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 can be adjusted between seller & buyer for negotiation of property price and will increase the profit for investor for atleast 5-6% which is really a handsome amount. 

This will also increase investment in underconstruction projects as most real estate projects are getting completed in three years and the number of investors availing the benefits is very minimal earlier due to 1 year stamp duty concession provision.

This is really a great initiative to encourage investors to purchase properties in Maharahtra state which has very well renowned & promising cities of Mumbai, Pune, nagpur, nasik etc. 

The decision will not only enhance the number of investments but also boost sale-purchase deals, benefiting the huge revenue that the state earns through stamp duty.

The bill further stated the move will encourage the construction business and eventually bring in more job opportunities for youths in the state.

Income / Capital Gain Tax Benefits:

Investor/ Individual's will also benefitted with this move to extend the resale time for stamp duty concession from the earlier one year to now three years will help investors not only earn more appreciation on their properties but also save on income tax as properties sold after two years for buying a bigger one within a year's time are bound to get I-T exemption.

ASSISTANCE:

We are professional real estate consultant having experience of more than decade & half and can assist in entire process related to PROPERTY IN INDIA and can be a complete one stop solution of above discussed various procedures and even assist in getting following services with our collaboration with very experienced legal advisers to conclude any such transaction smoothly.

•  Real estate Brokering and consulting (Buy/Sell & Lease High ticket Properties in   Pune, Mumbai & Goa cities) 
•  PAN card for any NRI / PIO without visiting India, 
•  Assistance in reducing TDS on sale of property legally (ENTIRE INDIA)
•  Assitance & Guidence Filling returns & double taxation. 
•  GIFT DEED (Mumbai, Pune & other major cities of Maharashtra state)

For detailed Discussion, please contact us by 

email deepaksundrani@thegururealty.com

Cell # +91-7498829332 / +91-9822052388

Thank you very much for reading my article as here, intention is to share information and enhance knowledge for each & everyone for the betterment & provide more transparency in real estate sector.

wishing everyone good health and happiness.

Thanks & Warm Regards,

Deepak Sundrani

Happy Investing