The Maharashtra government introduces the Stamp Duty Abhay Yojana (Mudrank Shulakh Abhay Yojana) in two phases, offering relief to those with unpaid or underpaid stamp duty. Learn about the scheme’s details, exemptions, and the application process for citizens. Act fast as the first phase begins from December 1, 2023, to January 31, 2024.
Maharashtra Stamp Duty Abhay Yojana Unveiled in Two Phases
In a significant move, the Maharashtra government has given the nod for the implementation of the Maharashtra Stamp Duty Abhay Yojana, designed to assist individuals who have either not paid the required stamp duty or have underpaid. The scheme will roll out in two phases, covering the periods from December 1, 2023, to January 31, 2024, and February 1, 2024, to March 31, 2024. The revenue department urges maximum citizen participation to reap the benefits of this initiative.
Generous Exemptions Under Stamp Duty Abhay Yojana
The Stamp Duty Abhay Yojana extends substantial exemptions on stamp duty and fines related to past transactions with insufficiently paid stamp duty. Specifically, deeds executed between January 1, 1980, and December 31, 2000, with underpaid stamp duty below Rs. 1 lakh, receive a complete waiver on the underpaid stamp duty and associated penalties. For amounts exceeding Rs. 1 lakh, the penalty is fully waived, accompanied by a 50% discount on the underpaid stamp duty.
Applicability Across Different Time Frames
For deeds executed between January 1, 2001, and December 31, 2020, the Stamp Duty Abhay Yojana allows a discount of up to 25% on underpaid stamp duty. Penalties, in this case, are levied only within the range of Rs. 25 lakh to Rs. 1 crore. Amounts surpassing this limit witness a complete waiver.
Application Process and Flexibility
Citizens can apply for the Abhay Yojana either in person or online at the office of the concerned Collector of Stamps or Sub-Registrar. The scheme accommodates a grace period, enabling applicants to seek concessions during the second phase, although with reduced benefits. To streamline the application process, a dedicated control room has been established in the office of the Inspector General of Registration, working in tandem with the respective Stamp Collectors.
Detailed Information and Application Forms
Interested parties can access the application form on the Registration and Stamps Department website (www.igmaharashtra.gov.in) or obtain it from the offices of Stamp Collectors and Sub-Registrars. The department’s website also offers comprehensive information about the scheme under the ‘Publication Circular – Stamp Abhay Yojana’ section.
Conclusion: A Call to Rectify Stamp Duty Matters
The Maharashtra Stamp Duty Abhay Yojana emerges as a vital opportunity for individuals facing stamp duty discrepancies. With user-friendly application procedures and generous exemptions, the government emphasizes citizen participation in rectifying past stamp duty concerns. Act promptly as the first phase is set to commence from December 1, 2023, offering a window of relief until January 31, 2024.