Maharashtra government to amend Section 48 (pertaining to property sales) of the Mumbai Stamp Act 1958:The measure is expected to ensure that flat buyers, who want to cancel the agreement made with their builders, can get their stamp duties refunded.
Accordingly, if a builder has suppressed certain facts about the land or if the construction is illegal or the size of the flat is less than what was promised, the buyer can choose to cancel the purchase agreement.
Earlier, the stamp duty could be refunded only if the builder refused to hand over the flat to the buyer.
Stamp duty is a tax collected by the state government on different documents executed in the state.
Currently, the maximum slab for stamp duty is five per cent for all properties valued over Rs 500,000.
To read more, please, visit - Rediff
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