May 19, 2017

Maharashtra Govt. Revokes Stamp Duty Hike On Gift Deeds

Stamp Duty

On May 18, Maharashtra government revoked the decision to hike stamp duty on gift deeds, which was passed by the state cabinet.

On May 16, the state cabinet had amended the Maharashtra stamp duty act and had hiked the stamp duty on gift deeds from Rs 500 to 3% of the land value.

Whereas, on May 17, revenue minister Chandrakant Patil issued a statement that no such decision was taken in the cabinet and that it was a case of "miscommunication" which led to the confusion and subsequent new reports.

Patil also added that the government had decided to do away with the stamp duty on gift deeds in 2015 and had reduced it to just Rs 500. "There is no change in that decision, we are infact making losses of Rs 500 crore because of the decision but yet we are not increasing the duty," said Patil.

Reportedly, Officials department said that there had been confusion within the government on this issue. "The 2015 decision to slash stamp duty was only on residential and farm land which would be transferred to blood relatives. It didn't cover other type of properties. For any other property type the stamp duty was 2%. The government is now trying to show that the increase in stamp duty will be only on the properties which were already paying 2% and that the hike has been only by 1%," said an official.

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