indian stamp act 1899

FAQs on Indian Stamp Act, 1899 Amendments & Rules

Corporate Law - Q.1 Why amendments in the Indian Stamp Act, 1899 have been made? Answer: The amendments have been carried out with respect to securities market transactions. The present system of collection of stamp duty on securities market transactions has led to multiple rates for the same instrument, resulting in jurisdictional disputes and multiple ...

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Constitutional Challenges With The Indian Stamp Act, 1899, Amendments

Corporate Law - The government of India, through Finance Act, 2019, amended the Indian Stamp Act, 1899 (hereinafter called as Stamp Act). The Articles of the Constitution that deals with the Stamp Act are Article 246 along with the Seventh Schedule and Article 268. Article 246, along with Seventh Schedule, deals with the distribution of power between Cen...

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Taxability where Stamp Duty Value higher than Sale Consideration

Corporate Law - Income Tax Act has broadly defined taxability of income under five heads of Income. One of them is Capital Gain, where gains arising out of the sale of capital assets are taxable in the hands of the seller of the capital asset. However, with the intention of tax evasion, assesses started entering into an agreement […]...

Read More

Understanding the Paradigm to Locate Correct Stamp Duty on Your Instrument

Corporate Law - As per the general understanding of ours on the stamp act ‘it’s a state matter and every state will prescribe its rules and regulation to govern the same‘ for every instrument we have to look for the particular Stamp Act of the particular state. Through this article we are trying to give you a broad […]...

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Guidance Note on Payment of Stamp Duty on Share Certificates in Haryana

Corporate Law - 1. TIME PERIOD FOR PAYMENT OF STAMP DUTY ON SHARE CERTIFICATES: Pursuant to Section 56 of the Companies Act, 2013, Share Certificates must be delivered within a period of 2 months in case of subscribers to memorandum and allotment of securities and within a period of 1 month from the date of receipt of instrument […]...

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Extend time limit for registering property documents in Maharashtra

Corporate Law - Yourself was kind enough in giving concessions up to 30.04.2021, for registration of docs, on which stamp duty is paid on or before 31.12.2020. But, due to sudden declaration of lockdown and restriction on movements, many people are not able to submit docs for registration....

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Stamp duty Act Amendments & FY Year Extension Rumor

Corporate Law - Government broadens pertinence of stamp duty by 3 months from 1st April 2020 to 1st July 2020 The administration has not broadened the current 2019-20 financial year and it will end as planned on March 31, the finance minister said on 30th March 2020. Press Trust of India incorrectly revealed that the new financial year will begin fro...

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Government proposed to amend Indian Stamp Act, 1899

Corporate Law - The Department of Revenue, Ministry of Finance, has released the draft Amendment Bill (“Bill”) containing the proposed amendments in the Indian Stamp Act, 1899 (“Act”). Changes are proposed in numerous provisions of the century old enactment. The Bill has been sent to all the State Governments for obtaining their views and the sam...

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Stamp duty is applicable on purchase of Property in Public Auction

Corporate Law - The Madras High Court has held that an instrument, whether a certificate of sale or sale deed, issued in a public auction of properties, was chargeable with stamp duty under Article 18 read with Article 23 of Schedule I to the Indian Stamp Act, 1899....

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Appeal to simplify & speedup procedure for approval u/s. 36A(3) of Bombay Public Trust Act, 1950 in respect of raising loan or deposit

Corporate Law - Thus, for the benefit of all the Public Charitable and Religious Trusts, Trustee & all such Trusts should jointly make a petition before Law Minister, Law and Judiciary Department Sachivalaya, Maharashtra to amend this and other similar provisions in such a way that the approval should be granted/rejected within 3/4 months on the lines of...

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Stamp duty has to be independently paid for a Power of Attorney executed along with a deed assigning debt: SC

Asset Reconstruction Co. (India) Ltd. Vs Chief Controlling Revenue Authority (Supreme Court of India) - Asset Reconstruction Co. (India) Ltd. Vs Chief Controlling Revenue Authority (Supreme Court of India) The High Court overlooked the fact that there was no independent instrument of PoA and that in any case, the power of sale of a secured asset flowed out of the provisions of the Securitisation Act, ...

