STAMP DUTY AND REGISTRATION FEE CALCULATORYou have taken smart Decisions! We are here to help you to calculate the amount you need to pay as Stamp Duty on (Market Value or Agreement Value), Registration Fee and Other Taxes (Re- Sale or Under Construction Residential Unit) and T. D. S on (Vendor / Seller Pan Card Available / Pan Card Not Available) on immovable property in Maharastra. Property located in Nagar Panchayat / Municipal Council and Municipal Corporation. Various taxes which are applicable on purchase of immovable property If you want to read more about the taxes just click on below topic. In Nagar Panchayat stamp duty is 3% on Market Value or on the Agreement Value which ever is higher. In Municipal Council stamp duty is 4% on Market Value or on the Agreement Value which ever is higher. In Municipal Corporation stamp duty is 5% on Market Value or on the Agreement Value which ever is higher. REGISTRATION FEE (with effect from 0. March, 2. 00. 9). On 1. 6/0. 2/2. 00. Registration Department removed the Registration fee limit of 3. Registration fee is 1% (one percent) on Market Value or on the Agreement Value or 3. 3% Stamp Duty proposed in Maharashtra’s. 200 /- MH005317962201516E 03/12/2015. LEAVE AND LICENSE AGREEMENT. Thane, Maharashtra, 400706. WHAT IS A LEAVE AND LICENSE AGREEMENT? A license is a personal. The Stamp Duty in case of Leave and License Agreements. In addition to the Stamp Duty. Stamp Duty; Redevelopment. Leave and License Agreement why eleven. There is a practice prevalent in Maharashtra that a Leave & License Agreement in respect of. Stamp Duty Rates – Department of. Leave and License Agreement for the period of up to 5 years. Leave And Licence Agreement Calculator For Stamp Duty. Stamp Duty Calculator; Leave & Licence Agreement. Stamp Duty Rates for Leave & Licence Agreement. Maharashtra stamp (Amendment) Act 2015. Advertisement for appointing Authorized Service Provider for e-Registration of Leave & License document. Read more about Maha Govt plans e-registration of leave and license. Tenants to pay 0.25% stamp duty on rent, deposit amount. April, 2. 01. 3). The Maharashtra Government had made provision in the Maharashtra Municipal Corporations (MMC) Act. The Urban Development Department issued a notification on 1. March, 2. 01. 3 directing the department of registration and stamps to recover 1% (LBT) Local Body Tax additional to stamp duty to the civic bodies of Nagpur, Pune, Thane, Pimpri Chinchwad and Navi Mumbai on such documents like Sale Deed, Mortgage Deed etc. Maharashtra Municipal Corporation Act, (In other Municipal Corporation Limits (LBT) Local Body Tax) Mumbai City and Mumbai Suburban District are excluded. Municipality / Municipal Council / Nagar Panchayat Limits 3)Zilla Prishad Limits 4)Nagpur Improvement Trust Limits Stamp Duty + 1% (LBT) on Market Value or on the Agreement Value for Sale Deed / Agreement for Sale which ever is higher and on Gift Deed 1% on Market Value. Circular for Local Body Tax (L. B. T.) in Maharashtra Click for Download TAX DEDUCTED AT SOURCE (T. D. S) (w. e. f. 1st June, 2. Tax Deducted at Source (TDS) it charged on part of total value not cost. Value of immovable property is above 5. Lac the seller has to pay TDS on it (Seller having Income Tax Pan Card) is 1% (one percentage). If property is sold- out by the vendor/seller to vendee/purchaser and if seller doesn't have PAN Card, or if vendor/seller doesn't provide it’s Permanent Account Number (PAN) then the vendee/purchaser has a right to deduct TDS @ 2. AA of the Income- Tax Act, 1. TDS Certificate and pay a similar to Income Tax Department. TDS deducted by the Vendee / Purchaser / Buyer at the time of making the payment to Vendor / Seller. Vendee / Purchaser / Buyer have to deposit the deducted amount within 7 days from the end of the month in which period deduction has been made. All the details regarding to the transaction and TDS on the property are required to be furnished in FORM 2. QB and it has to be submitted through online payment made at the time of payment. After depositing of TDS the Vendee / Purchaser / Buyer also required to issues FORM 1. B to the Vendor / Seller of the property in respect of TDS deducted and deposited within the Government Treasury In case of failure to go with the provisions, interest and penalty would be obligatory to the Vendee / Purchaser. Interest are charged @ 1 % per month