The Indian Stamp Act of 1899 was enacted to consolidate and amend the Stamp Act. It extended to all of India, with the exception of the state of Jammu and Kashmir. The Indian Stamp Act, 1899 is the central enactment and the state has the power to pass the Indian Stamp Act in 1899 with a change of it to match the state-specific transaction. Some states have introduced Schedule I in the Indian Stamp Act, 1899 is stamp duty payable in the state. States such as the Maharashtra (The Bombay Stamp Act, 1958.), Gujarat (The Gujarat Stamp Act 1958), Karnataka (The Karnataka Stamp Act, 1957), Kerala (The Kerala Stamp Act 1959) and Rajasthan (The Rajasthan Stamp Act, 1998) have their own Stamp Act, while many states follow the Indian Stamp Act, 1899. A) It makes it easier for buyers to purchase the exact value of stamp papers for each category of documents to be exported. In accordance with Section 62 of the article schedule I of Bombay Stamp Act, 1958 are grouped into three categories. Category 1) Article whose stamp duty is fixed regardless of the value indicated in the document/instrument. (Viz. Administration Bond, Adoption Deed, Affidavit, Divorce, Appointment in Execution of Power , Apprenticeship Deed, Article of Clerkship, Award, Cancellation Deed, Charter Party, Duplicate, Copy of Extracts, Entry of Memorandum of Marriage, Resonity Bond, Letter of License, Memorandum of Association of a Company, Notarial Act, Attorney, etc.) Category 2) Items for which the amount of stamp duty varies depending on the value shown in the document. (Viz.
Agreement to deposit title, pledge, pledge or mortgage, list of assignment, lease, statutes, mortgage, guarantee loan, etc.) Category 3) Items that attract stamp duty on the real market counterparty or value mentioned in the document, based on the highest value. (Viz. Promotion, sales contract, gift, exchange, partnership, sharing, development agreement, transfer, trust, etc.) For Category 1 and 2 instruments, stamp duty due can be determined by reference to Calendar I; However, in order to determine stamp duty on the instruments mentioned in Category 3, expertise is required in the devaluation. The true market value is determined according to the availability of the Bombay stamps (determining the real value of the property) rules of 1995. Q35. Can stamp duty be refunded if the stamp paper is not worn or mutilated? It should also be noted that the old stamp paper can be used for a new chord, but the purpose of using stamped paper should be the same. In accordance with Section 29 of the Indian Stamp Act, the stamp seller enters the government documents, which sells the stamps, contains information about who buys the stamp and the purpose for which the stamp is purchased. These unused stamp documents can be used to execute a new agreement of the same nature.
For example, if two parties entered into an agreement to sell the facts and purchased additional stamp papers. Such additional stamp papers may again be used by the same person when initiating another sales agreement. However, if the price of this paper is less than the prescribed value, it is necessary to purchase buffer paper of the difference. It may also be considered to return these unused stamp papers within a limited time frame. In addition, an agreement with an earlier date can also be executed on a buffer paper with a new date. Yes, for example. B, an oral agreement was confirmed at an earlier date, but later, by written agreement, the same thing can be performed with the stamp paper of a new date. Upon payment of stamp duty, the document must be registered with the sub-registry in accordance with the provisions of the Indian Registration Act.