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L. A. BILL No. XI OF 2022.

A BILL

further to amend the Maharashtra Stamp Act.

WHEREAS it is expedient further to amend the Maharashtra Stamp

Act for the purposes hereinafter appearing; it is hereby enacted in the

Seventy-third Year of the Republic of India, as follows :—

1.

This Act may be called the Maharashtra Stamp (Amendment) Act,

2022.

2.

In SCHEDULE I appended to the Maharashtra Stamp Act, in article 5,

in clause (g-a), in sub-clause (ii), in the proviso, in column (1), for the words

“ within a period of one year ” the words “within a period of three years ”

shall be substituted.

LX of

1958.

Short title.

Amendment of

SCHEDULE I

of LX of 1958.

LX of

1958.

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(1)

In pursuance of clause (3) of article 348 of the Constitution of India,

the following translation in English of the Maharashtra Stamp (Amendment)

Bill, 2022 (L.A. Bill No.XI of 2022), introduced in the Maharashtra Legislative

Assembly on the 22nd March 2022, is hereby published under the authority

of the Governor.

By order and in the name of the Governor of Maharashtra,

SATISH WAGHOLE,

I/c. Secretary (Legislation) to Government,

Law and Judiciary Department.

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RNI No. MAHENG /2009/35528

2

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STATEMENT OF OBJECTS AND REASONS

With a view to give effect to the proposal in respect of the stamp duty

levied under the Maharashtra Stamp Act (LX of 1958), obtaining in the

Budget Speech of the Hon’ble Finance Minister for the year 2022-2023, it

is proposed to make the amendment in the proviso to sub-clause (ii) of

clause (g-a) of article 5 of Schedule I appended to the said Act.

2.

The said Article 5(g-a)(ii) contains provisions for charging stamp

duty on agreement relating to the purchase of one or more units in any

scheme or project by a person from a developer. Proviso to sub-clause (ii)

of clause (g-a) of the said article 5 provides that if conveyance of such

property is executed in favour of the subsequent purchaser, the stamp

duty chargeable on each such unit under the said sub-clause (ii) shall be

adjusted against stamp duty chargeable under article 25 after keeping the

balance of rupees one hunderd, if such transfer or assignment is made

within a period of one year from the date of the agreement and if on

adjustment, no duty is required to be paid, then minimum duty for the

conveyance shall be rupees one hundred.

3.

The Real Estate (Regulation and Development) Act, 2016 (16 of

2016) has been enacted for regulation and promotion of the real estate

sector. It has been noticed that the development schemes or projects of

immovable property take longer period than one year for completion due

to various mandatory compliances under the said Act. Hence, the benefit

of reduced stamp duty under the said sub-clause (ii) cannot be availed by

the investors. Therefore, to grant incentives to the investors and in turn

to boost the construction business, the said period of one year is proposed

to be increased to three years for the transfer or assignment of such unit

from the date of the agreement. The Government has, therefore, proposed

to amend article 5(g-a)(ii) of Schedule I of the said Act, suitably. 

4.

The Bill seeks to achieve the above objectives. 

Mumbai,

BALASAHEB THORAT,

Dated the 17th March 2022.

Minister for Revenue.

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FINANCIAL MEMORANDUM

Clause 2 of the Bill proposes to amend the proviso to sub-clause (ii)

of clause (g-a) of article 5 of Schedule I of the Maharashtra Stamp Act

(LX of 1958), with a view to increase a period from one year to three years,

for getting benefits of reduced stamp duty specified under the said proviso.

There is no provision in the Bill which would involve the recurring or

non-recurring expenditure from the Consolidated Fund of the State on its

enactment as an Act of the State Legislature.

ON BEHALF OF GOVERNMENT PRINTING, STATIONERY AND PUBLICATION, PRINTED AND PUBLISHED BY DIRECTOR, RUPENDRA DINESH MORE,

PRINTED AT GOVERNMENT CENTRAL PRESS, 21-A, NETAJI SUBHASH ROAD, CHARNI ROAD, MUMBAI 400 004 AND PUBLISHED AT DIRECTORATE

OF GOVERNMENT PRINTING, STATIONERY AND PUBLICATIONS, 21-A, NETAJI SUBHASH ROAD, CHARNI ROAD, MUMBAI 400 004. EDITOR :

DIRECTOR, RUPENDRA DINESH MORE.