Stamp Duty and Property/Flat Registration Charges in Maharashtra
Property buyers in Maharashtra and other Indian states are obligated to pay taxes on movable or immovable assets. This tax gets stamped and referred to as stamp duty Maharashtra charges.
This tax is used to pay to gain property ownership and registration in Municipal records. Section 3 of the Indian Stamp Act, 1899 further legalises the payment of registration and stamp duty charges.
Keep reading to learn about the property stamp duty in Maharashtra and the other necessary details.
What Are the Stamp Duty Rates in Maharashtra?
The Bombay Stamp Act 1958 or the Maharashtra Stamp Act 1958 absolves every property owner in the state to pay stamp duty Maharashtra charges.
Recently, specific changes have been made in the Maharashtra Stamp Act that deals with the electronic payment of stamp duty, gift deeds stamp duty, new penalty clauses, and changes in stamp duty amount under specific clauses.
Maharashtra Government announced stamp duty reduction in August 2020 till March 31, 2021. However, as per the recent reports, in 2023 the stamp rates remain the same as 2022. Hence, accordingly the current stamp rate in Maharashtra ranges between 6% and 7% depending on the cities.
A taxpayer must submit a registration sale deed to substantiate that a property is registered in a woman's name.
Let’s check what the current stamp duty in Maharashtra is and other related charges.
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What Are the Present Stamp Duty and Registration Charges in Maharashtra?
The current registry charge in Maharashtra is 1% of the total property cost.
Stamp Duty as Per Area Type in Maharashtra
Here is the applicable stamp duty in Maharashtra. Individuals should check the list before paying the taxes:
Locations in Maharashtra |
Stamp Duty in Maharashtra (For Men) | Stamp Duty in Maharashtra (For Women) | Property Registration Charges in Maharashtra |
| Within the limits of any Panchayat / Municipal Council / Cantonment Area within MMRDA | 4% | 3% | 1% |
| Within the limits of any Gram Panchayat | 3% | 2% | 1% |
| Within the municipal limits of any urban area | 6% | 5% | 1% |
Stamp Duty as Per City in Maharashtra
Cities in Maharashtra |
Stamp duty rates applicable for women | Stamp duty rates applicable for men | Registration charges applicable |
| Pune | 6% (including 1% metro cess) | 7% (including 1% metro cess) | For properties costing above ₹30 Lakh it is ₹30,000 1% property cost for properties exceeding ₹30 lakh |
| Mumbai | 5% (including 1% metro cess) | 6% (including 1% metro cess) | 1% of the property cost for properties worth below ₹30 lakh |
| Navi Mumbai | 6% (including 1% metro cess, transport surcharge and local body tax) | 7% (including 15 metro cess, transport surcharge and local body tax) | 1% of the property cost for properties worth below ₹30 lakh |
| Thane | 6% (including 1% metro cess, transport surcharge and local body tax) | 7% (including 1% metro cess, transport surcharge, and local body tax) | 1% of the property cost for properties worth below ₹30 lakh |
| Nagpur | 6% (including 1% metro cess, transport surcharge and local body tax) | 7% (including 1% metro cess, transport surcharge, and local body tax) | 1% of the property cost for properties worth below ₹30 lakh |
| Pimpri-Chinchwad | 6% (including 1% metro cess, transport surcharge, and local body tax) | 7% (including 1% metro cess, transport surcharge, and local body tax) | 1% of the property cost for properties worth below ₹30 lakh |
Stamp Duty on Different Property Deeds in Maharashtra
The applicable stamp duty on property in Maharashtra and the related property deeds are as follows.
[2]
| Sales Agreement | Stamp Duty |
|---|---|
| Lease agreement | 5% |
| Stamp duty on gift deed in Maharashtra | 3% |
| Power of Attorney | 5% on property within municipal areas and 3% on properties within the gram panchayat provisions. |
| Residential or agricultural property gift sales agreement transferred to family members | ₹200 |
Let’s learn how to calculate the registration charges in Maharashtra for a detailed understanding.
How to Calculate Registration Charges and Stamp Duty in Maharashtra?
The calculation of plot registration charges in Maharashtra depends on two factors - property valuation and fixed reckoner rate.
The reckoner rate is fixed by the State Government depending on the economic conditions of the country. This is basically a minimum value set by the Government below which an individual can't purchase a property.
