THE BOMBAY STAMP ACT, 1958 - Igrmaharashtra.gov.in

1 [(2) (a) If any officer registering such instrument has reason to believe, on the basis of theinformation available with him in this behalf, that the market value of the immovable propertywhich is the subject matter of such instrument has not been truly set forth therein, he may,immediately after presentation of such instrument, give a notice to the person who is liable to paythe stamp duty under section 30, calling upon such person to pay the deficit amount of stamp dutyand 2 [a penalty at the rate of 2 per cent of the deficient portion of the stamp duty, for every monthor part thereof] from the date of execution of such instrument. If such person is willing to pay theamount of the deficit stamp duty and penalty thereon, the registering officer shall accept thepayment. The procedure laid down in sub-section (3) of section 10 shall, mutatis mutandis, applyto such payment:3 [Provided that, in no case, the amount of the penalty shall exceed double the deficient portion ofthe stamp duty.](b) If such person does not make the payment within one month of receipt of the notice referredto in clause (a), then the registering officer shall, before registering the instrument, refer the truecopy of such instrument to the Collector of the District for determination of the true market valueof such property and the proper duty payable on the instrument;(c) It shall be lawful for the registering officer to issue similar notices in respect of the instrumentpresented for registration before the date of commencement of the Maharashtra Tax Laws (Levy,Second Amendment and Validation) Act, 1996 where the true market value of the immovableproperty which is subject matter of such instrument has not been determined by the Collector ofthe District. On the receipt of such notice, if the person liable to pay the stamp duty makes suchpayment within one month from the date of such receipt, and also pays the fixed penalty of rupees250, he shall not be liable to make any further payment of penalty at the rate 4[of 2 per cent of thedeficient portion of the stamp duty, for every month or part thereof] from the date of executionand on such payment being made, the reference already made to the Collector of the District shallabate]:5 [Provided that, in no case, the amount of the penalty shall exceed double thedeficient portion of the stamp duty.]__________________________1. Sub-section (2) Was substituted by Mah. 9 of 1997. s. 9(a), (w.e.f 15.9.1996), prior to itssubstitutton read as under:-(2) If any Officer registering such instrument has reason to believe that the market value of theimmovable property which is the subject matter of such instrument has not been duly set forththerein, he may before registering the instrument, refer the true copy of such instrument to theCollector of the District for determination of the true market value of such property and theproper duty payable on the instrument.2. These words were substituted for the words "penalty” at the rate of 15 percent, on the deficitamount of the stamp duty for every year or part thereof' by the Mah. Tax Laws (Levy,Amendment and Validation) Act, 30 of 1997. s. 3(a)(i) (w.e.f.15.5.1997).3. This proviso was added as Amended by Mah. Tax Laws (Levy and Amendment) Act, 2001, s.3(a)(i).4. These words were substituted for the words "of 15 per cent of the deficit amount of the stampduty" by Mah. Tax Laws (Levy. Amendment and Validation) Act, 30 of 1997. s. 3(a)(ii) (w.e.f.15.5.1997).5. This proviso was added as Amended by Mah. Tax Laws (Levy and Amendment) Act, 2001, s.3(a)(ii).