As per the amendment in Maharashtra Tax Laws (Levy, Amendment & Validation) Act 2009 stamp duty in Maharashtra on hypothecation and equitable mortgage (under Article 6) for an amount exceeding Rs.5 lacs has been doubled from 0.10% at present to 0.20% w.e.f. July 01, 2009 without any maximum ceiling.
Relevant Notification is reproduced below for your ready reference.
FINANCE DEPARTMENT
Mantralaya, Mumbai 400 032, dated the 29th June 2009
NOTIFICATION
Maharashtra Tax Laws (Levy, Amendment And Validation) Act, 2009.
No. VAT 1509/ C.R. 78/ Taxation-1.—In exercise of the powers conferred by clause (a) of sub-section (2) of section 1 of the Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2009 (Mah. XVII of 2009), the Government of Maharashtra hereby appoints the 1st July 2009 to be the date on which sections 1, 2, 3 and 4 of the said Act shall come into force.
By order and in the name of the Governor of Maharashtra,
CHITRA KULKARNI,
Officer on Special Duty to Government.
CAclubindia
Ankur Garg
Published in Income Tax