Last year Maharashtra state government reduced stamp duty rates to 3% till December 2020. From January 2021 the stamp duty percentage would be 4% in Mumbai as well as Mumbai Suburbs and 4.5 % in rest of Maharashtra till March 2021. From 1^st April, 2021 the stamp duty rates in Maharashtra will go back to 6%. Mathematically, the difference between stamp duty is represented in following table.

The assumed property cost in the aforementioned table gives a difference of 1,60,000/- Rs in Mumbai region and a difference of 1,20,000/- Rs in Mumbai region. However, what if there was a way to register property documents after March using the same stamp duty rates as that of March?

Fortunately, there is a way. A stamp duty is valid for a period of six months. Which means that if you manage to pay stamp duty at 4 or 4.5% on 31^st March 2021 then you can use that stamp duty to register your property documents till 30^th September 2021. So even though the rates will increase after march you will be able to still enjoy the benefits of reduced stamp duty rates for additional six months.

A question which is asked  mostly to us in this scenario is that anyone who will pay stamp duty on March 31^st will do so for his or her registration to be done at a later date. But what if the purchaser happen to cancel the property transaction and call off the registration? What happens to the money paid as stamp duty in such a scenario. In such events the purchasers could apply for a stamp duty refund from the state government and the duration for making such an application is also six months from the date of stamp duty payment.

Hope that this information could help save your money. Thank you for reading.

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