September 6, By Accommodation Times News Service The government is planning to go in for another amendment to expand its ambit and include more areas from where revenue can be collected in the form of stamp duty and registration fees. The amendment will be soon brought in the monsoon session of the state assembly. A team of experts is exploring the articles of stamp duty acts in other states. For example, Maharashtra has started taking stamp duty on the built, operate and transfer BOT agreements that are now entered into by various government departments with the private developers under public, private partnership which run into thousands of crores.
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Stamp duty is also chargeable on the registration of sale, purchase or transfer of immovable property. Stamp duty is paid during the registration of a document or deed. Stamp duty value is printed on stamp paper or e-stamp paper after the stipulated duty is paid.
Stamp value varies from region to region, and also on the value of the deed or transaction being executed. This Act set the platform and foundation for how Stamps and Rules relating to Stamps are dealt with in the State of Gujarat.
Other notable amendments made to the Bombay Stamp Gujarat Amendment Act were passed in , , , , , and The Gujarat Stamp Amendment Bills passed made these key amendments: The Stamp duty rates on the transfer of shares, bonds, instruments, registration and amalgamation were all increased.
Mandatory for developers to register partnership deeds. Individuals in the State of Gujarat can self attest and register rental agreement and leave and license agreement online. Stamp duty or non-postal stamps are obtained at a nodal point M. Building, Lal Darwaja office , and then distributed to the rest of Gujarat. The head of the nodal point is the Superintendent of Stamps. For a list of registrable and non-registrable documents , do read up more on Stamp duty in the State of Gujarat.
FAQs on Bombay Stamp Duty Act 1958
Amendment by Gujarat 5 of came into force w. Whereas it is expedient to consolidate and amend the law relating to stamps and rates of stamp duties other than those in respect of documents specified in entry 91 of List I in the Seventh Schedule to the Constitution of India in the State of Bombay; It is hereby enacted in the Ninth Year of the Republic of India as follows Chapter I Preliminary 1. Short title, extent and commencement. The prevailing maximum amount of stamp duty payable under these articles is applicable since Since the maximum duty under the said articles is very low, it is considered necessary to revise the maximum amount of stamp duty chargeable on the said instruments.
Gujarat Stamp Act 1958, to get amended
What is meant by execution of instruments? How Stamp Duty is calculated.? Broadly the 62 articles of Schedule I are grouped in three categories. Category ii Articles where depending upon the value mentioned in the document, the amount of stamp duty is varied. Agreement relating to deposit of title deeds, pawn, pledge or hypothecation, Clearance List, Lease , Article of association, Mortgage deed, Security Bond, etc. Category iii Articles which attracts Stamp duty on the consideration mentioned in the document or True Market Value, whichever is higher. For category I and II types of instruments the Stamp duty payable can be ascertained by referring to the Schedule I; but to ascertain the Stamp duty on the instruments mentioned in Category III, the expertise in valuation is required.
STAMP ACT, 60 of An Act to consolidate and amend the law relating to stamps and stamp duties in the State of Bombay Whereas it is expedient to consolidate and amend the law relating to stamps and rates of stamp duties other than those in respect of document specified in entry 91 of List-I in the Seventh Schedule of the Constitution of India in the State of Bombay; It is hereby enacted in the Ninth Year of the Republic of India as follows:- 1. Section 2 Definitions In this Act, unless there is anything repugnant in the subject or context,- a "association" means any association, exchange, organisation or body of individuals, whether incorporated or not, established for the purpose of regulating and controlling business of the sale or purchase of, or other transaction relating to, any goods or marketable securities; 1 clause b was substituted, for the original by Mah. CHAPTER 2 STAMP DUTIES Section 3 Instrument chargeable with duty Subject to the provisions of this Act and the exemptions contained in Schedule I, the following instruments shall be chargeable with duty of the amount indicated in Schedule I as the proper duty therefor respectively, that is to say- a every instrument mentioned in Schedule I, which not having been previously executed by any person, is executed in the State on or after the date of commencement of this Act; b every instrument mentioned in Schedule I, which not having been previously executed by any person, is executed out of the State on or after the said date, relates to any property situate, or to any matter or thing done or to be done in this State and is received in this State: 1 The proviso was inserted by the Maharashtra Tax Laws Levy and Amendment Act, No. Provided that a copy or extract, whether certified to be a true copy or not and whether a fascimile image or otherwise of the original instrument on which stamp duty is chargeable under the provisions of this section, shall be chargeable with full stamp duty indicated in the Schedule I if the proper duty payable on such original instrument is not paid 2 These words were sub stituted for the words "provided that" by the Maharashtra Tax Laws Levy and Amendment Act, , No. Section 4 Several Instruments used in single transaction of VV32[development agreement] sale, mortgage or settlement 1 Where, in the case of any 1 Inserted by Mah. Section 5 Instruments relating to several distinct matters Any instrument comprising or relating to several distinct matters shall be chargeable with the aggregate amount of the duties with which separate instruments, each comprising or relating to one of such matters, would be chargeable under this Act. Section 6 Instruments coming within several descriptions in Schedule I Subject to the provisions of section 5, an instrument so framed as to come within two or more of the descriptions in Schedule I shall, where the duties chargeable thereunder are different, be chargeable only with the highest of such duties: Provided that nothing in this Act contained shall render chargeable with duty exceeding 1 These words were substituted for the words "three rupees" by Mah.