INTRODUCTION


Bombay Stamp (Third Amendment) Act, 2003



An Act Further to amend (he Bombay Stamp Act, 1958. WHEREAS it is expedient further to amend the Bombay Stamp Act, 1958, for the purposes hereinafter appearing; It is hereby enacted in the Fifty-fourth Year of the Republic of India as follows :-



Statement of Object

With a view to giving efffect to the proposal contained in paragraph 31 in respect of the revision of rates of the stamp duty levied under the Bombay Stamp Act, 1958 in the Budget Speech made by the Hon'ble Finance Minister while presenting the Annual Budget for the year 2003-2004, it is proposed to make certain amendments in the Schedule to the Bombay Stamp Act, 1958. 2. The important provisions proposed to be made in the Bombay Stamps Act, 1958 broadly are as follows:- (a) The rates of stamp duty in Maharashtra are lower than those in other States specially for the residential units. However, in view of the recommendations of the National Housing Policy a further concession of upto 2 per cent, at various slabs is proposed to give a boost to the housing industry. (b) The stamp duty for lands under command areas of irrigation projects is proposed to be reduced by 2 per cent, to benefit the farmers. (c) The upper limits on stamp duty on mortgage documents is proposed to be reduced from Rs. 10 lakhs to Rs. 5 lakhs.

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