Mr. Ramesh Prabhu, the Chairman of Maharashtra Societies Welfare Association, emphasized the importance of flat owners in Maharashtra taking full advantage of the state government’s stamp duty amnesty scheme. This initiative, which was introduced in June of this year, allows flat owners to pay stamp duty at the rate effective at the time their property was acquired, specifically up until September 2008.
A circular issued back in 2006 by the state's inspector general of registration and controller of stamps clarifies that the current property owner is responsible for settling any unpaid stamp duties tied to the previous occupant, calculated based on the present market value.
Expressing his concerns, Mr. Prabhu highlighted, “If there has been a chain of transactions involving a flat over the past two decades and no stamp duty has been paid as required under the sale deed, the present owner must pay the stamp duty on all the earlier sale deeds.” He further noted that many individuals remain completely unaware that such a circular exists, underscoring the need for increased awareness regarding these regulatory intricacies.