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Refund Excess amount of Stamp Duty paid: MP HC

Brilliant Foundation Vs State of Madhya Pradesh and others (Madhya Pradesh High Court) - In the present case, respondent rejected the refund of excess amount of stamp duty paid on the ground that the said provision does not apply to the case of the petitioner/company as ad-valorem duty was paid at 1% and not at 5% of the market value....

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Non consideration of sale value approved by Charity Commissioner by Collector of Stamps in adverting value of trust property was not justified

Crystal Construction Company Vs Additional Controller of Stamps (Bombay High Court) - Collector of Stamps committed a manifest error in not at all adverting to the fact that the Charity Commissioner had determined the value of the trust property by following requisite process to ensure the best value, and determining the market value of the trust property on the sole premise that the...

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Validity of trust deed for stamp duty cannot be determined by DC: HC

Sri B R Jagadhish Vs District Registrar & Deputy Commissioner for Stamps (Karnataka High Court) - Deputy Commissioner for Stamps (DC) erroneously directed assessee to pay stamp duty under Article 28(a) of the Stamp Act without properly examining the recitals of the document where the relationship of the donor and the donee was clearly mentioned and without looking into the provisions of Sections...

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Validity of differential Stamp duty on Instruments executed outside Maharashtra under Bombay Stamp Act, 1958

The Indian Hume Pipe Co. Ltd. Vs. State of Maharashtra (Bombay High Court) - The Indian Hume Pipe Co. Ltd. Vs. State of Maharashtra (Bombay High Court)  The bench noted that, in the present case, the deed is used in the State of Maharashtra for registering a charge by lodging a verified copy of the deed in the office of the Registrar of Companies in accordance with sections...

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Amendment in Scheme of Exemption & reimbursement of Stamp Duty

Order No. F.12(39)FD/Tax/2019-Pt. II - 4 - (12/05/2022) - The enterprises making new investment or investment for expansion under the scheme, as the case may be, for reimbursement of 25% of Stamp Duty, shall submit a duly completed application in Form-S, appended to the Scheme, to the Member Secretary of the appropriate Screening Committee within 90 days o...

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Delhi Govt extends relaxation of 20% in minimum Circle rates till 30.06.2022

Notification No. F. 1(2854)/Regn.Br./Div.Comm./HQ/2020/6841 - (30/12/2021) - Delhi Govt notifies the extension of relaxation of 20% in the minimum rates (Circle rates) till 30.06.2022 for valuation of lands and immovable properties in Delhi under rule 4 of the Delhi Stamp (Prevention of Under-Valuation of Instruments) Rules, 2007 for the purpose of payment of Stamp duty und...

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1% lesser stamp duty for property purchased by Women in Maharashtra

Order No.Mudrank-2021/110R.12/CR.107/M-1 (Policy) - (31/03/2021) - Government of Maharashtra reduces the stamp duty by 1% on Agreement to Sell / Conveyance of residential property executed in favour of woman/women purchasers, with effect from 01.04.2021. ORDER Revenue & Forest Department, Madam Kama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai-32, Dated the ...

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Amendments in Indian Stamp Act, 1899 & Rules from 1st July 2020

Release ID: 1635399 - (30/06/2020) - Implementation of Amendments in the Indian Stamp Act, 1899 and Rules made from 1st July, 2020 for Rationalized Collection Mechanism of Stamp Duty across India with respect to Securities Market Instruments...

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No Extension of FY- Notification relates to Indian Stamp Act, 1899

Notification No. S.O. 1226(E). - (30/03/2020) - Recently a message is circulating on Social Media which claims that Financial Year 2019-20 ending on 31.03.2020 is been extended to end on 30.06.2020. With this message a Government notification issued by Ministry of Finance is also been circulated. Here we would like to clarify that this notificati...

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Recent Posts in "indian stamp act 1899"

Amendment in Scheme of Exemption & reimbursement of Stamp Duty

Order No. F.12(39)FD/Tax/2019-Pt. II - 4 12/05/2022

The enterprises making new investment or investment for expansion under the scheme, as the case may be, for reimbursement of 25% of Stamp Duty, shall submit a duly completed application in Form-S, appended to the Scheme, to the Member Secretary of the appropriate Screening Committee within 90 days of the commencement of commercial product...

