Podcast
Questions and Answers
What is the stamp duty on the true market value of movable property under conveyance?
What is the stamp duty on the true market value of movable property under conveyance?
- 3 percent
- 4 percent
- 2 percent
- 5 percent (correct)
What determines the true market value of property according to the Maharashtra Stamp Rules?
What determines the true market value of property according to the Maharashtra Stamp Rules?
- Value declared by the owner
- Market value set by the Central Government
- Annual statement of rates (correct)
- Negotiated price
Which area is associated with the Mumbai Metropolitan Region Development Authority?
Which area is associated with the Mumbai Metropolitan Region Development Authority?
- Influence Areas (correct)
- Municipal Corporation
- Grampanchyat
- Nagar Panchayat
What is the stamp duty percentage for immovable property within a Grampanchyat area?
What is the stamp duty percentage for immovable property within a Grampanchyat area?
Under Article 25, conveyance applies to both movable and what other type of property?
Under Article 25, conveyance applies to both movable and what other type of property?
What is the stamp duty percentage for immovable property within a Municipal Corporation?
What is the stamp duty percentage for immovable property within a Municipal Corporation?
In which year were the Maharashtra Stamp Rules published for determining the true market value of property?
In which year were the Maharashtra Stamp Rules published for determining the true market value of property?
Which of the following areas falls under the 3% stamp duty category?
Which of the following areas falls under the 3% stamp duty category?
What is considered when determining the stamp duty on a conveyance?
What is considered when determining the stamp duty on a conveyance?
What type of document is a 'conveyance' under Article 25?
What type of document is a 'conveyance' under Article 25?
Which of the following is NOT used to determine stamp duty for immovable property?
Which of the following is NOT used to determine stamp duty for immovable property?
What area is mentioned specifically in relation to rural areas for stamp duty purposes?
What area is mentioned specifically in relation to rural areas for stamp duty purposes?
For stamp duty on immovable property, what factor primarily dictates the rate?
For stamp duty on immovable property, what factor primarily dictates the rate?
Flashcards
Conveyance
Conveyance
A deed that transfers ownership of property from one party to another.
Conveyance within Municipal Corporation Limits
Conveyance within Municipal Corporation Limits
5% of the property's value is paid on the conveyance of immovable property within the limits of any Municipal Corporation or Cantonment area annexed to it or any urban area not mentioned.
Conveyance within Municipal Council/Nagar Panchayat Limits
Conveyance within Municipal Council/Nagar Panchayat Limits
5% of the property's value is paid on the conveyance of immovable property within any Municipal Council or Nagar Panchayat or Cantonment area annexed to it, or any rural area within the Mumbai Metropolitan Region.
Conveyance within Grampanchyat Limits
Conveyance within Grampanchyat Limits
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True Market Value
True Market Value
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Study Notes
- Conveyance, excluding transfers charged or exempted under Article 59, is based on the true market value of the property.
Movable Property
- For movable property, the conveyance duty is 3% of the property's market value.
Immovable Property
- For immovable property, the conveyance duty varies based on location.
Immovable Property within Municipal Corporation, Cantonment, or Urban Area
- If the immovable property is within the limits of any Municipal Corporation, any Cantonment area annexed to it, or any urban area not mentioned in sub-clause (II), the conveyance duty is 5% of the property's market value.
Immovable Property within Municipal Council, Nagar Panchayat, Cantonment, or Rural Area
- If the immovable property is within the limits of any Municipal Council, Nagar Panchayat, or Cantonment area annexed to it, or any rural area within the limits of the Mumbai Metropolitan Region Development Authority, or the Influence Areas as per the annual statement of rates published under the Maharashtra Stamp (Determination of True Market Value of Property) Rules, 1995, the conveyance duty is 4% of the property's market value.
Immovable Property within Grampanchyat or Unspecified Area
- If the immovable property is within the limits of any Grampanchyat area or any such area not mentioned in sub-clause (II), the conveyance duty is 5% of the property's market value.
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