By Accommodation Times News Services
Few days before Maharashtra government had 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 Rs.200 on a release deed with respect to an ancestral property.
Government has issued the notification regarding the amendment in the Maharashtra Stamp Act Amendment bill 20/2015, on 24th April, 2015, as per the notification the waive stamp duty on transfer of immovable property by the owner to an heir or a family member, will be applicable w.e.f. 24th April, 2015.
Find the copy of Notification from below link: