India – Real Estate Snapshots.

22 July, 2015

• On April 24, 2015, the Maharashtra Stamp (Amendment) Act, 2015 (‘Amendment Act’) re- ceived the assent of the Governor. Some of the key changes to the erstwhile Maharashtra Stamp Act, 1958 (‘Principal Act’) brought about by the Amendment Act pertain to changes regarding:

1. the maximum penalty payable for failure to pay the deficient stamp duty within the period specified under the Principal Act;
2. the minimum stamp duty payable for a bond not being a debenture;
3. the stamp duty payable on the transfer of tenancy of immoveable property;
4. the stamp duty payable on a deed of reconveyance of mortgage;
5. a gift of immoveable property being either agricultural or residential property granted to a husband, wife, son, daughter, grandson, grand daughter and wife of
6. deceased son;
7. the stamp duty payable on an award, i.e. decision by an arbitrator or umpire (not
8. being a reference made otherwise than by an order of the Court in the course of suit), as a result of a written agreement to submit present or future differences to arbitration but not being an award directing partition;
9. an instrument of partnership inclusive of limited liability partnership and joint venture to run a business, earn profits and to share profits;
10. the stamp duty payable on a memorandum of association of a company and arti- cles of association of a company; and
11. a works contract (contract for works and labour or services involving transfer of property in goods) including a sub contract.