Read More

Stamp duty has to be independently paid for a Power of Attorney executed along with a deed assigning debt: SC

Asset Reconstruction Co. (India) Ltd. Vs Chief Controlling Revenue Authority (Supreme Court of India)

Asset Reconstruction Co. (India) Ltd. Vs Chief Controlling Revenue Authority (Supreme Court of India) The High Court overlooked the fact that there was no independent instrument of PoA and that in any case, the power of sale of a secured asset flowed out of the provisions of the Securitisation Act, 2002 and not out of […]...

Read More

Delhi Govt extends relaxation of 20% in minimum Circle rates till 30.06.2022

Notification No. F. 1(2854)/Regn.Br./Div.Comm./HQ/2020/6841 30/12/2021

Delhi Govt notifies the extension of relaxation of 20% in the minimum rates (Circle rates) till 30.06.2022 for valuation of lands and immovable properties in Delhi under rule 4 of the Delhi Stamp (Prevention of Under-Valuation of Instruments) Rules, 2007 for the purpose of payment of Stamp duty under Indian Stamp Act, as applicable to De...

Read More

FAQs on Indian Stamp Act, 1899 Amendments & Rules

Q.1 Why amendments in the Indian Stamp Act, 1899 have been made? Answer: The amendments have been carried out with respect to securities market transactions. The present system of collection of stamp duty on securities market transactions has led to multiple rates for the same instrument, resulting in jurisdictional disputes and multiple ...

Read More
Posted Under: Corporate Law |

Constitutional Challenges With The Indian Stamp Act, 1899, Amendments

The government of India, through Finance Act, 2019, amended the Indian Stamp Act, 1899 (hereinafter called as Stamp Act). The Articles of the Constitution that deals with the Stamp Act are Article 246 along with the Seventh Schedule and Article 268. Article 246, along with Seventh Schedule, deals with the distribution of power between Cen...

Read More
Posted Under: Corporate Law |

Taxability where Stamp Duty Value higher than Sale Consideration

Income Tax Act has broadly defined taxability of income under five heads of Income. One of them is Capital Gain, where gains arising out of the sale of capital assets are taxable in the hands of the seller of the capital asset. However, with the intention of tax evasion, assesses started entering into an agreement […]...

Read More
Posted Under: Corporate Law |

Understanding the Paradigm to Locate Correct Stamp Duty on Your Instrument

As per the general understanding of ours on the stamp act ‘it’s a state matter and every state will prescribe its rules and regulation to govern the same‘ for every instrument we have to look for the particular Stamp Act of the particular state. Through this article we are trying to give you a broad […]...

Read More
Posted Under: Corporate Law |

Guidance Note on Payment of Stamp Duty on Share Certificates in Haryana

1. TIME PERIOD FOR PAYMENT OF STAMP DUTY ON SHARE CERTIFICATES: Pursuant to Section 56 of the Companies Act, 2013, Share Certificates must be delivered within a period of 2 months in case of subscribers to memorandum and allotment of securities and within a period of 1 month from the date of receipt of instrument […]...

Read More
Posted Under: Corporate Law |

Extend time limit for registering property documents in Maharashtra

Yourself was kind enough in giving concessions up to 30.04.2021, for registration of docs, on which stamp duty is paid on or before 31.12.2020. But, due to sudden declaration of lockdown and restriction on movements, many people are not able to submit docs for registration....

Read More
Posted Under: Corporate Law |

1% lesser stamp duty for property purchased by Women in Maharashtra

Order No.Mudrank-2021/110R.12/CR.107/M-1 (Policy) 31/03/2021

Government of Maharashtra reduces the stamp duty by 1% on Agreement to Sell / Conveyance of residential property executed in favour of woman/women purchasers, with effect from 01.04.2021. ORDER Revenue & Forest Department, Madam Kama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai-32, Dated the 31st March, 2021. Maharashtra Stamp Act ...

Read More

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