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  Metros   Mumbai  28 Nov 2018  Govt to levy surcharge of 1 per cent on stamp duty

Govt to levy surcharge of 1 per cent on stamp duty

THE ASIAN AGE.
Published : Nov 28, 2018, 1:10 am IST
Updated : Nov 28, 2018, 1:10 am IST

It means the total stamp duty to be paid on property sales in the city will now be six percent.

A bill to amend the Mumbai Municipal Corporation (MMC) Act was tabled in the State Legislative Assembly, which cleared it.
 A bill to amend the Mumbai Municipal Corporation (MMC) Act was tabled in the State Legislative Assembly, which cleared it.

Mumbai: You will now have to pay an additional one per cent stamp duty on property transactions, as the State Legislative Assembly on Tuesday passed the bill in this regard to generate more funds for city’s major infrastructure projects. It means the total stamp duty to be paid on property sales in the city will now be six percent.

A bill to amend the Mumbai Municipal Corporation (MMC) Act was tabled in the State Legislative Assembly, which cleared it. It will be soon applicable after the state government issues a notification in this regard.

The government has decided to levy a surcharge of one per cent on stamp duty, increasing it to six per cent from the existing five per cent. In July, the state government had published draft of the MMC (second amendment) Act, 2018 by insertion of Section 144 F where it plans to levy additional stamp duty on transfers of certain immovable properties. They would be levied on sale, lease, gift and mortgage of the property.

The state government in its bill has said the money would be used to implement important urban transport projects related to mass rapid transport systems.

“The government recognises the need to implement important urban transport projects related to mass rapid transport system such as metro, mono, bus rapid transport system including freeways, sea-link etc. With a view to ensure that the corporation or the agency, which has undertaken the notified transport projects, has sufficient funds at its disposal for this purpose,” said the bill.

Tags: stamp duty, mumbai municipal corporation act