It is tax, similar to sales tax and income tax collected by the Government, and must be paid in full and on time. If there is delay in payment, it attracts penalty. A stamp duty paid instrument / document is considered a proper and legal instrument / document.
From the table know your rate per square meter, then multiply the rate with the built up area of your property in square meters. You will get a value. Reduce or increase this value for lift and depreciation as per the valuation factors given in the Ready Reckoner and you will get a market value. Find out the stamp duty amount applicable to you as per the market value.
The Department also does this procedure for you for a nominal fee.
The process of valuing the property and arriving at its market value and ascertaining the proper stamp duty is called adjudication.
For adjudication, one can apply to the Collector of Stamps along with copy of the agreement containing the details of the property.
The adjudication fee payable is Rs.100.
In case of a signed document, adjudication must be done within one month otherwise two percent interest per month will be levied as penalty from the date of signature.
An adjudicated unsigned document is valid up to six months from the date of adjudication order up to December 31 of that year whichever is earlier.
It is clarified that a when a nominee transfers the flat subsequently in the name of the legal heirs, that transfer instrument is to be stamped as per the market value. If you have purchased a flat in a co-operative housing society on or after 10-12-1985 you have to pay the stamp duty on market value as per the Ready Reckoner. A flat purchased through an agreement for sale on or before 9-12-1985 required stamp paper of Rs.5 only. However a flat purchased on or before 9-12-1985 will require stamp duty on market value at the time of conveyance of the property in favour of the society. The concept of payment of stamp duty on market value was introduced from 04-07-1980 will be charged on agreement value only.
From 04-07—1980 onwards, if the property is not covered under the Co-operative Society Act, you are required to pay stamp duty on market value. This payment is required at the time of execution of the document. However, prior to 04-07-1980 there was no market value concept hence agreement value was accepted for stamp duty payment.
Prior to 01/05/1995 stamp paper could be purchased in any name and was valid for any period of time. However from 01/05/1994 stamp paper is valid for a period of six months from the date of purchase and after that it is treated as ordinary paper as if it has no stamp.
General Stamp Office,
Ground Floor,Town Hall Building,
Shahid Bhagatsingh Road,Fort,
Mumbai 400 023.
Ph: 266 4589, 266 4585.
Office of the Superintendent of Stamps
First Floor, B.M.R.D.A. Building,
Mumbai 400 051.
Ph: 645 1894
Collector’s Office Compound,
Thane (West) 400 601.
(The Thane stamp office is open on Tuesdays and Fridays only and is closed on the 18th of each month for accounts purposes. If the 18th happens to be Tuesday or Friday, the office will be open on the next working day)
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