There’s some bad news for those living on rent in Mumbai as well as their
landlords. Stamp duty for rentals as well as leave-and-licence agreements are
set to rise following state finance minister Ajit Pawar’s budget on 20th March.
However, experts pointed out that if the security deposit on flats is lowered,
then stamp duty can be reduced.
Currently, there are different rates of stamp duty charged according to various
slabs. The new system will do away with all slabs. In Mumbai, well over a
million leave-and-licence agreements are signed every year and these generate
a huge stamp duty collection. Incidentally, this is the first time, the
government has considered the interest earned by a landlord for investing the
refundable deposit in the bank or fund as “income”.
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