Stamp Duty Rates increase in Kharghar, Kamothe, Kalamboli, and New Panvel

Since September 2016, Panvel Municipal Council has become a Municipal Corporation, encompassing more than 29 villages and areas. However, Mumbai is exempt from the 1% Local Body Tax (LBT), while Nagpur has a LBT of 6.5%. In addition, the Stamp Duty rate for property transactions within the Panvel Municipal Corporation has increased from 5% to 6%.

Stamp Duty for Ulwe is also 6%

The following areas will now have to pay a higher Stamp Duty rate of 6%: Kharghar, Taloja Panchnand, Kalundre, Owe, Kamothe, Chal, Navde, Devicha pada, Tondhare, Pendhar, Kalamboli, Khidukpada, Roadpali, Padghe, Walvli, Pale Khurd, Tembhode, Asudgaon, Bid, Adivali, Rohinjan, Dhansar, Karvale Budruk, Pisarve, Turbhe, Nagzari, Taloje Majkur, Ghot, and Koynavele.

Points to note while paying Stamp Duty

Stamp Paper Validity

In Maharashtra, stamp paper is valid for 6 months from the date of purchase. This means that any agreement written on the stamp paper must be signed by all parties within 6 months. After signing, you have an additional 4 months to register the agreement.

Stamp paper registration time limit

Stamp paper with signatures of all people required is supposed to be registered within 4 months from date of the signatures. If there is delay, penalty of 10 times the registration fees can be charged by the Registrar.

Part registration

If not everyone can be present on the same day, the registration can be done with just one person who is signing the agreement. Then, the others can come within 4 months to re-register the document.

Stamp Duty Rounding off

When the Stamp Duty amount payable is Rs 10,049, it will be rounded down to Rs 10,000. If the Stamp Duty amount payable is Rs 10,051, it will be rounded up to Rs 10,100.

Stamp Duty and Registration Charge on Sale Deed (after sale agreement)

Registration and Stamp Duty charge for Sale Deed (not sale agreement) is Rs 100 only and can be paid at the Registration office itself on the day of Registration. Stamp Paper of Rs 100 can be used for the same.

Stamp duty and Registration on Lease of Agricultural Land in Maharashtra

To calculate the Stamp Duty on the lease of agricultural land, you can follow these steps:

• Determine the market value (Ready Reckoner Value of the land).
• Divide the Ready Reckoner value by 10.
• Multiply the result with the number of Gunthas.
  • This should give you the Market Value of the Land to be leased.
    Note: Current Market value of Land in villages surrounding Navi Mumbai Municipal areas is approx Rs 4.5 lakh rupees per Guntha (100 sq meters)
• Deduct 10% from the total market value.
  
• 5% of this amount will be your Stamp Duty.
• Additionally, there is a registration fee of 1%, up to a maximum of Rs 30,000, that is applicable regardless of the Market Value Amount.

Depreciation (घसारा) on Stamp Duty : How to calculate Depreciation ?

When it comes to selling property, there is a possibility of getting a depreciation ranging from 10% to 70% on the Ready Reckoner value of the property. However, there\’s a catch. The Ready Reckoner value needs to be calculated and then the depreciation percentage has to be subtracted from it. This resulting value is compared to the actual price of the property mentioned in the sale agreement. The higher value between the two is used to calculate the stamp duty and registration fees. In reality, it is unlikely that the agreement value will be lower or equal to the Ready Reckoner value, so the potential benefit of depreciation may not be substantial.

Method to Calculate the Depreciation of Row Houses :

Sale Price Mentioned in the agreement
– (minus/subtract) The Ready Reckoner Price of the Plot of land on which the Row House Stands
– (minus/Subtract) 30%
+ (Add) Ready Reckoner Price of the Plot of Land.

Other than this, CIDCO Transfer (NOC) charges  are to be paid to CIDCO if the property/land/flat or any real estate is being purchased in areas managed by CIDCO (From Airoli to Panvel).

