{"id":8024,"date":"2020-07-03T09:32:48","date_gmt":"2020-07-03T04:02:48","guid":{"rendered":"https:\/\/itatonline.org\/articles_new\/?p=8024"},"modified":"2020-07-03T09:32:48","modified_gmt":"2020-07-03T04:02:48","slug":"stamp-laws-in-india-an-overview-with-recent-amendments","status":"publish","type":"post","link":"https:\/\/itatonline.org\/articles_new\/stamp-laws-in-india-an-overview-with-recent-amendments\/","title":{"rendered":"Stamp laws In India: An Overview With Recent Amendments"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/itatonline.org\/articles_new\/wp-content\/uploads\/hakini.png\" alt=\"\" width=\"173\" height=\"100\" class=\"alignleft size-full wp-image-8027\" srcset=\"https:\/\/itatonline.org\/articles_new\/wp-content\/uploads\/hakini.png 173w, https:\/\/itatonline.org\/articles_new\/wp-content\/uploads\/hakini-100x58.png 100w, https:\/\/itatonline.org\/articles_new\/wp-content\/uploads\/hakini-150x87.png 150w\" sizes=\"auto, (max-width: 173px) 100vw, 173px\" \/><strong>Advocates Kirit Hakani &#038; Niyati Mankad (Hakani) have exhaustively discussed the Stamp Law prevailing in the State of Maharashtra.The constitutional scheme and important legal provisions of stamp laws have been explained. The ld. authors have also dealt with the amendments brought in the Central Law by the Finance Acts 2019 &#038; 2020 which have brought a new regime for levying stamp duty on securities and cleared confusions and disputes prevailing for many years. The relaxations given by the State Government on account of the COVID-19 pandemic have also been discussed. The law relating to stamp duty on gifts to relatives, as prevailing in Gujarat, Tamil Nadu and Karnataka, have also been explained<\/strong> <\/p>\n<p><strong>I. <u>Introduction:  Object &amp; Purpose.<\/u><\/strong><\/p>\n<p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laws dealing with Stamp Duty are purely  fiscal measures enacted to secure revenue for the Government on certain class  of instruments. It is designed to secure revenue for the State on certain  classes of instruments and all its provisions must be construed as having in  view the protection of revenue and the prevention of evasion of the revenue  that it imposes. <\/p>\n<p><!--more--><\/p>\n<p>\n  2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This object is attained inter alia by  excluding documents\/ instruments which are not stamped or insufficiently  stamped, as evidence. However, the purpose of the Act is not to exclude  evidence or to enable parties to avoid their obligations on technical grounds  or to alter the terms of the bargain between the parties. Thus, theyare not  enacted to arm a litigant with a weapon of technicality to meet the case of his  opponent.<a href=\"#_ftn1\" name=\"_ftnref1\" title=\"\" id=\"_ftnref1\"> (1) <\/a> The  stringent provisions of the Act are concerned solely in the interest of the  revenue, and once that object is secured according to law, the party staking  his claim on the instrument will not be defeated on the ground of the initial  defect in the instrument.<a href=\"#_ftn2\" name=\"_ftnref2\" title=\"\" id=\"_ftnref2\"> (2) <\/a><\/p>\n<p>\n  3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Every state has its own law dealing with  Stamp Duty. Most of these state laws are pari-materia. Also, in India there is Central Law  dealing with Stamp duty. In this Article I have discussed the Central law and  State Law prevailing in the State of Maharashtra. Further, the Article  also deals with the Amendments brought in the Central Law by Finance Act, 2019  &amp; 2020 which have brought a new regime for levying stamp duty on securities  and cleared confusions and disputes prevailing for many years. The Maharashtra  Government has given certain relaxations on account of the current COVID-19  pandemic. The said relaxations are also discussed herewith. As far as the  instrument of Gift is concerned, provisions prevailing in Gujarat, Tamil Nadu and  Karnataka are covered. <\/p>\n<p><strong>II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Legislative Competence of Union&amp;  State Legislature under the Constitution of <\/u><\/strong><strong><u>India<\/u><\/strong><strong><u> to enact stamp laws:<\/u><\/strong><\/p>\n<ul>\n<li><span dir=\"ltr\">The Constitution of India empowers both the  Parliament and the State Legislature to make provisions and laws for stamp duty  within its ambit. The Indian Stamp Act, 1899 is the Central Legislation while  the States have their own local stamp acts to deal with issues arising within  that particular State. The Bombay Stamp Act, 1958 now known as the Maharashtra  Stamp Act, 1958 (<strong>&ldquo;<\/strong><\/span><strong>MSA<\/strong><strong>&rdquo;<\/strong>) which came into force  on 16th February, 1959 is the law for stamp  duty within the State of Maharashtra.<\/li>\n<p><\/p>\n<li><span dir=\"ltr\">To understand the legislative competence of the  centre &amp; state to legislate on stamp duty one must refer to the Seventh  Schedule to the Constitution of India:<\/span><\/li>\n<p><\/p>\n<li><span dir=\"ltr\">Entry 91  of List I (Union List) of the Constitution of India mentions <em>&ldquo;rate of stamp duty in respect of bills of  exchange, cheques, promissory notes, bills of lading, letters of credit,  policies of insurance, transfer of shares, debentures, proxies and receipts&rdquo;<\/em>. <\/span><\/li>\n<p><\/p>\n<li><span dir=\"ltr\">Entry 63  of List II (State List) mentions, &quot;<em>rate  of stamp duty in respect of documents other than these specified in the  provisions of List I with regard to rates of stamp duty.&quot;<\/em><\/span><\/li>\n<p><\/p>\n<li><span dir=\"ltr\">Entry 44  of List III (Concurrent List) mentions, <em>&quot;stamp  duties other than duties or fees collected by means of judicial stamps, but not  Including rates of stamp duty.&quot;<\/em><\/span><\/li>\n<p><\/p>\n<li><span dir=\"ltr\">Accordingly, ISA covers certain documents as  specified in Entry 91 of List I in the Seventh Schedule to the Constitution of  India. Whereas the MSA is enacted with the object 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 <\/span>Maharashtra. Thus, an instrument is  defined under MSA to include every document by which any right or liability is,  or purports to be created, transferred, limited, extended, extinguished or  recorded, but does not include a bill of exchange, cheque, promissory note,  etc. These documents that have been excluded, as aforesaid are governed under  the ISA. <\/li>\n<p><\/p>\n<li><span dir=\"ltr\">From the above, it also becomes clear that the  power to levy non-judicial stamp duty is concurrent under Entry 44 of List III.  However, the power to prescribe rates of non-judicial stamp duty is divided  between the <\/span>Union and the State by Entry 91 of List I and Entry  63 of List II.<a href=\"#_ftn3\" name=\"_ftnref3\" title=\"\" id=\"_ftnref3\"> (3) <\/a> The  scope of Entry 63 of List II and Entry 44 of List III came up for consideration  before the Supreme Court in <em>Bar Council  of U.P. v. State of U.P. [<\/em><em>(1973) 1 SCC 261: AIR 1973 SC 231]<\/em>, wherein the Supreme  Court stated that &lsquo;once it was held that the power to tax was within the  competence of the State Legislature no question of repugnancy under Article 254  of the Constitution could arise&rsquo;.&nbsp; <\/li>\n<p><\/p>\n<li><span dir=\"ltr\">The inclusion of the rates on the specified  documents in the Union List is with a view to keep them uniform throughout the  country. The Centre can add new instruments to the aforementioned list only by  a Constitutional Amendment.&nbsp;It is also important to note that under  Article 268 of the Constitution, such stamp duties, as are mentioned in the  Union List shall be levied by the Government of India but shall be collected:  in the case of&nbsp;Union Territories&nbsp;by  the Government of India; and in other cases by the states within which such  duties are leviable. Thus, the proceeds in any financial year of any such duty  leviable within any state shall not form part of the Consolidated Fund of  India, but shall be assigned to that state.<\/span><\/li>\n<\/ul>\n<p><strong>II. <u>Scheme  of ISA and MSA &ndash; Important Legal Provisions:<\/u><\/strong><\/p>\n<p>1. The object of laws  dealing with stamp dutyare three fold:<\/p>\n<p>\n  a. to raise revenue by  taxing instruments<a href=\"#_ftn4\" name=\"_ftnref4\" title=\"\" id=\"_ftnref4\"> (4) <\/a>;<\/p>\n<p>b. to penalise by  rendering an unduly stamped instrument to be inadmissible as evidence and also<\/p>\n<p>c. to provide for  penalty against evasions of Stamp duty.<\/p>\n<p>i. by impounding of  instruments,<\/p>\n<p>ii. imposing penalty and<\/p>\n<p>iii. by prosecuting  defaulter for evasion.<a href=\"#_ftn5\" name=\"_ftnref5\" title=\"\" id=\"_ftnref5\"> (5) <\/a><\/p>\n<p>2.  