Government of Maharashtra waives of Stamp Duty for Transfer of Property

Government of Maharashtra waives of Stamp Duty for Transfer of Property

Earlier Maharashtra Government used to charge 2 percent stamp duty on the transfer of immovable property to heirs or family members.

Last week at the Legislative assembly, the Revenue Minister of the state Eknath Khadse announced this news. And this news has been welcomed by people in the state of Maharashtra, which is the third largest state in India.

Mumbai, Pune, Nagpur, Nashik, Aurangabad are the major cities in Maharashtra, and out which Mumbai and Pune are metropolitan cities. According to CEO of S2NRI; a company which services to NRIs and one their major source of business is NRI property service, “It’s good news, not only for the locals but for our NRI clients as well. Since, Mumbai have been a top destination for investing in property in India for a long time. It still attracts many investors with preposition of a high return on their investment. And this news makes it easier for people to transfer property without worrying about money. Since, even 2 percent can mean, that if your property is worth 1crore, you have to pay 2 lakhs to transfer it, which can be a big sum for many.”

The properties in the state should be registered with the state government; this was also earlier announced by the Government of Punjab. The registration can be done online for property sales transactions. This would allow home buyers to register their properties without visiting the government offices.

Out of the Rs 30,000 crore, the government collects annually through stamp duty, 12,000 crore comes from property transactions. And out of the Rs 12,000 crore, Rs 60 crore comes from the transfer of immovable property to heirs or relatives after death.

But now stamp duty will be charged only for the transaction of property.