The Maharashtra government on
Wednesday decided not to extend the two per cent stamp duty waiver on property registrations from April.
It said it would reinstate its earlier system of five per cent stamp duty on property registrations from Thursday.
The state government had slashed the stamp duty charges to two per cent between August and December last year to boost the real estate market, which was facing a slowdown due to COVID-19 and the subsequent lockdown. It was made three per cent between January 1 and March 31.
State Revenue Minister Balasaheb Thorat on Wednesday said that there would not be any changes in the stamp duty rates announced in September last year.
Stamp duty is one of the three biggest revenue contributors for the state government.
Deputy Chief Minister Ajit Pawar had offered one per cent extra relaxation in stamp duty if the property is purchased in the name of a woman.
While issuing the order, state finance department had stated that once the property is purchased in the name of woman, she cannot sell it for the next 15 years.
If she sells it, then one per cent of the waived amount along with heavy fine will be collected from her. It means, if a woman buys an immovable property, she will have to pay four per cent stamp duty.
However, for the purchase of the same property, a man will have to pay five per cent stamp duty from April 1 onwards.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.