As per Section 2(14) of the ISA<a href=\"#_ftn6\" name=\"_ftnref6\" title=\"\" id=\"_ftnref6\"> (6) <\/a>,  &ldquo;Instrument&rdquo; includes (a) every document by which any right or liability, is,  or purported to be created, transferred, limited, extended, extinguished or  recorded; (b) a document, electronic or otherwise, created for a transaction in  a stock exchange or depository by which any right or liability is, or purports  to be, created, transferred, limited, extended, extinguished or recorded; and  (c) any other document mentioned in Schedule I, but does not include such  instruments as may be specified by the Government, by notification in the  Official Gazette. Any instrument mentioned in Schedule I to Indian Stamp Act is  chargeable to duty of the amount indicated in that Schedule as the proper duty  (Section 3 of the ISA). The list includes instruments such as affidavit, lease,  memorandum and articles of company, bill of exchange, bond, mortgage,  conveyance, receipt, debenture, share, insurance policy, partnership deed,  proxy, shares etc.Thus, if an instrument is not listed in the schedule, no  stamp duty is payable.<a href=\"#_ftn7\" name=\"_ftnref7\" title=\"\" id=\"_ftnref7\"> (7) <\/a><\/p>\n<p>Under the Maharashtra  Stamp Act, 1958 (<strong>&ldquo;<\/strong><strong>MSA<\/strong><strong>&rdquo;<\/strong>) the term &ldquo;instrument&rdquo;  includes every document by which any right or liability is, or purports to be  created, transferred, limited, extended, extinguished or recorded, <u>but does  not include a bill of exchange, cheque, promissory note, bill of lading, letter  of credit, policy of insurance, transfer of share, debenture, proxy and receipt. <\/u><\/p>\n<p>3. As per Section 2(26)  of ISA, &ldquo;stamp&rdquo; means any mark, seal or endorsement by any agency or person  duly authorised by the State Government, and includes an adhesive or impressed  stamp, for the purposes of duty chargeable under the Act. In India we deal with  two types of stamps, judicial and non-judicial. The Indian Stamp Act covers non-judicial  stamps which are for use in transactions between persons where written  instruments are used. Judicial stamps are otherwise known as &ldquo;Court-fee&rdquo; and  judicial stamped papers bear the word &ldquo;Judicial&rdquo;, and are for use in courts and  certain public offices under the provisions of the Court-fees Act 1870.<\/p>\n<p>4. In case of sale,  mortgage or settlement, if there are several instruments for one transaction,  stamp duty is payable only on one instrument. On other instruments, nominal  stamp duty of rupee one is payable [Section 4(1) of ISA].<\/p>\n<p>5. If one instrument  relates to several distinct matters, stamp duty payable is aggregate amount of  stamp duties payable on separate instruments (Section 5 of ISA).<\/p>\n<p><em><u>General Power of Attorney.<\/u><\/em><\/p>\n<p>It was held by the Hon&rsquo;ble  Supreme Court that a general power of attorney is a single instrument though  comprises of distinct acts which the donor is capable of performing whether in  his individual capacity or in his representative capacity as trustee or as  executor or administrator &#8211; are not &ldquo;distinct matters&rdquo; and thus, do not attract  the operation of Section 5 of the Indian Stamp Act.<a href=\"#_ftn8\" name=\"_ftnref8\" title=\"\" id=\"_ftnref8\"> (8) <\/a><\/p>\n<p>6. It may also happen  that one instrument covering only one matter may come under more than one  description given in Schedule to Stamp Act. In such case, highest rate  specified among the different heads will prevail (Section 6 of ISA).<\/p>\n<p>7. Government has the  power to reduce or remit whole or part of stamp duties payable. Such reduction  or remission can be in respect of whole or part of territories and also can be  for particular class of persons. Government can also compound or consolidate  duties in case of issue of shares or debentures by companies [Section 9(1) of  ISA].&lsquo;Government&rsquo; means Central Government in respect of stamp duties on bills  of exchange, cheque, receipts etc. and &lsquo;State Government&rsquo; in case of stamp  duties on other documents [Section 9(2) of the ISA].<\/p>\n<p>8. The payment of stamp  duty can be made by adhesive stamps or impressed stamps. Instrument executed in  India must be stamped before or at the time of execution (Section 17 of ISA).  Instrument executed out of India can be stamped within three months after it is  first received in India [Section 18(1) of ISA]. However, in case of bill of  exchange or promissory note made out of India, it should be stamped by first  holder in India before he presents for payment or endorses or negotiates in  India (Section 19 of ISA).<\/p>\n<p>Section 17 of the MSA provides that all  instruments chargeable with duty and executed in Maharashtra should be stamped  before or at the time of execution <u>or immediately thereafter or on the next  working day following the date of execution<\/u>. Moreover, as per Section 18 of  MSA only Instruments  executed out of Maharashtra may be stamped within three months after it is  first received in India.<\/p>\n<p>9. ISA and MSA both prohibit writing  of a second instrument chargeable with duty on a stamp paper on which an  instrument chargeable with duty has already been written (Section 14 of the MSA). Moreover, the stamp  paper must be in the name of one of the parties to the transaction (Section 34  of the MSA). They cannot be in the  name of the Chartered Accountant or Lawyer of the parties. <u><\/u><\/p>\n<p>10. The stamp duty  charged by the Legislature is on the instrument and is on the execution of the  instrument. The measure of charging stamp duty may be fixed or ad-valorem which  is to be determined by the Legislature. The basis for computation of stamp duty  can be determined by the State Legislature and it may be on the basis of the  market value of the property transferred or at a fixed amount.<a href=\"#_ftn9\" name=\"_ftnref9\" title=\"\" id=\"_ftnref9\"> (9) <\/a><\/p>\n<p>11. Parties by Agreement  may decide as to who shall bear the amount of stamp duty. In absence of such an  agreement reference be made to Section 29 of ISA or Section 30 of MSA, as the case may be. <\/p>\n<p>12. Ordinarily, the  person liable to pay stamp duty may himself assess the stamp duty payable by  him and pay accordingly. However, in cases of complex documents, the person  paying the duty may not be sure of the stamp duty payable. In such case, he can  apply for opinion of the Collector. He has to apply with draft document and  prescribed fees and then the Collector will determine the stamp duty payable as  per his judgment [Section 31(1) of ISA as well as Section 31 of the MSA].<\/p>\n<p>13. &lsquo;Duly Stamped&rsquo; means  that the instrument bears an adhesive or impressed stamp of not less than the  proper amount and that such stamp has been affixed or used in accordance with  the law in force in India [Section 2(11) of ISA].<a href=\"#_ftn10\" name=\"_ftnref10\" title=\"\" id=\"_ftnref10\"> (10) <\/a><\/p>\n<p>14. In case of adhesive  stamps, the stamps have to be effectively cancelled so that they cannot be used  again (Section 12 of ISA &amp; MSA).Similarly, impressed  stamps have to be written in such a way that it cannot be used for any other  instrument and stamp appears on the face of instrument (Section 13 of ISA &amp;  MSA). If stamp is not so  used, the instrument is treated as &lsquo;unstamped&rsquo;. Similarly, when stamp duty paid  is not adequate, the document is treated as &lsquo;not duly stamped&rsquo;.<\/p>\n<p>15. If non-payment or  short payment of stamp duty is by accident, mistake or urgent necessity, the  person can himself produce the document to Collector within one year. In such  case, Collector may receive the amount and endorse the document that proper  duty has been paid (Section 41 of ISA).<\/p>\n<p><em><u>Validity of stamp paper and provisions  pertaining to refund<\/u><\/em><strong><u>:<\/u><\/strong><\/p>\n<p>\n  16. As per Section 54 of  the ISA &mdash; When any person is possessed of a stamp or stamps which have not been  spoiled or rendered unfit or useless for the purpose intended, but for which he  has no immediate use, the Collector shall repay to such person the value of  such stamp or stamps in money, deducting ten naye paise for each rupee or  portion of a rupee, upon such person delivering up the same to be cancelled,  and proving to the Collector&#8217;s satisfaction&mdash; <\/p>\n<p>(a) that such stamp or  stamps were purchased by such person with a bona fide intention to use them;  and <\/p>\n<p>(b) that he has paid the  full price thereof; and <\/p>\n<p>(c) that they were so  purchased within the period of six months next preceding the date on which they  were so delivered: <\/p>\n<p>Provided that, where the person is a  licensed vendor of stamps, the Collector may, if he thinks fit, make the  repayment of the sum actually paid by the vendor without any such deduction as  aforesaid.