of property like flats, shops, industrial galas, commercial properties, land, office, and transfer of development rights (TDR) in the scheme. However, the Assembly election occurred at the same time, and the amnesty scheme could not be passed,” added the source.

According to the current law, if stamp duty is not paid on a property, the penalty starts from 2% per month — subject to a maximum of 200%. For example, if a buyer has not paid stamp duty of Rs50,000 for his property in 1996, the maximum amount he can be made to cough up now would be Rs1,50,000.

Due to political turbulence in the state, the scheme has been delayed over the past few months. “The scheme was ready and it was going to be announced any time, but chief minister Ashok Chavan was asked to step down. Now, the new chief minister will again review the scheme, so the scheme could be delayed,” added the source.

“The penalty during the period of the (new) amnesty scheme could be in the range of
Rs200 to Rs 1,000,” said the source.

The earlier amnesty scheme started in June 2008 and ended in March 2009.
 

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COMMENTS

R Krishnamoorthy

2 years ago

Earlier announcement of amnesty scheme for stamp duty will be very much appreciated.

R Krishnamoorthy

3 years ago

Dear Sir,

When is the amnesty scheme is likely to come now for 2014.

pls advise

regards

r krishnamoorthy

9-2-2014

Nishreen Harianawala

5 years ago

In the Dear Sir,

We had purchase our flat in 1984 There was no clarification by the Stamp Duty Authorities on the amount of Stamp Duty to be paid on flats purchased between 1980 to 1985. Hence we could not avail of the Stamp Duty Amnesty Scheme - 2008. We request you to take up this matter with the Government as we would like to pay stamp duty on our property and get it registered.

State oil firms raise jet fuel price by 5.5%

New Delhi: State-owned oil firms on Tuesday hiked the price of jet fuel by 5.5% in sync with rise in global rates, reports PTI.

Aviation Turbine Fuel (ATF) rates in Delhi were hiked by Rs2,327.54 to Rs44,603.54 per kilolitre (kl), an official from Indian Oil Corporation (IOC), the nation's largest fuel retailer said.

The new increase is the third hike in rates since October when international crude oil prices started firming up.

ATF, or jet fuel, will cost Rs44,716.65 per kl in Mumbai, home to the nation's busiest airport, against Rs43,553 per kl earlier.

No comment could be immediately obtained from airline companies on the impact of the latest price increase.

IOC and its sister public sector oil firms, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, revise jet fuel prices on the first and 16th of every month, based on the average international price in the preceding fortnight.

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"I think there is a window still open for hiking rates"

Ashish Nigam, an MMS in Finance from Mumbai University, heads the Fixed Income portfolio for DBS...

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