In a pre-election bonanza, the Maharashtra government on Friday decided to completely waive property tax on residential units up to 500 sq ft located within the Mumbai municipal area limits. Professional Tax Rates in Maharashtra. The state of Maharashtra has passed an Act known as the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 with the purpose to collect revenue to be used in Employment Generation Guarantee Scheme. In order to give legal status to the property purchase transaction, one has to pay stamp duty on the sale agreement. Under Section 3 of The Indian Stamp Act, stamp duty is payable on instruments by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished or recorded.