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Simplified Version of the Abhay Yojana Scheme 2023 Maharashtra Government

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Simplified Version of the Abhay Yojana Scheme 2023 Maharashtra Government

Simplified Version of the Abhay Yojana Scheme 2023 Maharashtra Government

Simplified Version of the Abhay Yojana Scheme 2023 Maharashtra Government

Translated Version

Revenue and Forest Department/M-1 (Policy)

Draft Minutes of Cabinet Meeting

Subject: Regarding the Implementation of "Maharashtra Stamp Duty Abhay Yojana 2023" in the State of Maharashtra...

The Revenue (Stamp Duty and Registration) Department, in a meeting held on November 29, 2023, discussed the proposal submitted regarding the implementation of the "Maharashtra Stamp Duty Abhay Yojana 2023." The Cabinet has made the following decisions:

  1. The "Maharashtra Stamp Duty Abhay Yojana 2023" will be implemented in two phases: from December 1, 2023, to January 31, 2024, and from February 1, 2024, to March 31, 2024.

  2. The Abhay Yojana will be valid for specific types of documents executed on stamp paper sold by government-recognized stamp dealers or authorized mechanisms.

  3. Documents executed by various authorities, such as MHADA, CIDCO, Municipal Corporations, Development Authorities, etc., will be eligible for the scheme.

  4. In connection with the remission of stamp duty and penalty in pending cases, the following approvals have been granted for documents executed between January 1, 1980, and December 31, 2000:

    a. First Phase of the Scheme:

    • Stamp duty up to Rs.1,00,000: 100 percent exemption; Penalty: 100 percent rebate
    • Stamp duty above Rs.1,00,000: 50 percent exemption; Penalty: 100 percent rebate

    b. Second Phase of the Scheme:

    • Stamp duty up to Rs.1,00,000: 80 percent exemption; Penalty: 80 percent rebate
    • Stamp duty above Rs.1,00,000: 40 percent exemption; Penalty: 70 percent rebate

  5. For documents executed between January 1, 2001, and December 31, 2020, the scheme offers exemptions and concessions on stamp duty and penalties based on specific criteria.

  6. The translated version of the decision has been approved to be published immediately in the Government Gazette.

Disclaimer: This translation is an attempt to facilitate understanding and is not legally binding. Individuals are advised to verify the contents with the official Marathi circular and seek advice from legal advisors and respective government departments before making decisions based on the above information. The translator holds no liability for any consequences.

 
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About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/

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