The Maharashtra government has decided to extend its stamp duty amnesty scheme for the fourth time until August 31, 2024. Named the Mudrank Shulakh Abhay Yojana, the scheme was introduced in December 2023 to encourage homebuyers to settle outstanding stamp duty dues.
The Government of Maharashtra has mentioned that in the public interest it will extend the period of the second phase till the 31st August 2024 for the said Amnesty Scheme – 2023. The scheme is applicable for the First Allotment Letter or Agreement or Share Certificate issued or executed on unstamped paper or on letter head regarding residential or non-residential units by the registered co-operative housing society situated on the Mhada, Cidco or MIDC land.
Under the scheme, the Maharashtra government will exempt the entire stamp duty fee and penalty imposed on property documents registered or not registered between January 1, 1980, and December 31, 2020. This includes properties under Mhada, Cidco or even the SRA.
The scheme was launched in a phased manner: first from December 1, 2023, to January 2024, and second from February 1, 2024, to March 31, 2024 that was then extended till June 30, 2024.
For the uninitiated, stamp duty is a one-time tax that homebuyers have to pay to the state government during registration of property. If the stamp duty is not paid, it will attract penalties. In Maharashtra, for instance, a property owner has to pay a penalty on the dues at 2% per month and may total to more than 400% of the stamp duty.
What is the Mudrank Shulakh Abhay Yojana?
This scheme offers an opportunity for property owners to settle unpaid or insufficient stamp duty on their properties. By participating in the scheme, you can benefit from:
- Waiver of penalties: A significant portion of the penalty associated with unpaid stamp duty can be waived.
- Reduced interest: The interest levied on the unpaid stamp duty amount might be reduced.
Who Can Apply for the Scheme?
The scheme is applicable to a wide range of property transactions, including:
- Sale of land or buildings
- Gifts of property
- Mortgage deeds
Important Dates to Remember
- The original deadline for the scheme was June 30th, 2024.
- However, due to the recent extension, you now have time until August 31st, 2024 to apply.
How to Apply for the Mudrank Shulakh Abhay Yojana
The application process for the scheme generally involves these steps:
- Collect Necessary Documents: Gather documents like the property sale deed, registration certificate, and proof of stamp duty payment (if any).
- Calculate the Due Amount: Determine the amount of unpaid stamp duty and any applicable interest using the online calculator available on the Maharashtra Department of Registration & Stamps website ([Maharashtra Department of Registration & Stamps ON Government of Maharashtra igramaharashtra.gov.in]).
- Approach the Concerned Authority: Visit the Sub-Registrar’s office in your jurisdiction and express your intention to avail the scheme.
- Application and Payment: The Sub-Registrar’s office will guide you through the application process and help you calculate the final payable amount after considering the waivers and reductions. You can then make the payment towards the outstanding stamp duty and any applicable charges.
Benefits of Applying Under the Scheme
Participating in the Mudrank Shulakh Abhay Yojana offers several advantages:
- Cost Savings: You can potentially save significant money on penalties and interest associated with unpaid stamp duty.
- Clear Title: Resolving stamp duty issues ensures a clear and marketable title for your property.
- Peace of Mind: By rectifying any discrepancies, you avoid potential legal hassles in the future.
Important Disclaimer
This blog post provides general information only. It’s advisable to consult a lawyer or tax advisor for specific guidance regarding your situation and the application process. They can offer personalized advice based on the details of your property transaction and help you navigate the legalities effectively.
Don’t Miss This Opportunity!
The extension of the Mudrank Shulakh Abhay Yojana presents a valuable opportunity for property owners in Maharashtra. By acting before August 31st, 2024, you can potentially resolve any stamp duty dues and benefit from the scheme’s waivers and reductions. Remember to consult a professional for tailored advice and ensure a smooth application process.
