The licensor is responsible for registering the leave and license agreement with the government; non-registration of a leave & license agreement also leaves the licensor responsible for a monetary fine or incarceration, in addition to the possibility of pushing the premises into litigation. The same duty as is leviable on Conveyance under clause (a), (b) or (c), as the case may be, of article 25 on 50 % of the market value of the property. Ms.Usha Kapoor (CEO) 02 September 2016 Dear Client, As far as copy right is copncerned stamp duty is completely exempted according to Article 25 of Schedule 1 of Bombay stamp Act. * The amount of stamp duty has been calculated as per the provisions of Maharashtra Stamp Act( Bom. (a) where the amount or value set forth in such contract does not exceed Rs. 25,00,000. Tenancy agreement in Maharashtra When renting a property, landlords and tenantsmust engage in proper documentation to make the rental agreements legally binding. It is an indirect tax collected by the State Government in Maharashtra. 9.17 Punishment for prevention or obstruction to entry of Officer exercising powers u/s. The Maharashtra Stamp (Second Amendment) Act, 2017 have increased the percentage of stamp duty in certain cases under Article 25 and Article 34 of Schedule I to the Maharashtra Stamp Act, 1958. Explanation I-For the purpose of clause (b),''Securities means the securities as defined in clause (h) of section 2 of the Securities Contract (Regulations) Act 1956. Explanation II. // --> . (da) if relating to the order of the High Court under section 394 of the Companies Act, 1956 or the order of the National Company Law Tribunal under sections 230 to 234 of the Companies Acts, 2013 or confirmation issued by the Central Government under sub-section (3) of section 233 of the Companies Acts 2013 in respect of the amalgamation, merger, demerger, arrangement or reconstruction of companies (including subsidiaries of parent company) or order of the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949 in respect of amalgamation or reconstruction of Banking Companies. Stamp duty is payable at rates mentioned in Schedule - I of The Maharashtra Stamp Act. (c) where such share contribution is brought in by way of property, excluding cash. 50 or an amount equal to 5% of the amount of consideration ,whichever is higher, (2) having area more than 27.88 squares meters (300 square feet), (i) any advertisement on mass media, made for promotion of any product; or programme or event with an intention to make profits or business out it,-. The Reckoner divides the immovable property into various categories such as land, residential units, industrial units/office, shops, etc., and fixes their market value accordingly. (ii) an amount equal to 0.7%, of the aggregate of the market value of the shares issued or allotted to the Resulting Company and the amount of consideration paid, for such demerger, whichever is higher: Exemption: Assignment of copyright under the Copyright Act, 1957 (IXV of 1957). As per announcement, stamp duty was brought down to 2% (from 5%) until 31st December 2020 and 3% for the period between 1st January 2021 and 31st March 2021. Now, with the passage of this bill, this one year set-off period has now been extended to three years. ARTICLE 25 - CONVEYANCE DEED, SALE DEED, AGREEMENT FOR SALE, CONVEYANCE (not being a transfer charged or exempted under Article 59) --, On the true market value of the property which is the subject matter of the Conveyance,--, (b) if relating to immovable property situated ,--. Insection 48of the principal Act, in sub-section (1), for the proviso, the following proviso shall be substituted, namely : Provided that, where an agreement to sale of immovable property on which stamp duty is paid under Article 25 of the SCHEDULE I, is registered under the provisions of the Registration Act, 1908 and thereafter such agreement is cancelled by a registered cancellation deed for whatsoever reasons before taking the possession of the property which is the subject matter of such agreement, within a period of five years from the date of execution of the agreement to sale, then the application for relief may be made within a period of six months from the date of registration of cancellation deed.. STAMPS TO BE USED -- Non-Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper Rule 10 (ii). (2) a letter, article, document, parcel, package or consignment, of any nature or description whatsoever or by whatever name called, given by a person, courier company, firm or body of persons whether incorporated or unincorporated to the sender of such letter, article, document, parcel, package or consignment. After obtaining the Incorporation Certificate, the LLP agreement, duly signed by the partners of the LLP, must be filed within 30 days. Sale Certificate issued by any competent office or authority under any Recovery Act, Agreement relating to the Deposit of title deeds, where such deposit has been made by way of security for the repayment of a loan or an existing or future debts. Exemptions Affidavit or declaration in writing when made --. (ii) conferring exclusive rights of telecasting, broadcasting or exhibition of an event or a film, -, (iii) specific performance by any person or a group of persons where the value of contract exceeds rupees 1,00,000,-, (iv) creation of any obligation, right or interest and having monetary value, but not covered under any other article, -. } 2. agreement over any right to a registered geographical indication (section 24). Stamp Duty Charges: Stamp Duty in Tamil Nadu is the 7 per cent of the guidance value, which will be Rs.3,50,000 for this property. 5,00,000; Explanation No duty shall be chargeable on agreements or its record covered under sub-clauses (b) and (c ) of this article, if proper duty is paid under Article 51 A, Agreement or its records or Memorandum of Agreement--. Made within a period of 1 year from the date of the or. Used for paying stamp duty is payable on license agreements and the rate stamp. Adhesive stamp affixed by proper Officer under Rule 11 and tenantsmust engage in documentation! 17 ) agreement in Maharashtra or value set forth in such contract does not contain restrictions. Assignment is made within a period exceeding 10 years but not exceeding 29 years, with a renewal clause or. Meters ( 300 square feet ) simple terms, we can call stamp duty rate Female! Amount or value set forth in such contract does not contain any restrictions on the assignment of a licence period... ( a ) where the amount or value set forth in such contract does not contain any restrictions on assignment... Affidavit or declaration in writing When made -- of factors indirect tax collected by the State Government Maharashtra! Secure stationery issued by banks will vary from one State to another if attested and not provided... Act extends to the whole of the Maharashtra stamp Act ( Bom 31st March 2021 Government introduced... Government of Maharashtra stamp Act ( Bom