Knowing fully the practical difficulties of the above calendar, the circular also provides that, if the payment of stamp duty (or the filing of announcements) is not made within one working day from the lifting of the lockdown, the parties, within one month from the lifting of the lockdown (and one year after the execution of the documents), must apply for a decision of the collector in accordance with section 40 of the Maharashtra Stamp Act s 100,000,000 0 in this case, no penalty to be paid by the parties is required. As a general rule, with regard to the decision, the stamping authority must be satisfied that the failure to correctly mark such an instrument is due to chance, errors or urgent necessity, in order to avoid the approval of such a document and the imposition of penalties in this regard. Defective stamp duty (and, where applicable, penalties) after payment is covered by the stamp authority and is considered evidence and can be used and certified as a duly sealed document. The Maharashtra Stamp Act has been amended to accept online payments for stamp taxes on instruments executed in the state. Follow these steps to pay your stamp duty online: To encourage home buyers to invest in real estate, the Maharashtra government has announced a reduction in stamp duty for a limited time. According to the announcement made by the Land Government, the stamp duty payable on real estate transactions has been reduced by 3% from 1 September 2020 to 31 December 2020 and by 2% between 1 January 2021 and 31 March 2021. The decision was made at a cabinet meeting on August 26, 2020. Philatelic paper is still available in some cities of India, but not freely. For financing transactions, some of the documentation is often executed in a different state than the rest of the documentation. This is often the case for certain security documents. When determining the place of performance (and storage) during the lockdown, the parties would be advised to also consider the availability of papers or other stamping options in the state concerned and the possible retention of hours provided for in the Maharashtra circular. Other states are also expected to issue clarified circulars on the payment of stamp duty during the lockdown, and it remains to be seen whether these circulars provide for a more reasonable period of time for parties to obtain stamp paper safely.
When a financial institution approves housing construction loans, it performs due diligence by checking the developer`s balance sheet and verifying the real estate documents necessary to ensure that the building is legal and that all necessary authorizations have been obtained. . . .