Stamp Duty

STAMP DUTY is a tax similar to any tax one pays to Government. And other taxes, it should be paid on time and must be paid fully. Any delay in the payment attracts penalty. If it is not paid time or not paid fully, it attracts penalty at 2 % per month on the deficit amount of the stamp duty. However, maximum stamp duty can be 200 % of the deficit amount. It is payable on the day or before the execution of the documents. The pay order should be issued in favour of “Superintendent of Stamps, Mumbai”.

You can find out the market value of the property and the stamp duty amount on it from the ready reckoner as follows:

• You should know the division / village name and C.S / C.T.S. number of your property, which is written in all the agreements done before.
• From ready reckoner, locate your valuation zone and sub-zone with the help of the division / village name and C.S. / C.T.S. number of the property.
• From the table know your rate per square meter, then multiply the rate with the built up area of your property in square meters. You will get a value. Reduce or increase this value for lift and depreciation as per the valuation factors given in the Ready Reckoner and you will get a market value. Find out the stamp duty amount applicable to you as per the market value.
• The department also does this procedure for a nominal fee. This procedure of valuing the property and calculating the stamp duty is known as adjudication.
  
• In case of a signed document, adjudication must be done within one month otherwise two percent interest per month will be levied as penalty from the date of signature.
• An adjudicated unsigned document is valid up to six months from the date of adjudication order up to December 31 of that year whichever is earlier.

The addresses of the stamp office in Mumbai are as under –

The Superintendent of Stamps

General Stamp Office,
Ground Floor,Town Hall Building,
Shahid Bhagat Singh Road, Fort,
Mumbai 400 023.

Office of the Superintendent of Stamps

First Floor, B.M.R.D.A. Building,
Bandra (East),
Mumbai 400 051.

Stamp Office

Town Hall,
Collector's Office Compound,
Thane (West) 400 601.

(The Thane stamp office is open on Tuesdays and Fridays only and is closed on the 18th of each month for accounts purposes. If the 18th happens to be Tuesday or Friday, the office will be open on the next working day)