Maharashtra Government sanctioned the Stamp Duty on Gift deeds to be Rs 200/-

On 1st April 2016 the State Government of Maharashtra has issued the notification regarding the amendment in the Maharashtra Stamp Act, according to which an addition has been made to the existing proviso under article 34 in column 2 according to which  the State Government of Maharashtra has waived stamp duty on transfer of immovable property which is residential or agricultural by the owner to an heir or a family member being husband, wife, son, daughter, grandson, grand-daughter, wife of deceased son for which the amount of stamp duty chargeable shall be Rs 200/- (Rupees Two Hundred Only).

All such earlier transactions would have to be compulsorily registered with the State Government of Maharashtra in the prevalent system at 2% stamp duty on the property’s market value (ready reckoner rate) which was payable in cases where the property was being gifted to such family members, under the Maharashtra Stamp Act as per Article 34. In cases where the transfer of property does not qualify as ancestral property, the stamp duty payable was 5%.

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