Maharashtra, India: Stamp duty concession benefits on resale of properties extended to 3 years.
To boost the real estate sector and to provide relief to the investors, the Legislative Assembly on Wednesday passed a bill proposing to extend the duration to avail the stamp duty benefits from one year to three years in Maharashtra state of India. What is Stamp Duty Concession? As per existing norms in Maharahstra, if an investor buys and sells the flat within a year, the investor gets concession in stamp duty which has been extended to 3 years. To understand it easily giving example, suppose an individual or investor purchase a flat for Rs. 1Cr. in year 2022 and has to pay a stamp duty of 6% to government to register this flat on his name which will be Rs. 6lacs and if investor sells it on or before 3 years ie. in 2025 at price of 1.25 Cr. then new buyer of this flat has to pay stamp duty to government which is currently 6% to be calculated on difference of purchase price 1 Cr. minus (-) sale price 1.25 Cr. = 25 lacs so new buyer need pay stamp duty on 25 lacs only so this benefit