TYPES OF INSTRUMENTS OR DOCUMENTS

Articles of Schedule I of Bombay Stamp Act, 1958

At present there are 62 Articles of Schedule I of Bombay Stamp Act, 1958 which are grouped in three categories.

Category i) Articles whose amount of taxation is fastened regardless of the value mentioned within the document / instrument. ( Viz. Administration Bond, Adoption Deed, Affidavit, Divorce, Appointment in Execution of Power, Apprenticeship Deed, Article of Clerkship, Award, Cancellation Deed, Charter Party, Duplicate, Copy of Extracts, Entry of Memorandum of Marriage, Indemnity Bond, Letter of License, Memorandum of Association of a Company, Notarial Act, Power of Attorney, etc.)

Category ii) Articles where depending upon the value mentioned in the document, the amount of stamp duty is varied. (Viz. Agreement Relating to Article of Association, Clearance List, Deposit of Title Deeds, Lease, Mortgage Deed, Pawn, Pledge or Hypothecation, Security Bond, etc.);

Category iii) Articles that attracts tax on the thought mentioned within the document or True Market Value, whichever is higher. (Viz. Agreement for Sale, Conveyance, Development Agreement, Exchange, Partition, Partnership Deed, Transfer, Trust, etc.) for;

Category i and ii) Types of Instruments the Stamp duty payable can be ascertained by referring to the Schedule I; But to ascertain the Stamp Duty on the Instruments mentioned in;

Category iii) The expertise in valuation is required. The True Market Value is determined as per the provision of the Bombay Stamp (Determination of True Market Value of the Property) Rules, 1995.

Gift Deed : Recent Maharashtra Stamp (Amendment) Act, 2015. (w. e. f. 24^th April 2015)

In Article 34, in column 2, after the existing proviso, the following proviso shall be added, namely:- Provided further that, if the residential and agricultural property is gifted to husband, wife, son, daughter, grandson, grand-daughter, wife of deceased son, the amount of duty chargeable shall be rupees two hundred.;

Prior it was 2 % on True Market Value, which came into force in year 2002, w. e. f. 01/05/2002.

PENALTY ON STAMP DUTY IF NOT PAID ON TIME (w. e. f. 2^th April 2015)

Now the Penalty on deficit amount of Stamp Duty shall attract 4% per month (4 times) as per newly Amendment of section 31, sub section (4). However maximum penalty can be only 4 times of the deficit amount of the stamp duty. (This amendment has come into force from 24-04-2015).

Prior penalty was 2 % per month (2 times of stamp duty amount) which came into force in year 2001, w.e.f. 01/05/2001.

The Maharashtra Stamp (Amendment)English & Marathi Act, 2015.

There are 62 types of documents, every documents has its own signification with a separate deed which are as below.

Classification of Documents

Documents also can be classified as a Testamentary and Non Testamentary relying upon the time after they inherit force.

The document such as, "WILLS" does not come into force immediately are Testamentary Type.

The document such as, "SALE DEED" or "LEASE DEED" etc documents come into force immediately are Non Testamentary, and these documents has to be registered compulsorily, while for some documents, it is optional e.g. Affidavit, Declaration, Indemnity Bond, etc.