<\/p>\n<p>17. In <em>Thiruvengada Pillai Vs. Navaneethammal &amp;  Anr. [(2008) 4 SCC Online 530],<\/em> it was held by the Supreme Court that a  stamp paper, even if it is more than six months old, is valid to be used.  Section 54 of the ISA just bars taking refund after six months of purchase, but  it does not restrict the use of such old stamp paper for an agreement. Thus,  nothing prohibits a person from using it even after years of its purchase. ISA  does not have any prescribed period of limitation for its validity.<\/p>\n<p>18. But the two states Maharashtra and Gujarat, have specific  provisions that states that if a stamp is not used or surrendered back within  six months of the date of issuing them, they will be treated as expired.  Section 52B(b) of the MSA Act and Section 52C of  Bombay Stamp (Gujarat Amendment) Act, 2016 states that if any stamp has been  purchased and it is neither used nor any allowances are claimed on it within a  period of six months, it will be treated as invalid. However, the stamps  purchased and not used for intended purpose are entitled for refund after  deduction of certain charges, if lodged for refund within six months from the date  of purchase and on fulfilling the conditions stipulated in Chapter V of the  MSA.<a href=\"#_ftn11\" name=\"_ftnref11\" title=\"\" id=\"_ftnref11\"> (11) <\/a>If the  Stamp paper is unused or mutilated then a person may claim refund of the stamp  duty. For this, claim shall be made to the collector of Stamps within a period  of 6 months from the date of purchase of Stamps (Section 47 of MSA).<\/p>\n<p> <strong>III. <u>Evidentiary  value of Unstamped\/ under-stamped Instrument<\/u><\/strong>. <\/p>\n<p>1. An instrument not  &lsquo;duly stamped&rsquo; cannot be accepted as evidence by civil court, an arbitrator or  any other authority authorized to receive evidence (Section 35 of the ISA and  Section 34 of the MSA). However, such a  document can be accepted as evidence in criminal court. Chapter VII of the ISA provides for  various penalties for breach or violation of provisions of the Act. <\/p>\n<p>2. As per the provision  of Section 59 of MSA, any person who, with  the intention to evade the Stamp duty, executes or signs any instruments  chargeable with stamp duty, otherwise than as a witness, without the same being  duly stamped, shall on conviction, be punished with rigorous imprisonment for  term which shall not be less than one month but which may extend to six months  and with fine upto Rs. Five Thousand. Further, Section 67 and 68 of the MSA empowers the  authorities to enter upon any premises and to inspect and impound\/ seize the  documents which are not duly stamped and burden is casted upon every public  officer to assist the authorities in detection of evasion. The documents  impounded for want of proper duty, attracts penalty @ 2 % per month from the  date of execution of such document. <\/p>\n<p>3. In a landmark  judgment, the Hon&rsquo;ble Supreme Court in&nbsp;<em>SMS Teas Estates (P) Ltd Vs  Chandmari Tea Co (P) Ltd, (2011) 14 SCC 66 <\/em>held that where an arbitration  agreement is contained in an unstamped\/insufficiently stamped agreement, the  provisions of the Indian Stamp Act 1899 (Indian Stamp Act) require the judge  hearing the application under Section 11 application under the Arbitration and  Conciliation Act, 1996 to impound the agreement and ensure that stamp duty and  penalty (if any) are paid thereon before proceeding with the Section 11  application. This Judgment was again upheld by the Hon&rsquo;ble Supreme Court even  after the introduction of Section 11(6A) of the Arbitration and Conciliation  Act in the case of <em>Garware Wall Ropes Ltd  vs CoastalMarine Constructions &amp; Engineering Ltd.<\/em><a href=\"#_ftn12\" name=\"_ftnref12\" title=\"\" id=\"_ftnref12\"> (12) <\/a><\/p>\n<p>4. It is a settled law  that in case of any suit or proceeding, any objection regarding the document  being insufficiently stamped or for that matter as to the admissibility of the  same has to be taken at the time when the same is sought to be  tendered\/admitted in evidence and on failure to do so, once document is marked  as an exhibit, Section 35 of the MSA, creates an embargo to  question such decision, at a later stage of the suit, or in higher Courts. This  is more so, as neither the Code of Civil Procedure, nor the Evidence Act  contains any provision for de-exhibiting any document. Thus, in absence of any  statutory mandate in the Code of Civil Procedure or the Evidence Act to the  contrary, the statutory prohibition as contained in Section 35 of the MSA has to prevail and a  party is clearly precluded from calling into question the exhibition of a  document on account of it being insufficiently stamped, at a later stage of the  same Suit or in Higher Courts.<a href=\"#_ftn13\" name=\"_ftnref13\" title=\"\" id=\"_ftnref13\"> (13) <\/a>However,  the concerned Stamp Authority is not precluded from recovering the stamp duty  on such Instrument marked and admitted in evidence.<\/p>\n<p><strong>IV. <u>Brief  overview of the Amendments to the Indian Stamp Act, 1899 vide the Finance Act, 2019:<\/u><\/strong><\/p>\n<p>1.  The amendments introduced in the Indian Stamp Act 1899 vide the Finance Act,  2019 were to be effective from 1st April,   2020.  However, the Department of Revenue of the Ministry of Finance, India has issued  two Notifications dated March 30, 2020 deferring the implementation of Part I  of Chapter IV of the Finance Act, 2019 i.e. amendments pertaining to the Indian  Stamp Act, 1899<a href=\"#_ftn14\" name=\"_ftnref14\" title=\"\" id=\"_ftnref14\"> (14) <\/a> and corresponding enforcement of the Indian Stamp (Collection of Stamp-Duty  through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019<a href=\"#_ftn15\" name=\"_ftnref15\" title=\"\" id=\"_ftnref15\"> (15) <\/a> to July  1, 2020.<\/p>\n<p>2.  The Amendments to the Indian Stamp Act vide the Finance Act, 2019 have been  brought about keeping in mind the technological advances in the field of  security transactions through stock exchanges and depositories. Moreover, the <u>primary  objectives<\/u> of the Amendment are- <\/p>\n<p>a.  to set up a zero-evasion centralised collection mechanism under which stamp  duty is collected through one agency, at one place and on one instrument for  securities market transactions. <\/p>\n<p>b.  to standardise the stamp duty payable on issuance, sale and transfer of  securities market instruments. It does so by removing multiple instances of  stamp duty, waiving stamp duty on certain instruments, and removing the ability  of the State Governments to determine rates or levy stamp duty in addition to  the Act. <\/p>\n<p>3.  The Finance Act, 2019 has introduced and\/or amended certain definitions such as  allotment list, clearance list, debentures, depositories, issuer, instruments,  securities, stock exchange, etc. <\/p>\n<p>4.  The Amendment has introduced an inclusive definition of securities [Section  2(23A) of ISA] and expanded the scope of securities that have to be stamped  under the Act. Now it not only includes securities as defined in Securities  Contracts (Regulation) Act, 1956 (i.e. shares, scrips, stocks, bonds,  debentures, debenture stock or <u>other  marketable securities<\/u>&nbsp;of a like nature) but also includes  derivatives, certificate of deposit, commercial paper, repo on corporate bonds  and other debt instruments as the Reserve Bank of India may specify and other  instruments which the Central Government may notify. <\/p>\n<p>5.  Prior to the Amendment under the Finance Act, 2019, only debentures which  qualified as &lsquo;marketable security&rsquo; (i.e. being capable of being sold in any  stock market in India or the UK) attracted stamp duty  under Article 27 of ISA. The term &lsquo;debentures&rsquo; was not defined separately in  the Act. <\/p>\n<p>In  case of mortgaged debentures, if the mortgage-deed was stamped and registered  appropriately (such mortgage would be subject to relevant State stamp  legislations i.e. MSA in the State of Maharashtra), then debentures would  be exempt from stamp duty. <\/p>\n<p>Moreover,  transfer of debentures were liable to stamp duty under the relevant State stamp  legislations [Article 59(a) of Schedule I to the MSA]. As a result, only a  portion of the debenture transactions in India were liable to stamp  duty under ISA while most other transactions were being stamped under the  relevant State stamp legislations. However, the Finance Act, 2019 has resulted  into key changes in relation to levy and collection of stamp duty in relation  to debentures and other securities.<\/p>\n<p>6. <u>The exemption from stamp duty on transfer of securities in dematerialized  form has been removed.