July 4, 2024: The Maharashtra government has decided to extend its stamp duty amnesty scheme for the fourth time until August 31, 2024. Named the Mudrank Shulakh Abhay Yojana, the scheme was introduced in December 2023 to encourage homebuyers to settle outstanding stamp duty dues.
The Government of Maharashtra has mentioned that in the public interest it will extend the period of the second phase till the 31st August 2024 for the said Amnesty Scheme – 2023. The scheme is applicable for the First Allotment Letter or Agreement or Share Certificate issued or executed on unstamped paper or on letter head regarding residential or non-residential units by the registered co-operative housing society situated on the Mhada, Cidco or MIDC land.
Under the scheme, the Maharashtra government will exempt the entire stamp duty fee and penalty imposed on property documents registered or not registered between January 1, 1980, and December 31, 2020. This includes properties under Mhada, Cidco or even the SRA.
The scheme was launched in a phased manner: first from December 1, 2023, to January 2024, and second from February 1, 2024, to March 31, 2024 that was then extended till June 30, 2024.Â
For the uninitiated, stamp duty is a one-time tax that homebuyers have to pay to the state government during registration of property. If the stamp duty is not paid, it will attract penalties. In Maharashtra, for instance, a property owner has to pay a penalty on the dues at 2% per month and may total to more than 400% of the stamp duty.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
