Citizens' Issues
Maharashtra waives stamp duty on property gifted to heir
The 2% stamp duty payable by owner to transfer property to heir or family members would be waived off, says Revenues Minister Eknath Khadse
 
The Maharashtra government has decided to waive stamp duty on transfer of immovable property by the owner to an heir or a family member. The decision was announced by Revenue Minister Eknath Khadse in the Legislative Assembly. Khadse also added that all such transactions would have to be compulsorily registered with the government. 
 
In the norms prevalent a 2% duty on the property's market value (ready reckoner rate) was payable in cases where the property was being gifted to a family member, under the Maharashtra Stamp Act. In cases where the transfer of property does not qualify as ancestral property, the stamp duty payable was 5%. This is along with a stamp duty of Rs200 on a release deed with respect to an ancestral property. 
 
The government has also declared its plans to extend an online registration process for property sale transactions, a service, which is already available for leave and license transactions on a voluntary basis.  

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COMMENTS

Anonymous

9 months ago

Dear Sir
I am the co-owner of an ancestral flat in Mumbai with my sister. I want to release my share in the flat to my sister for a certain amount.
Will this be a release deed with consideration ?
What will be the stamp duty since this is ancestral property even if consideration amount is mentioned in the release deed ?
Thanks

Anonymous

9 months ago

Dear Sir
I am the co-owner of an ancestral flat in Mumbai with my sister. I want to release my share in the flat to my sister for a certain amount.
Will this be a release deed with consideration ?
What will be the stamp duty since this is ancestral property if the consideration amount is mentioned in the release deed ?
Thanks

Authorised Agents cannot be restrained from entering RTO premises: HC
Quashing a ban, the Nagpur Bench of Bombay HC said authorised representatives of automobile dealers are permitted to enter RTO premises after completing certain formalities
 
The Nagpur Bench of the Bombay High Court, in line with an earlier verdict issued in 2002, quashed the ban on authorised agents from entering Regional Transport Office (RTO) premises and directed Maharashtra government not to restrain these agents. 
 
The decision came after transport commissioner Mahesh Zagade filed an affidavit in response to the petitions filed by as many as 45 authorised agents and their representatives. Zagade, in the affidavit stated that his circular did not mention anything about authorized representatives of automobile dealers and that the word "agent" was loosely used. The affidavit also states that the government would abide by all orders issued by the Court, including those issued on 6 June 2002, under which authorized representatives of automobile dealers were permitted to enter RTO premises after completing certain formalities, which includes presenting an authorization letter.
 
The petitions were filed by agents and their representatives in response to a circular issued by Zagade, which warned officials and clerks at various RTOs of strict action if any agent or tout was found on the premises. The circular even mentioned that officials or clerks may also be suspended on these grounds, and that the transport commissioner would conduct surprise visits and initiate disciplinary action if he found any agents inside RTO. Moreover, RTOs across Maharashtra were asked to give in writing that they had barred agents from entering their premises. 
 
The petitioners challenged this circular through senior counsel Chandrashekhar Kaptan, JB Gandhi and Tushar Mandlekar. One of the petitioners, Akola Shahar Truck Owners Association, stated that since they own several vehicles, they need to comply with procedures and rules under the Motor Vehicle (MV) Act for obtaining necessary documents from the transport department. As some petitioners own multiple vehicles, it is impossible for them to visit the RTO to obtain permission for each of their vehicles. If they had to personally complete all formalities, they would not be in a state to carry on their business. 
 
The petitioners also referred to an earlier Court verdict that was issued on 6 June 2012, according to which authorized representatives of such dealers were permitted to enter RTO premises after completing certain formalities. Hence, the Transport Commissioner's circular went against the Court order.  The division bench of justices Bhushan Dharmadhikari and Sunil Shukre disposed of all petitions after accepting the affidavit and his statement that the government would abide by the 2002 orders. 
 

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COMMENTS

Vaibhav Dhoka

2 years ago

Under garb of authorized agents touts enter RTO premises and public is harassed on entering RTO premises,due to agents corruption grows manifold.In fact why one needs agents to get work done at government office.Corruption is routed thro' this route.

Vaibhav Dhoka

2 years ago

Under garb of authorized agents touts enter RTO premises and public is harassed on entering RTO premises,due to agents corruption grows manifold.In fact why one needs agents to get work done at government office.Corruption is routed thro' this route.

Vaibhav Dhoka

2 years ago

Under garb of authorized agents touts enter RTO premises and public is harassed on entering RTO premises,due to agents corruption grows manifold.In fact why one needs agents to get work done at government office.Corruption is routed thro' this route.

SBI to dilute 23 percent stake in SBI General Insurance
India's largest mortgage lender State Bank of India (SBI) has decided to lower its stakes in its general insurance joint venture to 51 percent and has decided to begin the process, the bank said on Thursday.
 
In a regulatory filing in BSE the bank said its executive committee of the central board (ECCB) on March 25 decided to initiate the necessary action as per the joint venture agreement for dilution of its stake in SBI General Insurance from 74 percent to 51 percent.
 
SBI said the other partner, Insurance Australia Group (IAG) of Australia would increase its holding in the general insurance company from 26 percent to 49 percent.
 
According to SBI, the process for diluting its holding in favour of IAG would begin as per the joint venture agreement which includes the appointment of valuer to estimate the enterprise value and the price discovery.
 
The bank's decision comes in the wake of Indian parliament passing amending the insurance laws to allow foreign direct investment (FDI) up to 49 percent subject to the condition that the management control remains with Indians.
 
Along with the stake change the insurer would most likely undergo a name change to signify the revised shareholding pattern.
 
SBI General is hoping to close this fiscal with a premium of Rs.1,600 crore and increase that by 50 percent next fiscal.
 
SBI also has a 74:26 life insurance joint venture with BNP Paribas Cardif called SBI Life Insurance Company Ltd.
 
However the bank has not said anything on possible changes in the shareholding pattern.

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