<\/u> Hence, now on transfer of dematerialized securities,  in addition to securities transaction tax (&ldquo;STT&rdquo;) will also attract the  additional cost of stamp duty, thereby increasing the transaction costs. For  instance, transfer of shares through a stock-exchange on a delivery basis will  now in addition to the STT of 0.1% on the price, also be subjected to stamp  duty at the rate of 0.015% on the price of the shares transferred. However,  under the Amended Section 8A of the ISA, the transfer of registered ownership  of securities from a person to a depository (i.e. conversion of physical or  materialized securities to dematerialized securities) or from a depository to a  beneficial owner (conversion of dematerialized securities to physical or  materialized securities) shall continue to be exempted.<\/p>\n<p>7.  Introduction of Part AA under Chapter II <strong>&ldquo;<em>AA.&mdash;Of  the liability of instruments of transaction in stock exchanges and depositories  to duty&rdquo;<\/em>.<\/strong> Section 9A provides for instruments  chargeable with duty for transactions in stock exchanges and depositories  whereas Section 9B provides for Instruments chargeable with duty for  transactions otherwise than through stock exchanges and depositories (i.e. physical  transfer of securities). The said Sections 9A &amp; 9B can be summarised as  under:<\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"5\">\n<tr>\n<td width=\"11%\" valign=\"top\">\n<p align=\"center\"><strong>Section<\/strong> <\/p>\n<\/td>\n<td width=\"20%\" valign=\"top\">\n<p><strong>Transaction    leviable to duty<\/strong> <\/p>\n<\/td>\n<td width=\"16%\" valign=\"top\">\n<p><strong>What    is liable to stamp duty?<\/strong> <\/p>\n<\/td>\n<td width=\"14%\" valign=\"top\">\n<p><strong>Who    will pay?<\/strong> <\/p>\n<\/td>\n<td width=\"15%\" valign=\"top\">\n<p><strong>Who    will collect on behalf of the State Government?<\/strong> <\/p>\n<\/td>\n<td width=\"21%\" valign=\"top\">\n<p><strong>What    is stamp duty calculated on?<\/strong> <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"11%\" valign=\"top\">\n<p align=\"center\">9A(1)(a)<\/p>\n<\/td>\n<td width=\"20%\" valign=\"top\">\n<p>Sale of securities through    a stock exchange<\/p>\n<\/td>\n<td width=\"16%\" valign=\"top\">\n<p>Sale (as in the clearance    list)<\/p>\n<\/td>\n<td width=\"14%\" valign=\"top\">\n<p>Buyer<a href=\"#_ftn16\" name=\"_ftnref16\" title=\"\" id=\"_ftnref16\"> (16) <\/a><\/p>\n<\/td>\n<td width=\"15%\" valign=\"top\">\n<p>Stock    Exchange or Clearing Corporation<\/p>\n<\/td>\n<td width=\"21%\" valign=\"top\">\n<p>Market    value of such securities at the time of settlement of transactions in    securities<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"11%\" valign=\"top\">\n<p align=\"center\">9A(1)(b)<\/p>\n<\/td>\n<td width=\"20%\" valign=\"top\">\n<p>Transfer    of securities for consideration, made by a depository [not covered u\/s    9A(1)(a)]<\/p>\n<\/td>\n<td width=\"16%\" valign=\"top\">\n<p>Transfer<\/p>\n<\/td>\n<td width=\"14%\" valign=\"top\">\n<p>Transferor<\/p>\n<\/td>\n<td width=\"15%\" valign=\"top\">\n<p>Depository<\/p>\n<\/td>\n<td width=\"21%\" valign=\"top\">\n<p>Consideration    amount<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"11%\" valign=\"top\">\n<p align=\"center\">9A(1)(c)<\/p>\n<\/td>\n<td width=\"20%\" valign=\"top\">\n<p>Creation    or change in the records of a depository pursuant to an issue of securities<\/p>\n<\/td>\n<td width=\"16%\" valign=\"top\">\n<p>Allotment    List<\/p>\n<\/td>\n<td width=\"14%\" valign=\"top\">\n<p>Issuer<\/p>\n<\/td>\n<td width=\"15%\" valign=\"top\">\n<p>Depository<\/p>\n<\/td>\n<td width=\"21%\" valign=\"top\">\n<p>Total    market value of securities contained in the allotment list<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"11%\" valign=\"top\">\n<p align=\"center\">9B(a)<\/p>\n<\/td>\n<td width=\"20%\" valign=\"top\">\n<p>issue    of securities is made by an issuer otherwise than<\/p>\n<p>\n      through    a stock exchange or depository<\/p>\n<\/td>\n<td width=\"16%\" valign=\"top\">\n<p>Each    such issue<\/p>\n<\/td>\n<td width=\"14%\" valign=\"top\">\n<p>Issuer<\/p>\n<\/td>\n<td width=\"15%\" valign=\"top\">\n<p>Paid    directly to State Government<\/p>\n<\/td>\n<td width=\"21%\" valign=\"top\">\n<p>total    market value of the securities so issued<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"11%\" valign=\"top\">\n<p align=\"center\">9B(b)<\/p>\n<\/td>\n<td width=\"20%\" valign=\"top\">\n<p>sale    or transfer or reissue of securities for consideration<\/p>\n<p>\n      is    made otherwise than through a stock exchange or depository<\/p>\n<\/td>\n<td width=\"16%\" valign=\"top\">\n<p>each    such sale or transfer or reissue<\/p>\n<\/td>\n<td width=\"14%\" valign=\"top\">\n<p>seller<a href=\"#_ftn17\" name=\"_ftnref17\" title=\"\" id=\"_ftnref17\"> (17) <\/a><\/p>\n<p>\n      or    transferor or issuer, as the case may be<\/p>\n<\/td>\n<td width=\"15%\" valign=\"top\">\n<p>Paid    directly to State Government<\/p>\n<\/td>\n<td width=\"21%\" valign=\"top\">\n<p>on    the consideration amount<\/p>\n<p>\n      specified    in such instrument<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><u>8.  Other important points pertaining to instruments specified under Section 9A are  as under-<\/u><\/p>\n<p>&#8211; Instruments specified above shall be chargeable  to duty at the rate specified in Schedule I and that such instrument need not  be stamped <\/p>\n<p>&#8211;  No duty shall be chargeable in respect of the instruments of transaction in  stock exchanges and depositories established in any International Financial  Services Centre set up under section 18 of the Special Economic Zones Act,  2005.<a href=\"#_ftn18\" name=\"_ftnref18\" title=\"\" id=\"_ftnref18\"> (18) <\/a><\/p>\n<p>&#8211;  Clearance list is each client&#8217;s list of transactions of sale and purchase  relating to contracts traded on the stock exchange. Following the Amendment,  this clearance list will be deemed to be the principal instrument on which the  stamp duty shall be payable and no additional stamp duty shall be charged on  any other instruments in relation to the same sale or purchase of securities on  the stock-exchange.<a href=\"#_ftn19\" name=\"_ftnref19\" title=\"\" id=\"_ftnref19\"> (19) <\/a><\/p>\n<p>&#8211;  No stamp-duty shall be charged or collected by the State Government on any note  or memorandum or any other document, electronic or otherwise, associated with  the transactions mentioned Section 9A. <\/p>\n<p>&#8211;  After the amendment, incidence of stamp duty shall be either on buyer or seller  and not on both as was prevailing earlier in case of listed securities. (for  example:- under the MSA in case of transfer of  listed shares, stamp duty of 0.01% was charged from both buyer as well seller) <\/p>\n<p>&#8211;  Under the present regime of levy and collection, one of the major concerns were  the multiple demands for stamp duty raised by different State Governments on  the same instrument. To prevent this, the Amendment has provided for a uniform  process by which the stamp duty is to be levied, collected and retained by the  respective State Governments. <\/p>\n<p>&#8211;  The stock exchange\/ clearing corporation\/ the depository, as the case may be,  shall, within three weeks of the end of each month and in accordance with the  rules made in this behalf by the Central Government [i.e. Indian Stamp  (Collection of Stamp- Duty through Stock Exchanges, Clearing Corporations and  Depositories) Rules, 2019], in consultation with the State Government, transfer  the stamp-duty collected to the State Government where the residence of the  buyer is located and in case the buyer is located outside India, to the State  Government having the registered office of the trading member or broker of such  buyer and in case where there is no such trading member of the buyer, to the  State Government having the registered office of the participant. Moreover,  before such transfer, the stock exchange or the clearing corporation authorised  by it or the depository shall be entitled to deduct such percentage of  stamp-duty towards facilitation charges as may be specified in such rules.<\/p>\n<p>9.  Under the Act, the stamp duty is calculated on the value of the security  according to the average price or the value thereof as on the date of the  instrument (Section 21 of the ISA). However, after the Amendment, the stamp  duty shall now be calculated on the market value of the security and this will  ensure that in case of listed securities, the stamp duty is levied on the exact  price on which it is transacted and not on the average price of the day.<\/p>\n<p>10.  It is pertinent to note that even though, the stamp-duty shall be collected (a)  from the buyer in the case of sale of securities through stock-exchange; (b)  from the seller in the case of sale of security otherwise than through a  stock-exchange or depository; (c) from the transferor in the case of transfer  of security through a depository; the Amendment does not alter the enabling  provision under Section 29 of the Act that allows parties to a transaction to  agree to allocate the cost as per their commercial arrangement. <\/p>\n<p>11.  