For more information on CIDCO transfer charges click this  link

Sky Properties, Nerul, Navi Mumbai

Address A-1, 7,2, Sneh Co Op Society, Plot no 16, Sector 19a, Nerul, Navi Mumbai 400706
Call Us 9987452642
mayur@navimumbaiestate.in

Great Eastern Summit (Belapur) hit by Conveyance Deed scam

In another ‘Conveyance’ scam of mammoth proportions, the jt.registrar of co-operative societies Mr.Sandeep Deshmukh has appointed a special auditor to probe allegations of swindling against the committee members of Great Eastern Summit ‘A’ .An NGO by the name of Sahayak has alleged that the managing committee obtained Rs 30 Per Sq foot from society members on the pretext of ‘Conveyance’ charges. The NGO has submitted minutes of the meeting wherein the said charges are clearly mentioned. Readers should be aware that Conveyance is a procedure wherein the builder transfers the rights and title of a building he has constructed to the Society.

In Navi Mumbai, CIDCO NOC is not possible if the Conveyance is not in place. Normally, this Conveyance and Society formation is the Builders responsibility. He alone is responsible for all the costs associated with it. If the builder does not co-operate, the Society can apply for Deemed Conveyance wherein the Society applies for Conveyance on its own. In this case the Society bears the transfer cost which is listed on the CIDCO website. Most of the managing committee members take advantage of the lack of knowledge of Society Members and fleece them in the name of Conveyance. The total value of this scam is said to be upwards of 50 lakh rupees.

Sky Properties, Nerul, Navi Mumbai

Address A-1, 7,2, Sneh Co Op Society, Plot no 16, Sector 19a, Nerul, Navi Mumbai 400706
Call Us 9987452642
mayur@navimumbaiestate.in

Brahmakumari's maintenance and use agreement with NMMC

Maintenance and upkeep agreement signed by Brahmakumaris for 11 years with NMMC for Sankaracharya Garden in Sector 21,Nerul.
Similar agreements are signed for gardens all over Navi Mumbai by NMMC.

Rs 100 for 11 years

Gallery of Images

Map Location

Vasai Society office bearers jailed for refusing NOC to Muslim buyer

9 Managing committee members of the Happpy Jivan Housing Society in Sai Nagar, Vasai (W) got a rude shock when the Manickpur police (Vasai) arrested them for objecting to a flat sale to a member of the Muslim community.

The flat owner Mrs.Kantaben Patel (55 yrs) wanted to sell her first floor 2 bhk flat to a Muslim glass trader by the name of Vikaar Ahmed Khan for 48 lakhs.He had paid 1 lakh as token and then asked the society for an NOC to register the Sale agreement and for a bank loan.

The society members passed a resolution on the letterhead of the Society that the sale to a Muslim will \’spoil the atmosphere\’ of the society. They urged Patel to sell the flat to someone from the Hindu Community instead.

When all attempts by the owner to reason with the committee members failed, she approached the police and registered an FIR under section 295A (Deliberate and malicious acts intended to hurt the religious feelings of a person). The Police recorded the statements of the office bearers on Sunday. Immediately after that the Society members agreed to give the NOC without any preconditions to Khan. The members also agreed to give a written apology to Khan.

The 39 yr old building has 9 gujarati families in all and the Kantaben\’s immediate neighbours are all Gujarati vegetarians.There are also 2 families from the Muslim community staying in the society but they were unaware of the resolution passed by the office bearers in their absence.One Punjabi and One Maharashtrian family refused to sign the resolution.Owners of the 9 shops were also unaware of the resolution.

The Society comprises of 16 Flats and 9 shops.

This case should serve as a warning to Society office bearers who impose illegal conditions on flat owners on the basis of a persons religion or status.

Watch NDTV video report here

Long Term Capital Gains not re-invested are Taxable : High Court

The Mumbai High Court recently held that Long Term Capital Gains arising from House/Flat sale are taxable if the entire amount is not invested in another real estate purchase or deposited in the appropriate type of Bank Account (as designated by the Govt) during the financial year (1st April to 31st March) in which the gains were made.

As per Govt rules, Long term capital gains (when flat or property is sold after a minimum ownership period of 3 years) are tax exempt if they are re-invested in the purchase of another property within 2 years from the date of sale or in construction of a new house within 3 years from the date of sale of his property.

If the entire amount of LTCG is not invested in the purchase or construction of a new property, then the balance has to be deposited in a bank account as specified by the govt or in Bonds as specified by the govt.

High court

If the same is not deposited in the appropriate account, then the same shall be taxed as per the Income Tax bracket that the person falls under.

The High Court pronounced this order in the case of one Mr.Humayun Merchant who did not invest the complete gains from his property sale and was hence taxed on the balance un-invested amount.