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Stamp Duty & Registration

Stamp duty is payable under Section 3 of The Bombay Stamp Act, 1958.
Stamp duty is payable on market value or agreement value whichever is higher.
Market value of any property is determined by the stamp duty authorities on the basis of the Stamp Duty Ready Reckoner issued by the government on January 1 every year.
Stamp duty for residential property is Rs. 7600/- plus 5% of the residential value in Mumbai above Rs. 5, 00,000/- plus and 6% for Thane and Kalyan for the time being in force.
Stamp duty for non residential property is flat 5%.
Stamp duty is charged, for every Rs. 500/- or part thereof of the value.
Stamp duty must be paid at the time of execution of the agreement. Penalty for late payment of the stamp duty is 3.5% for properties less than 1 crore and 4.2% for properties higher than 1 crore per month on deficit stamp duty amount, subject to maximum two times of the deficit stamp duty amount.
A stamp duty paid document is considered a proper and legal document and as such gets evidentiary value and is admitted as evidence in the court of law. The documents that are insufficiently stamped are not admitted as evidence by court.

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