The Amendment has introduced a new penalty provision (i.e. Section 62A) to  ensure that collection and transfer of stamp duty is done in a timely manner.  It provides that if any person required to collect the stamp duty, fails to  collect the stamp duty or fails to transfer the stamp duty so collected within  15 days of the expiry of the time specified, it shall be punishable with fine  which shall not be less than Rs.1,00,000\/- but which may extend up to 1% of the  collection or transfer so defaulted.<\/p>\n<p><strong>V. <u>Changes  made under <\/u><\/strong><\/span><strong><u>MSA<\/u><\/strong><strong><u> on account of COVID Pandemic:<\/u><\/strong><\/p>\n<p>1.  The Government of Maharashtra with a view to finance the Vital Important Urban  Transport Project in the region of Mumbai Metropolitan Regional Development  Authority (MMRDA), Pune, Pimpri-Chinchwad and Nagpur Municipal Corporations had  levied 1% Surcharge in addition to the prevailing stamp duty rates on the  instruments of Sale, Gift and Usufructuary Mortgage with effect from 8th  February, 2019 and amendment to that effect was carried by way of inserting  Section 149(A) to the Maharashtra Municipal Corporation Act, 1949 and Section  144 (F) to the Mumbai Municipal Corporation Act, 1888. <\/p>\n<p>2.  Thereafter, the Government of Maharashtra has vide its order dated 28th  March, 2020 by modifying the provisions of Section 149 (A) of the Maharashtra  Municipal Corporation Act, 1949 and Section 144 (F) of the Mumbai Municipal  Corporation Act, 1888 granted a concession of 1% on aggregate stamp duty and  applicable surcharge payable on the instruments of Sale, Gift and Usufructuary  Mortgage thereby reducing the stamp duty rates by 1%. Such concession of 1%  shall remain in force for the period of 2 (two) years from1st April, 2020 in  the areas falling under the Mumbai Metropolitan Region Development Authority (MMRDA) and municipal  corporations of Pune, Pimpri-Chinchwad and Nagpur.<\/p>\n<p><strong><em><u>Ready  Reckoner of previous year i.e. 2019-20 to continue:<\/u><\/em><\/strong><\/p>\n<p>3.  As per the Maharashtra Stamp (Determination of True Market Value of Property)  Rules, ASR (popularly known as  &lsquo;Ready Reckoner&rsquo;) for properties in Maharashtra are revised every year  on 1st April. Considering the difficulty in revising ASR due to spread of Novel  Coronavirus (Covid 19), the Chief Revenue Controller Authority and Inspector  General of Registration &amp; Stamp Controller vide its Order dated 26th  May, 2020 declared that ASR, valuation rules and  guidelines of previous year (i.e. 2019-2020) shall continue to apply from 1st  April, 2020 till further order of the State Government.<\/p>\n<p>4.  Stamp duty registration offices have begun functioning from 18th   May, 2020  at Old Customs House, Andheri, Kurla and Borivali. Only agreements for sale and  mortgage are being allowed to be registered. Citizens have to first obtain an  e-pass online and only then they are allowed to enter the offices.<a href=\"#_ftn20\" name=\"_ftnref20\" title=\"\" id=\"_ftnref20\"> (20) <\/a><\/p>\n<p><strong>VI. <u>Ready  Reckoner of Rate of stamp duty on certain important instruments within the  State of <\/u><\/strong><\/span><strong><u>Maharashtra<\/u><\/strong><strong><u> as laid down in Schedule I of the MSA as well  as on certain important instruments under the ISA:<\/u><\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"5\" width=\"100%\">\n<tr>\n<td width=\"100%\" colspan=\"3\" valign=\"top\">\n<p align=\"center\"><strong>CERTAIN IMPORTANT    INSTRUMENTS MENTIONED IN SCHEDULE I OF THE MSA<\/strong><strong> <\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>Article<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p align=\"center\"><strong>Description    of Instrument<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p align=\"center\"><strong>Stamp Duty<\/strong><strong> <\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>4<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Affidavit, <\/strong>that is to say, a statement in writing    purporting to be a statement of facts, signed by the person making it and    confirmed by him on oath or; in the case of persons by law allowed to affirm    or declare instead of swearing, by affirmation. <\/p>\n<p>\n            <strong><u>Exemptions<\/u><\/strong><strong><u> <\/u><\/strong><\/p>\n<p>\n      Affidavit or declaration in writing when made&ndash; <\/p>\n<p>\n      (a) as a condition of enrolment under the Air Force Act,    1950, (XLV of 1950) the Army Act, 1950 (XLVI of 1950) or the Navy Act, 1957    (LXII of 1957); <\/p>\n<p>\n      &nbsp;(b) for the    immediate purposes of being filed or used in any Court or before the officer    of any Court; or <\/p>\n<p>\n      &nbsp;(c) for the sole    purpose of enabling any person to receive any pension or charitable    allowance. <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377; 100 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5(A)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Agreement or    Memorandum of an Agreement relating to-<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5A(a)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Sale of a Bill of Exchange <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.005% of the amount    of a bill of exchange <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5A    (b)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Purchase or sale of a Government security <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.005%&nbsp;of the    value of security at the time of its purchase or sale, as the case may be <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5A    (c)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>relating to purchase or sale of shares &amp; securities,    scrips, stocks, bonds, debentures, debenture stocks or any other marketable    security of a like nature in or of any incorporated company or other body    corporate <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.005% of the value of securityat the time of its purchase    or sale, as the case may be <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5A    (e)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>relating to purchase or sale of bullion or species <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.005% of the value of gold or silver or sovereigns, as    the case may be <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5A <\/strong><strong> <\/strong><\/p>\n<p>\n            <strong>(g-a)(i)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Development Rights Agreement <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Same as in the case of a Conveyance (i.e. Article 25) as    on the market value of the property<a href=\"#_ftn21\" name=\"_ftnref21\" title=\"\" id=\"_ftnref21\"> (21) <\/a> <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5A <\/strong><strong> <\/strong><\/p>\n<p>\n            <strong>(g-a)(ii)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>relating to purchase of units in any scheme by an investor    from a developer <\/p>\n<p>\n      &nbsp;&ndash; when the investor    sells the unit a set-off of the duty paid would be allowed against duty on    Conveyance under Art.25 <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Same as in the case of a Conveyance as on the market value    of the Unit <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" rowspan=\"3\" valign=\"top\">\n<p align=\"center\"><strong>5A(g-d)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>relating to transfer of tenancy rights in: <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<p>For non-residential use of any size; or <\/p>\n<p>\n      For residential use with an area more than 300 sq. feet <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Same as Article 60 (i.e. on the market value of the    property depending upon the location of the property) <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<p>For residential use with an area up to 300 sq. feet <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Higher of &#8377; 50 \/ 100\/ 200 (depending upon the location of    the property <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5A(g-e)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>relating to hire purchase <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Same duty as Article 36 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5A(h)(i)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>relating to certain advertising contracts <\/p>\n<\/td>\n<td width=\"41%\" rowspan=\"4\" valign=\"top\">\n<p>If the amount agreed does not exceed &#8377; 10 lakh- Two rupees    and fifty paise for every rupees 1,000 or part thereof on the amount agreed    in the contract subject to minimum of rupees 100. <\/p>\n<p>\n      where amount agreed exceed Rs.10 lakhs &#8211; Five rupees for    every rupees 1,000 or part thereof on the amount agreed in the contract <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5A(h)(ii)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>relating to contracts for exclusive broadcasting \/    exhibition rights of a film <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5A    (h)(iii)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>relating to specific performance by a person where    contract &gt; &#8377; 100,000 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5A(h)(v)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>relating to assignment of Copyrights <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5A(h)(iv)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>relating to creation of any obligation, right or interest    and having monetary value <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>If the amount agreed is up to of &#8377; 10 lakhs- One rupee for    every rupees 1,000 or part thereof on the amount agreed in the contract    subject to minimum of rupees 100. <\/p>\n<p>\n      Where amount agreed exceeds Rs.10 lakhs -Two rupees for    every rupees 1,000 or part thereof on the amount agreed in the contract. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5A    (h)<\/strong><strong>(vi)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Project under Built, Operate and Transfer (BOT) system,    whether with or without toll or free collection rights <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>If amount agreed does not exceed Rs.5 lakhs &#8211; One rupees    for every rupees 1,000 or part thereof on the amount agreed in the contract    subject to minimum of rupees 100 <\/p>\n<p>\n      Where amount agreed exceeds Rs.5 lakhs- Two rupees for    every rupees 1,000 or part thereof on the amount agreed in the contract. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5(B)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>General (not otherwise provided for) <\/p>\n<p>\n      &ndash; No duty shall be chargeable on agreements or its record    covered under sub-clauses (b) and (c) of this article, if proper duty is paid    under article 51A. <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Rs.100\/- <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>5<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"87%\" colspan=\"2\" valign=\"top\">\n<p><strong><u>Exemptions:<\/u><\/strong><strong><u> <\/u><\/strong><\/p>\n<p>\n      Agreement or its records or Memorandum of Agreement&ndash; (a)    for or relating to the purchase or sale of goods or merchandise exclusively,    not being an agreement or memorandum of agreement chargeable under entry (d),    entry (e), entry (f) or entry (g) of this Article or a note or memorandum    chargeable under Article 43; <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>6<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Agreement for Deposit of Title Deeds, Pawn,    Pledge or Hypothecation<\/strong><strong> <\/strong><\/p>\n<p>\n      Deposit of title deeds securing amount of loan or for    pawn, pledge or hypothecation securing amount of loan <\/p>\n<p>\n      (<strong><u>Exemption:<\/u><\/strong> Letter of    hypothecation accompanying a bill of exchange.) <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>If the amount secured is up to &#8377; 5,00,000- Re. 1 for every    &#8377; 1,000 or part thereof of the amount secured by the deed subject to the    minimum of one hundred rupees. <\/p>\n<p>\n      In all other cases- &#8377; 2 for every &#8377; 1,000 or part thereof    for the amount secured by such deed <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>10<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Articles of Association of a Company<\/strong><strong> <\/strong><\/p>\n<p>\n      On the share capital, thereof subject to a nominal capital    or increased share capital (Exemption- &nbsp;Companies    registered under Section    25 of the Companies Act, 1956) <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>One thousand rupees for every rupees, 5,00,000 or part    thereof, subject to a maximum of Rs. 50,00,000<a href=\"#_ftn22\" name=\"_ftnref22\" title=\"\" id=\"_ftnref22\"> (22) <\/a> <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>12<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Award<\/strong>&nbsp;by an Arbitrator or Umpire (not being an    Award directing a Partition) <\/p>\n<p>\n      [<strong>Exemption:<\/strong> Award under section    18 of the Bombay Hereditary Offices Act, 1874 (Bombay III of 1874) or section    330 of the Maharashtra Municipalities Act, 1965 (Maharashtra XL of 1965)] <\/p>\n<p>\n      The expression &ldquo;Award&rdquo; used in Schedule I does not include    foreign arbitral awards and hence, no stamp duty is payable on the same    Shriram EPC Ltd. Vs. Rioglass Solar SA(2018) 18 SCC 313: 2018 SCC OnLine SC    1471 <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>on the amount of value of the property to which the award    relates as set forth in the award-&nbsp; The    same duty as Bond (Article 13), subject to a minimum of&nbsp;One hundred    rupees. <\/p>\n<p>\n      In any other case: &#8377; 100. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>13<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Bond<\/strong> not being a    debenture and not being otherwise provided for by any provisions of this Act    (whether or not such provisions relate to any particular types of Bonds), or    by the Bombay Court-fees Act, 1959 (Bombay XXXVI of 1959) for every rupees    five hundred or part thereof <\/p>\n<p>\n      [<strong>Exemption<\/strong>&#8211; Bond when executed by any person for the purpose of guaranteeing that    the local income derived from private subscriptions or a charitable    dispensary or hospital or any other object of public utility shall not be    less than a specified sum per mensem.] <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Five rupees subject to a minimum of rupees one hundred <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>15<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Cancellation<\/strong> &#8211; Instrument    of, if attested and not otherwise provided for. <\/p>\n<p>\n      (<strong>Exemption<\/strong>:&nbsp;Revocation    of will) <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377; 100 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>17<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Certificate or Other Document<\/strong> &#8211; evidencing the right or title of the holder thereof, or any other    person either to any shares, scrip or stock in or of, any incorporated    company or other body corporate, or to become proprietor of share, scrip or    stock in or of, any such company or body <\/p>\n<p>\n      (the value of shares, scrip or stock includes the amount    of premium, if any) <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Re.1 for every &#8377; 1,000 or part thereof, of the value of    the shares, scrip or stock. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>24<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Composition Deed<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377; 200 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>25<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Conveyance<\/strong>&nbsp;(not    being a transfer charged or exempted under Article 59) <\/p>\n<p>\n      (on the true market value of the    property which is subject matter of conveyance) <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>25(a)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Movable Property <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377; 15 for every &#8377; 500 or part thereof <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" rowspan=\"4\" valign=\"top\">\n<p align=\"center\"><strong>25(b)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Immovable Property <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<p>Within the Municipal Corporation or any Cantonment area    annexed to it or any urban area <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>5% of market value of    property <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<p>Within the limits of any Municipal Council \/ Nagar    Panchayat \/Cantonment annexed to it or any rural area within MMRDA <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>5% of market value of property <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<p>Within the limits of any Gram Panchayat <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>4% of market value of    property <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>25(c)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>If relating to both movable and immovable property <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>The    