The stamp duty leviable on conveyance under the Bombay Stamp Act, 1958 is provided under Article 25 of the Schedule I to the Act. With a view to giving some concession in the payment of duty by the co-operative housing societies or members of such societies or purchasers of flats from promoters and who would be forming co operative housing societies, in the transactions in respect of purchase of flats for residential purpose. Article 25 was amended by the Bombay Stamp (Amendment) Act, 1988 (Mah. XXVII of 1988), which was preceded by Maharashtra Ordinance No. VI of 1988. For this purpose, a separate clause (d) together with certain Explanation and the proviso were inserted in Article 25. However, the manner in which these provisions were made led to varying interpretations due to which the concession which was intended to ‘be provided could not ensure to the benefit of those for whom these provisions were made, and full stamp duty had to be paid on the transactions. It was, therefore, considered expedient to redesign, restructure and rationalise these provisions immediately so that the bonafide purchasers of flats referred to above would get the real benefit which was intended and from the date on which those provisions were given effect.
2.Opportunity was also taken to take up certain other amendments to the Act which were found necessary for effective implementation of the Act.
(First published, after having received the assent of the Governor in the
"Maharashtra Government Gazette" on the 11th April 1990).
An Act further to ammend the Bombay Slump Act, 1958.
WHEREAS both Houses of the State Legislature were not in session;
AND WHEREAS Shri Chitatosh Mokerjee discharging the functions 01 the Governor of Maharashtra was satisfied that circumstances existed which rendered it necessary for him to take immediate action further to amend the Bombay Scamp Act, 1958, for the purposes hereinafter appealing; and, therefore, promulgated die Bombay Scamp (Amendment) ordinance, 1990, on die 7th February 1990;
AND WHEREAS it is expedient to replace the said Ordinance by an Act of the State Legislature; It is hereby enacted in die Forty-first Year of the Republic of India as follows:
SECTION 01: SHORT TITLE AND COMMENCEMENT
(1) This Act may be called die Bombay Sharp (Amendment) ALI, 1990.
(2) It shall be deemed to have come into force on the 701 February 1990.
SECTION 02: In section 32A of the Bombay Stamp Act, 1958 (herinafter referred to as "the principal Act"), in sub-section (2), for tire words "either before or after" the word "before" shall be substituted.
