Complete statutory guide to calculating stamp duty, metro cess, Ready Reckoner valuations, and women homebuyer concessions in Maharashtra.
Overview & Statutory Analysis
Current Stamp Duty & Surcharge Schedule in Maharashtra
Stamp duty in Maharashtra is governed by the Maharashtra Stamp Act, 1958. It is computed on the actual Agreement Value or the Annual Statement of Rates (Ready Reckoner Rate), whichever is higher.
• Mumbai Island City & Suburbs: 5% Basic + 1% Metro Cess = 6% Total.
• Thane, Navi Mumbai & Pune Municipal Limits: 5% Basic + 1% LBT/Transport Cess + 1% Metro Cess = 7% Total.
• Rural / Gram Panchayat Areas: 3% Basic + 1% Zilla Parishad Cess = 4% Total.
• Women Homebuyer Concession: 1% rebate on basic stamp duty for sole women ownership (restricted from reselling to a male buyer for 15 years).
How Ready Reckoner (ASR) Rates Determine Your Tax Liability<
How Ready Reckoner (ASR) Rates Determine Your Tax Liability
If you purchase an apartment for ₹1.2 Crore, but the government's Ready Reckoner valuation for that specific zone and floor assesses the property at ₹1.3 Crore, stamp duty must be paid on ₹1.3 Crore.
Additionally, under Section 56(2)(x) of the Income Tax Act, the ₹10 Lakh difference between the Ready Reckoner rate and agreement value will be treated as 'Income from Other Sources' and taxed at your applicable slab rate.
How to Pay Stamp Duty Online via GRAS Portal<
How to Pay Stamp Duty Online via GRAS Portal
1. Visit the Maharashtra Government Receipt Accounting System (https://gras.mahakosh.gov.in).
2. Select 'Pay Without Registration' and choose 'Inspector General of Registration (IGR)'.
3. Input property details, municipal survey/CSN number, village, and buyer/seller PAN details.
4. Complete payment via NEFT/RTGS or net banking to generate the official e-Challan (MTR-6) with Government Reference Number (GRN).
Frequently Asked Questions (Stamp Duty)<
Frequently Asked Questions (Stamp Duty)
Q: What is the maximum registration fee for residential property in Maharashtra?
A: For properties valued above ₹30 Lakh, registration fee is capped at a flat ₹30,000. For properties below ₹30 Lakh, it is 1% of the agreement value.
Q: Can I claim income tax deductions on stamp duty payments?
A: Yes. Under Section 80C of the Income Tax Act, stamp duty and registration fees paid during the financial year can be deducted up to the aggregate ₹1.5 Lakh limit (under the Old Tax Regime).
