Stamp duty amnesty scheme flaws confuse Mumbai flat owners
Mumbai, Aug 08: Flat owners wanting to take advantage of Maharashtra Goernment's stamp duty amnesty scheme are a confused lot owing to the lack of clarity in its implementation, Ramesh Prabhu, Chairman of Maharashtra Societies Welfare Association, said.
The scheme, launched in June, says flat owners have until September eight to pay stamp duty at the rate that was applicable when the property was bought.
But a circular issued in 2006 by the state Inspector General of registration and controller of stamps says the current owner is liable to pay the unpaid stamp duty of the previous occupant of the flat at the current market value.
"If there has been a chain of transactions involving a flat over the past two decades and no stamp duty has been paid as required under the sale deed, the present owner must pay the stamp duty on all the earlier sale deeds," Prabhu said, adding that many people are unaware that such a circular exists.
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