Reduction in stamp duty from 5% to 2% - refund of paid amnt
sudhakar s. yeradkar
(Querist) 28 August 2020
This query is : Resolved
Respected Sir / Madam,
The undersigned seek your expert advice on the below.........
I have paid the stamp duty @ 5% on 5th August, 2020 against purchase of Flat in Mumbai.
Sale Agreement is not yet executed before the Sub Registrar/concerned authority.
Because due to pandemic/corona fear the property owner was not in Mumbai till the announcement of reducing stamp duty by Govt of Maharashtra.
The Government has issued GR to get the benefit to the new property purchasers.
1. Can I get the benefit of the changed ratio of stamp duty?
2. Can I withdraw the amount (huge) paid on 5th August, 2020?
3. What reason should I mention in the application form? because one AFFIDAVIT has to be file before the authority stating reason therein to withdrawn the money from government treasury.
I approached advocates locally but no one is aware properly about the right procedure.
Please guide.
Thanks in advance.
SHIRISH PAWAR, 7738990900
(Expert) 28 August 2020
Hello,
Maharashtra govt. has reduced stamp duty and as per me the GR is applicable from September. In your case you have already paid stamp duty so now you cannot take benefit of new GR. Stamp duty is tax to govt. Discuss the issue for withdrawing with local advocate.
Rajendra K Goyal
(Expert) 28 August 2020
Proceed to get the payments of Stamp papers after cancellation. Generally 90% of value is returned.
For reason and affidavit, discuss with local lawyer.
Purchase new stamp papers for appropriate value.
kavksatyanarayana
(Expert) 28 August 2020
Without a Sale-agreement or sale deed, why did you pay the Stamp duty? However, in Maharashtra, you are entitled to claim a refund of the stamp duty, within six months from its payment. You can claim the refund of stamp duty paid on such an instrument if the same has not been executed. The government deducts 1% of the stamp duty, subject to a minimum of Rs 200 and a maximum of Rs 1,000 of the stamp duty paid.
Dr J C Vashista
(Expert) 29 August 2020
I agree with the expert opinion and advise of Mr. Kavksatyanarayana as no stamp duty has so far been paid, sale deed is yet to be executed and registered, as stated by you.
Besides this, agreement to sell is also stated to executed, implies that no transaction has taken place, accordingly what do you intend to get excess stamp duty refund / adjusted ?
Fake an fabricated story should have been avoided.
sudhakar s. yeradkar
(Querist) 29 August 2020
thank you very much all respected experts for your guidance. I would like to address to the statement of Dr.J C Vashista with due respect that it is not a fake or fabricated story. In fact as stated above the requisite stamp duty amount @ 5% have been paid as the owner was supposed to come from Solapur for registration but being a senior citizen he is afraid for corona infection and postponding the execution of the Agreement to sale.Meanwhile the Maharashtra Govt has announced the reduction in the stamp duty from 5% to 2%. The query is jeneun and not fake.
Once again thanks to all experts.
kavksatyanarayana
(Expert) 29 August 2020
Thank you Vasista sir for agreeing with me.
Isaac Gabriel
(Expert) 29 August 2020
No need for anxiety.just surrender the stamp paper by cancelling with the stamp vendor or the authority, get refund for a paltry amont and purchase fresh ones for the reduced rate whenever you go in for registration.
Rajendra K Goyal
(Expert) 30 August 2020
Get the stamps cancelled and purchase new stamps as per applicable rates. Take help of local lawyer.