or a part of the month for failure to deduct tax or short deduction of tax from the date the tax was deductible until the date an equivalent is subtracted. Interest is charged @ 1. TDS is applicable for the whole installment, from the start of Earnest amount until the possession of the property. Non Resident Indians (NRIs)Income Tax Department had made Provisions for Non Resident Indian that, if the payment is formed to a Non- Resident Indian then section 1. IA won't be applicable rather section 1. TDS is needed to be subtracted @ 2. EC (Education Cess) & SHEC (Secondary and Higher Secondary Education Cess) on the sale thought, surcharge @ 1. Core. The limit of 5. NRI’s. Note : We advise our users to take proper legal helps from Chartered Accountant. April, 2. 01. 0) Maharashtra Value Added Tax (MVAT) is 1 % and which is applicable for the property which are under construction stage. VAT can not be applicable to the property which has been fully developed (Ready to Possession) fully constructed. June 2. 01. 6). The Service tax is applicable when purchaser purchases immovable property which is in process (under construction) and it’s charged on the construction cost only. According to the NEW MODEL BYE- LAWS, Bye- law no. Bye- law 3. 8(e)(ix) provides for the payment of . Circular dated 9th August 2. Co- operation and Textile Department, the maximum amount at 2. The Commissioner for Co- operation and Registrar Co- operative Society, Pune, Maharashtra, clarify that . Note : When the transfer is among the family members, the Society cannot charge the . Maximum premium can be collected from members as below under Area Jurisdiction. Municipal Corporation & Development Authorities 2. Maharashtra government have made obligatory to pay property tax on capital value- based system to calculate capital levy on buildings, lands, homes and institutions across the state; the new system has been introduced w. Municipal Corporations, Councils and Local Bodies. The capital levy is calculated with the assistance of the revenue enhancement (Stamp Duty Ready Reckoner Rates) that area unit revised by the government each year with the new budget. The capital value- based system is upgraded each 5 years however the tax levied wouldn't be greater than 4. WHAT IS PROPERTY TAX? Property tax is kind of tax which is collected by the local government or by the Municipal Corporation in jurisdiction where property is situated. Property tax is collected in advance for period of Half Yearly or Yearly. The property tax is applicable to Residential, Commercial Industrial buildings in different proportion. WHERE PROPERTY TAX AMOUNT IS SPENT BY THE LOCAL BODY OR MUNICIPAL CORPORATION ? Collected property tax is mainly used for the public services like repairing roads, construction schools, buildings, sanitation, walking footpath for public, public toilets, gardens, etc. TO WHOM THE PROPERTY TAX BILL IS SENT BY THE AUTHORITY ? The BMC Assessment Department raise single bill of property tax to the respective owner of the building / Land Lord / Co- operative Society or to individual member. IT IS WHOSE RESPONSIBILITY OF PAYING PROPERTY TAX TO AUTHORITY BY THE OWNER OF BUILDING (LAND LORD / CO- OPERATIVE SOCIETY) ? Earlier landlords were constructing buildings and letting out premises on tenancy basis, purely in form of income point of view but after 1. Property tax is the annual amount paid by a land owner to the local government or the municipal corporation of his area. After 1. 96. 0 the properties are developed on multi ownership basis or jointly owned by the members of co- operative housing societies as ultimate beneficiary. It is the responsibility of the individual member of the society to pay the assessment tax bill to the society if the single bill is sent to society by the authority. If the society had applied to the authority for sending separate assessment bill to individual member then it’s the responsibility of the member to pay the same directly to authority. One should know about conditions for calming deduction under various section i. If property has been purchased collectively and have taken joint loan on property, every purchaser repaying the amount would be eligible to say whole deduction severally. Note : We advise our users to take proper legal helps from Chartered Accountant.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
December 2016
Categories |