Mumbai Municipal Corporation (Second Amendment) Bill, increases Stamp Duty by 1%

By Rohit Sharma

MUMBAI

The Maharashtra government introduced Mumbai Municipal Corporation (Second Amendment) Bill, 2018 in the Maharashtra Legislative Assembly on July 19 under the authority of the Governor, the bill which seeks to increase Stamp Duty by one per cent. The bill is expected to be tabled during the winter session of the state legislature marked to begin on November 19, 2018.

The circular by the government said, after section 114E of the Mumbai Municipal Corporation Act, section 114F shall be inserted.

The section 114F says, “The stamp duty leviable under the Maharashtra Stamp Act, on the instruments of sale, gift and usufructuary mortgage, respectively, of immovable property shall, in the case of any such instrument relating to immovable property situated in the area of Brihan Mumbai Municipal Corporation in which one or more Vital Important Urban Transport Projects (hereinafter in this section referred to as “City having notified projects”) and executed on or after such date as may be specified by the State Government, by notification in the Official Gazette, be increased by a surcharge at the rate of 1 per cent.”





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