A reckoner rate is usually charged on high property value.
Hence, if a property value is ₹70,00,000 and the reckoner rate is ₹60,00,000, then the stamp duty will be charged on the property value.
Let’s take an example to understand the Maharashtra stamp duty on a flat in Mumbai.
| Reckoner Rate | ₹80,000 per sq. m |
|---|---|
| Flat Size | 1,000 sq.m |
| Total Value | ₹8,50,00,000 |
| Stamp Duty | 5% of ₹8,50,00,000 = ₹4,250,000 |
Individuals can follow this method to find stamp duty and registration charges for agricultural land in Maharashtra. They can also opt for a smart tool such as a stamp duty calculator.
What Are the Steps to Use a Stamp Duty Calculator?
Individuals can find smart tools such as stamp duty calculators in financial institutions or public websites. These tools help calculate the required payment within seconds.
The steps for the same are as follows.
- Step 1: Visit a website offering stamp duty calculator Maharashtra and click on stamp duty details option.
- Step 2: Click on the respective state (Maharashtra) and proceed.
- Step 3: Enter the market value of the property to get the applicable stamp duty.
How to Pay Stamp Duty and Registration Fees in Maharashtra?
Individuals can pay the registration fees and stamp duty on land purchase in Maharashtra online by following these steps.
Online Procedure
The online steps are as follows:
- Step 1: Visit the Government Receipt Accounting System website and click on pay without registration option.
- Step 2: Select the citizen option and payment to register the document option.
- Step 3: Click on the pay stamp duty and registration option and fill in the online form with relevant data.
- Step 4: Select the make payment to register your document option and click on pay stamp duty and registration fee together option.
- Step 5: Choose the payment mode and enter the captcha code.
Individuals will receive a challan detailing reference Number, CIN, branch code and PRN number.
Offline Procedure
Individuals can choose from the below mentioned mode to pay property stamp duty and registration charges offline:
- Franking
- Stamp Paper
What Are the Points to Consider Before Paying Stamp Duty in Maharashtra?
Here are a few essential points you need to consider before paying stamp duty in Maharashtra -
- The date of the issued stamp paper must not be more than 6 months from the transaction date.
- All assets applicable for stamp duty must be stamped before registration or the next working day.
- The stamp paper must be in the name of individuals involved in a transaction.
- The adhesive stamp removed at the execution time is not available for reuse.
What Are the Factors That Affect Stamp Duty in Maharashtra?
Several factors affect stamp duty in Maharashtra. Here they are as follows:
| Factors | Effect on Stamp Duty Rates in Mumbai |
|---|---|
| Property Owner’s Age and Gender | Most states allow concession on stamp duty to senior citizens. Additionally, female homebuyers get a 1% rebate on stamp duty in Maharashtra. |
| Type of Property | Stamp duties can differ on commercial and residential property. Stamp duty on residential property in Maharashtra is lower than commercial ones. |
| Property Status | Properties located in primary locations and surrounded by amenities hold high value in the market. Naturally, stamp duty will be higher. Moreover, new properties also have a high value. Individuals should know that properties located in municipal areas have high stamp duty. |
Are Tax Benefits Available on Stamp Duty and Registration Charges?
Section 80C of the Income Tax Act 1961 allows a tax deduction on registration charges and stamp duties.
Individuals and HUFs can claim deduction only on new properties. However, there are no tax exemptions on residential plots, resale property and commercial buildings.
There are also tax deductions applicable for joint owners. Here maximum deduction limit is up to ₹1,50,000.
Hence individuals planning to purchase a property in state can check above discussion on stamp duty Maharashtra.
They can also keep a tab on latest news on stamp duty in Maharashtra and make savings accordingly.
FAQs About Stamp Duty and Registration Charges Maharashtra
Can I get a refund of the stamp duty in Maharashtra when the data entered is incorrect?
Yes, there are refunds on stamp duty when data entered is irrelevant.
Does the Government levy GST on stamp duty in Maharashtra?
No, there is no GST on stamp duty in Maharashtra.
Are there tax deductions applicable for joint owners in Maharashtra?
Yes, there are also tax deductions applicable for joint owners. Here the maximum deduction limit is up to ₹150000.