Property buyers in Maharashtra and other Indian states are obligated to pay taxes on movable or immovable assets. This tax gets stamped and referred to as stamp duty Maharashtra charges.

This tax is used to pay to gain property ownership and registration in Municipal records. Section 3 of the Indian Stamp Act, 1899 further legalises the payment of registration and stamp duty charges.

Keep reading to learn about the property stamp duty in Maharashtra and the other necessary details.

The Bombay Stamp Act 1958 or the Maharashtra Stamp Act 1958 absolves every property owner in the state to pay stamp duty Maharashtra charges.

Recently, specific changes have been made in the Maharashtra Stamp Act that deals with the electronic payment of stamp duty, gift deeds stamp duty, new penalty clauses, and changes in stamp duty amount under specific clauses.

Maharashtra Government announced stamp duty reduction in August 2020 till March 31, 2021. However, as per the recent reports, in 2023 the stamp rates remain the same as 2022. Hence, accordingly the current stamp rate in Maharashtra ranges between 6% and 7% depending on the cities.

A taxpayer must submit a registration sale deed to substantiate that a property is registered in a woman's name.

Let’s check what the current stamp duty in Maharashtra is and other related charges.

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The current registry charge in Maharashtra is 1% of the total property cost.

Individuals can find smart tools such as stamp duty calculators in financial institutions or public websites. These tools help calculate the required payment within seconds.

The steps for the same are as follows.

• Step 1: Visit a website offering stamp duty calculator Maharashtra and click on stamp duty details option.
• Step 2: Click on the respective state (Maharashtra) and proceed.
• Step 3: Enter the market value of the property to get the applicable stamp duty.

Individuals can pay the registration fees and stamp duty on land purchase in Maharashtra online by following these steps.

Online Procedure

The online steps are as follows:

• Step 1: Visit the Government Receipt Accounting System website and click on pay without registration option.
• Step 2: Select the citizen option and payment to register the document option.
• Step 3: Click on the pay stamp duty and registration option and fill in the online form with relevant data.
• Step 4: Select the make payment to register your document option and click on pay stamp duty and registration fee together option.
• Step 5: Choose the payment mode and enter the captcha code.

Individuals will receive a challan detailing reference Number, CIN, branch code and PRN number.

Offline Procedure

Individuals can choose from the below mentioned mode to pay property stamp duty and registration charges offline:

• Franking
• Stamp Paper

Here are a few essential points you need to consider before paying stamp duty in Maharashtra -

• The date of the issued stamp paper must not be more than 6 months from the transaction date.
• All assets applicable for stamp duty must be stamped before registration or the next working day.
• The stamp paper must be in the name of individuals involved in a transaction.
• The adhesive stamp  removed at the execution time is not available for reuse.

Section 80C of the Income Tax Act 1961 allows a tax deduction on registration charges and stamp duties.

Individuals and HUFs can claim deduction only on new properties. However, there are no tax exemptions on residential plots, resale property and commercial buildings.

There are also tax deductions applicable for joint owners. Here maximum deduction limit is up to ₹1,50,000.

Hence individuals planning to purchase a property in state can check above discussion on stamp duty Maharashtra.

They can also keep a tab on latest news on stamp duty in Maharashtra and make savings accordingly.