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Stamp Duty Rates for Sale Agreement 2013

Stamp duty rates for Sale Agreement which includes (Flats, Land, Shop, Office and Industrial Unit etc.

5% stamp duty payable under Article 25(b) of schedule 1 of the Bombay Stamp Act 1958 for only properties under the jurisdiction of Municipal Corporation.

Kindly Note

1) Stamp Duty is payable on market price or agreement value, whichever is higer.

2)5% is only for stamp duty apart from that 1% Registration fee again it is decided on market price or agreement value (which ever is higher) and Registration fee is subject to maximum Rs 30,000

3)Stamp duty is charged for every 500 rupees or part thereof of the market value, for practical purpose.

4) Registration fee is charged for every 1000 rupees or part thereof of the market value.

5) Stamp duty must be paid at the time of execution of the agreement. Penalty for late payment of stamp duty is 2% / month on deficit stamp duty amount, subject to maximum 2 times of the deficit stamp duty amount.

6)Stamp Duty on agreement for sale prior to 10 / 12 / 1985 is Rs 5 only

About Stamp Duty

Stamp duty is type of a tax which is imposed on documents or instruments which includes legal documents and property transactions.

Stamp duty is payable on  instruments the provisions of Bombay Stamp Act, 1958 and Indian Stamp Act, 1899 and not on transactions.

Instrument means any document by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished or recorded.

About Sale Agreement

Sale Agreement is an agreement which is entered between the parties that is a document between vendor and purchaser for dealing with the property. Sale Agreement needs to be registered and charges for registering a sale agreement is 5% which is payable on market value or agreement value which ever is higher.