X
Hi
terms privacy policy
Verifying...
1

Have a requirement?
Get Best Price

Hi
terms privacy policy
Verifying...
1

Have a requirement?
Get Best Price

Custom Profile

Stamp Duty and Registration

Stamp Duty and Registration

What is the extent of application of the Bombay Stamp Act, 1958?The Act applies to the whole of the State of Maharashtra.
What is an "Instrument" under the Act?"'Instrument' includes every document by which any right or liability is or purports to be created, transferred, limited, extended, extinguished or recorded, but does not include a bill of exchange, cheque, promissory note, bill of lading, letter of credit, policy of insurance, transfer of share, debenture, proxy and receipt."
What is market value?Market value in relation to any property which is the subject matter of an instrument means the price which such property would have fetched if sold in the open market on the date of execution of such instrument or the consideration mentioned in the instrument, whichever is higher. The price which such property would have fetched if sold in the open market is determined on the basis of the Ready Reckoner issued each year. Depreciation in stamp duty is available for old buildings and building without lift. 
When is stamp duty payable on an instrument in Maharashtra ?All instrument are liable to be stamped before or at the time of execution of instrument or immediately thereafter on the next working day following the date of execution, when executed in the State of Maharashtra . Any instrument executed outside the state is liable to duty only on receipt of such instrument in the state, provided it relates to a property situated in the state, or a matter or thing to be done in the state. Stamp duty is not levied on a transaction, but on an instrument. 
When is stamp duty payable on an instrument in Maharashtra ?Stamp duty is payable at the rate mentioned in the Bombay Stamp Act, 1958 and as amended from time to time. 
Which documents are required to be compulsorily registered?Documents listed in Section 17 of the Indian Registration Act, 1908 are to be registered compulsorily. Registration of documents listed in Section 18 of the Indian Registration Act, 1908 is optional. An agreement for leave and licence is required to be compulsorily registered under the Maharashtra Rent Control Act, 1999. 
Is there a time limit within which documents should be registered?Yes. Documents must be registered within 4 months of the date of execution. Thereafter, documents can be registered within the next 4 months on payment of penalty. 
Who is required to pay stamp duty and registration fee on purchase or lease of a flat or office?A purchaser (whether on first sale from a developer or on resale of a flat) or a lessee of a flat or office is required to pay stamp duty and registration fee. 
How is stamp duty paid in Maharashtra ?Stamp duty above the value of Rs. 25,000 is payable by a pay order/ demand draft/cheque drawn in favour of "The Superintendent of Stamps, Mumbai". Alternatively, a pay order can be drawn in favour of "The Reserve Bank of India- A/c Stamp Duty, Mumbai". The original instrument is then franked with the value of the stamp duty. Adhesive stamps are no longer used in Mumbai city. Stamp Duty upto the value of Rs.25,000 can be paid in cash. A receipt is issued by the concerned office for the stamp duty amount. 

+ Read More

NRI Information

Following are some of the most common questions asked by NRIs:
Q.1 Who is a Non Resident Indian?Ans. Under the Foreign Exchange Management Act of 1999, Non Resident Indians are defined as follows: a) Non Resident Indian means an individual being a citizen of India or a person of Indian origin (not being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan) who is not a "resident". Explanation: A person is deemed to be of Indian origin if he/she or either of his/her parents or any of his/her grand parents was born in undivided India. Do non-resident Indian citizens require permission of the Reserve Bank of India to acquire residential property in India? No. In what manner should the purchase consideration for the residential immovable property be paid by Non-resident Indians holding Indian passport under the general permission? Non-resident Indians holding Indian passport may pay the purchase consideration either by remittance of funds from abroad through normal banking channels or out of NRO Account or out of NRE Account or out of FCNR Account.   Q.2 What are the formalities required to be completed by NRIs for purchasing residential immovable property in India under the general permission?Ans. The Indian Government has considerably eased the restrictions relating to investments by NRIs in residential property. There is virtually no restriction or approval required for an NRI to invest in properties in India from funds received in India through normal banking channels or held in Non-resident External (NRE) account/ Foreign Currency Non-resident (FCNR) account (B)/ Non-resident Ordinary (NRO) rupee account. However, investment in agricultural land/ plantation property/ farm house is currently prohibited. The recurring rental income earned on letting out of property is also freely repatriable.   Q.3 Can such property be sold without the permission of Reserve Bank?Ans. Yes. Reserve Bank has granted general permission for sale of such property. However, where the property is purchased by another NRI, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.   Q.4 Can sale proceeds of such property if and when sold be repatriate out of India?Ans. RBI has given general permission to a NRIs to repatriate the sale proceeds of Immovable property provided the following conditions are satisfied, namely: (i) the immovable property was acquired by the seller in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of these Regulations; (ii) the amount to be repatriated does not exceed (a) the amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in Foreign Currency Non Resident account or (b) the foreign currency equivalent, as on the date of payment, of the amount paid where held in Non-Resident External account for acquisition of the property; (iii) in the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties. + Read More

Eligibility

A) Home LoanPossession of the premises will be acquired at a later date. (10% reduction in the market value is normally given by the town planners if possession is not given to the purchaser at the time of execution of the agreement).
The duty has to be paid on Sq. Meter's built up area and not on subuilt up area.
If payments have been made in say 1995 and the agreement has been executed in 1998 then the market value of the year 1995 has to be taken as per the Principles Of Land Acquisition Act.
B) Office premise loanYou must be at least 21 years of age when the loan is sanctioned.The loan must terminate before or when you turn 65 years of age.You must be self-employed with a regular source of income.The loan can be for the purchase / construction / extension of a non-residential property.A loan for renovation or improvement will be given only at the time of acquisition of property.Professionally qualified and self-employed individuals can apply.A minimum of 3 year's work experience is a must.+ Read More

Loan Amount


A number of factors are taken into account when assessing your repayment capacity. Your income, age, number of dependants, qualifications, assets and liabilities, stability/ continuity of your employment / business are some of them.
However, there are ways by which you can enhance your eligibility.
If your spouse is earning, put him/her as a co-applicant. The additional income shall be included to enhance your loan amount. Incidentally, if there are any co-owners they must necessarily be co-applicants.
Did you know that your fiancée's income can also be considered for sanctioning the loan on your combined income? The disbursement of the loan, however, will be done only after you submit proof of your marriage.
Providing additional security like bonds, fixed deposits and LIC policies may also help to enhance eligibility.
While there is no need for a guarantor, it could be that having one might enhance your credibility with us. If so, our loan officer would provide you with the necessary details.The final amount to be sanctioned will depend on your repayment capacity. However, what you ultimately are entitled to will have to conform within the limits fixed for each loan.Also, when the company looks at the total cost, registration charges, transfer charges and stamp duty costs are included+ Read More

Sanctioning


B) DocumentPassport size photograph.Age verification: PAN card, Voters ID, Passport, License.Bank statement for the last six months.Income Documents e.g. Latest Form 16, Certified IT returns for latest 3 years.Admin Fee cheque.Loan Enclosure letter.These are the documents required for sanctioning a loan. You may be asked to submit further legal documents if required by the Bank or its approved lawyers.
Do retain photocopies of all documents being submitted by you

Disbursement


Your loan will be disbursed after you identify and select the property or home that you are purchasing and on your submission of the requisite legal documents
Tell us what you need, and we’ll help you get quotes
Tell us what you
need
Receive seller
details
Seal the deal
Pay with IndiaMART
Tell us what you need, and we’ll help you get quotes
terms privacy policy