December 11, 2023: The Maharashtra government, on December 7, 2023, issued an order detailing the process in which the Mudrank Shulkh Abhay Yojana stamp duty amnesty scheme will be followed. It will be applicable to all properties executed between January 1, 1980, and December 31, 2020.
The scheme will be implemented in two phases:
Phase 1: December 1, 2023 to January 31, 2023
Phase 2: February 1, 2024 to March 31, 2024
According to an IE report, in the first phase, the government gives a 100% waiver on both stamp duty and penalties for amounts that range from Rs 1 to Rs 1 lakh. All amounts that exceed Rs 1 lakh will get a 50% waiver on stamp duty and a 100% waiver on the penalties.
In the second phase, the government will give a waiver of 80% in both stamp duty and penalties for amounts ranging up to Rs 1 lakh. All amounts exceeding Rs 1 lakh will get a 40% waiver on stamp duty and a 70% waiver on the penalties, mentioned the IE report.
According to the report, for properties that have been registered from January 1, 2000, to December 31, 2020, as part of Phase- 1 of the scheme, IGR Maharashtra will offer a 25% waiver in stamp duty fees for amounts up to Rs 25 crore. The state will offer a 20% waiver in stamp duty if the stamp duty fee is more than Rs 25 crore. Also, for penalties below Rs 25 lakh, a 90% rebate will be given and for penalties above Rs 25 lakh, a penalty of Rs 25 lakh has to be paid.
As part of Phase- 2 of the scheme, IGR Maharashtra will offer a 25% waiver in stamp duty fees for amounts up to Rs 25 crore. The state will offer a 20% waiver in stamp duty if the stamp duty fee is more than Rs 25 crore. Also, for penalties below Rs 50 lakh, an 80% rebate will be given and for penalties above Rs 50 lakh, a penalty of Rs 50 lakh has to be paid.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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