same duty as is payable under clauses (a) and (b) <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>25(d)<\/strong><a href=\"#_ftn23\" name=\"_ftnref23\" title=\"\" id=\"_ftnref23\"> (23) <\/a> <\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>High Court order under Section 394 of the Companies Act,    in respect of amalgamation or reconstruction of companies <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>10% of aggregate of the market value of shares issued or    allotted in exchange or otherwise and the amount of consideration paid for    such amalgamation but not exceeding the higher of the following: <\/p>\n<p>\n      i) 5% of true market value of the immovable property    located in Maharashtra of the transferor    company or <\/p>\n<p>\n      ii) 0.7% of aggregate of the market value of shares    allotted in exchange or otherwise and consideration paid, for such    amalgamation. <\/p>\n<p>\n      <u>In case of reconstruction or demerger<\/u> the duty chargeable    shall not exceed the higher of the following&ndash; <\/p>\n<p>\n      (i) an amount equal to 5 per cent of the true market value    of the immovable property located within the State of Maharashtra transferred    by the Demerging Company to the Resulting Company; or <\/p>\n<p>\n      (ii) an amount equal to 0.7 per cent, of the aggregate of    the market value of the shares issued or allotted to the Resulting Company    and the amount of consideration paid for such demerger. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<td width=\"87%\" colspan=\"2\" valign=\"top\">\n<p><strong><u>Special Points for Conveyance:<\/u><\/strong><strong><u> <\/u><\/strong><\/p>\n<ul>\n<li><span dir=\"ltr\">An Agreement to Sell an immovable property,    where the possessionof any immovable property is transferred or agreed to be    transferred to the purchaser before the execution, or at the time of    execution, or after the execution of, such agreement then such agreement to    sell shall be deemed to be a conveyance and stamp duty shall be levied    accordingly. The provisions of Section 32A of MSA shall apply mutatis    mutandis to such agreement which is deemed to be a conveyance as they apply    to a conveyance under that section. However, a set off of the duty paid shall    be given at the time of execution of the conveyance.<\/span> <\/li>\n<p><\/p>\n<li><span dir=\"ltr\">Assignment of copyrights is exempt from stamp    duty.<\/span> <\/li>\n<p><\/p>\n<li><span dir=\"ltr\">In case of amalgamation \/ reconstruction of    companies, the market value of the shares of Transferee Company is the value    of shares on stock exchange on the &quot;appointed day&quot; mentioned in the    scheme or else the date of the court&rsquo;s order. If the shares are not listed or    not quoted, the market value means the value of shares to the transferor    company or the value as determined by the Collector.<\/span> <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>32<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Exchange<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Same duty as on a conveyance but on the market value of    that property which has the greater value <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" rowspan=\"4\" valign=\"top\">\n<p align=\"center\"><strong>34<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Gift, Instrument of- <\/strong>not being a Settlement    (Article 55) or Will or Transfer (Article 59) <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Same duty as on conveyance. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<p>However, if the property is gifted to a family member    being the husband, wife, brother or sister of the donor or any lineal    ascendant or descendant of the donor, <strong> <\/strong><\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Theamount of duty chargeable shall be at the rate of 3% on    the market value of the property which is the subject matter of the gift. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<p>Gift of residential \/ agricultural property is made to    husband, wife, son, daughter, grand-son, grand-daughter or wife of deceased    son.<a href=\"#_ftn24\" name=\"_ftnref24\" title=\"\" id=\"_ftnref24\"> (24) <\/a><a href=\"#_ftn25\" name=\"_ftnref25\" title=\"\" id=\"_ftnref25\">  (25) <\/a> <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377; 200 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"87%\" colspan=\"2\" valign=\"top\">\n<p><strong><u>Note:<\/u><\/strong><strong><u> <\/u><\/strong><\/p>\n<ul>\n<li><span dir=\"ltr\">As per    Section 2(la) of the <\/span>MSA &quot;instrument of    gift&quot; includes, where the gift is of any movable or immovable property    but has not been made in writing, any instrument recording whether by way of    declaration or otherwise the making or acceptance of such oral gift; <\/li>\n<p><\/p>\n<li><span dir=\"ltr\">The    scope of the term relative\/ family member under the <\/span>MSA is restricted to husband,    wife, brother or sister of the donor or any lineal ascendant or descendant of    the donor unlike that of the scope of the term relative under the Income Tax    Act.<a href=\"#_ftn26\" name=\"_ftnref26\" title=\"\" id=\"_ftnref26\"> (26) <\/a> <\/li>\n<p><\/p>\n<li><span dir=\"ltr\">Under    Section 17 of the Registration Act, 1908 any instrument of gift of immovable    property shall be compulsorilyregistered, even if made to a relative.    Moreover, as per Section 18 of the Registration Act, 1908, it is optional to    register Instrument of gift of movable property. <\/span> <\/li>\n<p><\/p>\n<li><span dir=\"ltr\">Registration    fees on Instrument of gift (other than gift of residential \/ agricultural    property made to husband, wife, son, daughter, grand-son, grand-daughter or    wife of deceased son)<\/span> is 1% on true market value of the immovable property    gifted or Rs.30,000\/-, whichever is less. <\/li>\n<p><\/p>\n<li><span dir=\"ltr\">In the <\/span><strong><u>State of Gujarat<\/u><\/strong> under Article 28<a href=\"#_ftn27\" name=\"_ftnref27\" title=\"\" id=\"_ftnref27\"> (27) <\/a>of Schedule I to the    Bombay Stamp Act, 1958 as applicable to the State of Gujarat, on Gift- instrument    of not being a Settlement or will or Transfer: &#8211; the stamp duty payable is    3.5% of the market value of the property being gifted. <\/li>\n<li><span dir=\"ltr\">In the <\/span><strong><u>State of Tamil<\/u><\/strong><u> Nadu <\/u>under Article 28 of    Schedule I to the Tamil Nadu Stamp Act, 2013, stamp duty on Instrument of    Gift not being a Settlement or Will or transfer (Article 53), is as below: <\/li>\n<\/ul>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"5\">\n<tr>\n<td width=\"59\" valign=\"top\">\n<p>&nbsp;Article <\/p>\n<\/td>\n<td width=\"116\" valign=\"top\">\n<p>Description <\/p>\n<\/td>\n<td width=\"277\" valign=\"top\">\n<p>Stamp duty <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"59\" valign=\"top\">\n<p>28(i) <\/p>\n<\/td>\n<td width=\"116\" valign=\"top\">\n<p>in favour of family member; <\/p>\n<\/td>\n<td width=\"277\" valign=\"top\">\n<p>One rupee for every one hundred      rupees or part thereof of the market value of the property which is the      subject matter of Gift. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"59\" valign=\"top\">\n<p>28(ii) <\/p>\n<\/td>\n<td width=\"116\" valign=\"top\">\n<p>in any other case. <\/p>\n<\/td>\n<td width=\"277\" valign=\"top\">\n<p>The same duty as a Conveyance      (Article 21) for the market value of the property which is the subject      matter of Gift. <\/p>\n<\/td>\n<\/tr>\n<\/table>\n<ul>\n<li><span dir=\"ltr\">In the <\/span><strong><u>State of Karnataka<\/u><\/strong> under Article 28 of    Schedule I to The Karnataka Stamp Act, 1957, stamp duty on Instrument of Gift    is as below:- <\/li>\n<\/ul>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"5\">\n<tr>\n<td width=\"59\" valign=\"top\">\n<p>Article <\/p>\n<\/td>\n<td width=\"111\" valign=\"top\">\n<p>Description <\/p>\n<\/td>\n<td width=\"282\" valign=\"top\">\n<p>Stamp duty <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"59\" valign=\"top\">\n<p>28 (a) <\/p>\n<\/td>\n<td width=\"111\" valign=\"top\">\n<p>Donee not a family member <\/p>\n<\/td>\n<td width=\"282\" valign=\"top\">\n<p>5.00 for every 100.00 on Market Value      (same as applicable on Conveyance) <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"59\" valign=\"top\">\n<p>28(b) <\/p>\n<\/td>\n<td width=\"111\" valign=\"top\">\n<p>Donee is a family member <\/p>\n<\/td>\n<td width=\"282\" valign=\"top\">\n<p>Property situated within limits of      Bangalore Metropolitan Regional Development Authority or Bruhat Bangalore      MahanagaraPalike or City Corporation&ndash; Rs.5000\/- <\/p>\n<p>Property situated within limits of      City or Town Municipal Council or Town Panchayat area &ndash; Rs.3,000\/- <\/p>\n<p>Property situated within any other      limits &ndash; Rs.1,000\/- <\/p>\n<p>Provided that, if the property is      situated in any of the combinations of limits, mentioned in items (i), (ii)      and (iii) above the duty payable shall be the maximum of the duties      specified in items (i), (ii) and (iii) above.] <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"59\" valign=\"top\">\n<p>&nbsp;<\/p>\n<\/td>\n<td width=\"393\" colspan=\"2\" valign=\"top\">\n<p><strong>Explanation<\/strong>: Family in relation      to the donor for this purpose means father, mother,husband, wife, son,      daughter, daughter-in-law, brothers, sisters and grandchildren. <\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>35<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Indemnity Bond<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377; 500 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>36<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Lease<\/strong><strong>&nbsp;<\/strong>including under lease    or sub-lease and any agreement to let or sub-let or any renewal of lease,    where lease period is <\/p>\n<p>i) up to 5 years <\/p>\n<p>ii) 5 years to 10 years with a renewal clause <\/p>\n<p>\n        iii) 10 years to 29 years with a renewal clause <\/p>\n<p>\n        iv) exceeding 29 years or for indefinite period or for    perpetuity <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Same Duty as is payable on conveyance under Clause (a) (b)    or (c) as the case may be of Article 25 <strong><u>on: <\/u><\/strong> <\/p>\n<p>i) 10% of market value <\/p>\n<p>ii) 25% of market value <\/p>\n<p>iii) 50% of market value <\/p>\n<p>iv) 90% of market value <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<td width=\"87%\" colspan=\"2\" valign=\"top\">\n<p><strong>Special Points for Lease:<\/strong><strong> <\/strong><\/p>\n<ul>\n<li><span dir=\"ltr\">Consideration such as premium, security    deposit, advance, will for market value be treated as consideration passed    on.<\/span> <\/li>\n<li><span dir=\"ltr\">The renewal period, if specifically mentioned,    shall be treated as part of the present lease. <\/span> <\/li>\n<li><span dir=\"ltr\">The market value, for the instruments falling    under section 2(n)(iii) (Toll Agreements) and article 5(g-e) (Hire Purchase    agreement), shall be the total contract value and they shall be chargeable to    duty same as under clause (a) of article 25<\/span> <\/li>\n<li><span dir=\"ltr\">An agreement for lease will not be treated as    lease if there is no immediate demise &ndash; State of Maharashtra Vs. Atur India P    Ltd., (1994) 2 SCC 497<\/span> <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>36A<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Leave &amp; Licence Agreement-<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(a)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>For a period not exceeding 60 months with or without a    renewal clause <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.25% of the total sum of: <\/p>\n<p>\n      &bull; Licence fees or rent payable under the agreement; plus <\/p>\n<p>\n      &bull; Non-refundable deposit or or money advanced or to be    advanced or premium; plus <\/p>\n<p>\n      &bull; Interest @ 10% p.a. on the refundable security deposit    or money advanced or to be advanced <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(b)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>For a period exceeding sixty months with or without    renewal clause; <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Same duty as is leviable on lease, under clause (ii),    (iii) or (iv), as the case may be, of Article 36. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>37<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Letter of Allotment<\/strong> of Shares in any company or proposed company, or in respect of any    loan to be raised by any company or proposed company. <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Re. 1 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>39<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Memorandum of Association<\/strong><strong> <\/strong><\/p>\n<p>(<strong>Exemption <\/strong>&#8211; Memorandum of any    Association not formed for profit and registered under Section 25 of the Companies    Act, 1956, (I of 1956)) <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>if accompanied with Articles &#8211; &#8377;200\/- and <\/p>\n<p>if not so accompanied- Same duty as on Articles of    Association under Article 10 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>40<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Mortgage Deed<\/strong>&#8211; not being an agreement    relating to [Deposit of Title Deeds, Pawn or Pledge or Hypothecation (Article    6)], Bottomry Bond (Article 14), Mortgage of a Crop (Article 41),    Respondentia Bond (Article 53), or Security Bond or Mortgage Deed (Article    54) <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>a)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Where possession is given <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Same duty as on conveyance on the amount secured by the    deed <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>b)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Where possession is not given <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377;5 for every &#8377; 1000 or part thereof (approx. 0.5%) for the    amount secured by such deed, subject to a Maximum of &#8377; 10,00,000 and a    Minimum of &#8377; 100 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>c)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>When a collateral or auxiliary or additional or    substituted security, or by way of further assurance for the above-mentioned    purpose where the principal or primary security is duly stamped. <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>The same duty as a Bond (Article 13) for the amount    secured, subject to a maximum of Rs.200\/-. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<td width=\"87%\" colspan=\"2\" valign=\"top\">\n<p><strong><u>Notes:<\/u><\/strong><strong><u> <\/u><\/strong><\/p>\n<ul>\n<li><span dir=\"ltr\">A    mortgagor who gives to the mortgagee a power of attorney to collect rents, or    a lease of the property mortgaged or part thereof, is deemed to give    possession within the meaning of this article.<\/span> <\/li>\n<li><span dir=\"ltr\">Where in    the case of an agreement to mortgage the amount or part thereof sought to be    secured by such an agreement is advanced or disbursed to the mortgagor or    without execution of a mortgage deed, then such an agreement to mortgage    shall, notwithstanding anything contained in Section 2(d) of <\/span>MSA, become chargeable    under this Article as mortgage-deed on the date of making of such advance or    disbursement either in part or in whole <\/li>\n<\/ul>\n<p><strong><u>Exemptions<\/u><\/strong>&#8211;&nbsp; <\/p>\n<p>\n        (1) Instruments executed by persons taking advances under    the Land Improvement Loans Act, 1883 (XIX of 1883), or the Agriculturists&#8217;    Loans Act, 1884 (XII of 1884), or by their sureties as security for the    repayments of such advances. <\/p>\n<p>\n        (2) Letter of hypothecation accompanying a bill of    exchange. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>46<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Partition<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377; 10 for every &#8377; 500 or part thereof (approx 2%) of the    amount or the market value of the separated share or shares of the property <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<td width=\"87%\" colspan=\"2\" valign=\"top\">\n<p><strong><u>Special Points:<\/u><\/strong><strong><u> <\/u><\/strong><\/p>\n<ul>\n<li><span dir=\"ltr\">The largest share remaining after the property    is partitioned (or, if there are two or more shares of equal value and not    smaller than any of the other shares, then one of such equal shares) shall be    deemed to be that from which the other shares are separated.<\/span> <\/li>\n<li><span dir=\"ltr\">The value of largest share remaining after the    partition will be excluded for duty. Provided that &#8211;<\/span> <\/li>\n<ul>\n<li><span dir=\"ltr\">When an instrument of partition containing an    agreement to divide property in severalty is executed and a partition is    effected in pursuance of such agreement, the duty chargeable upon the    instrument effecting such partition shall be reduced by the amount of duty    paid in respect of the first instrument, but shall not be less than five    rupees;<\/span> <\/li>\n<li><span dir=\"ltr\">Where instrument relates to partition of    agriculture land, Stamp duty shall be &#8377; 100.<\/span> <\/li>\n<li><span dir=\"ltr\">Where a final order for effecting a partition    passed by any Revenue Authority or any Civil Court or an award by an    arbitrator directing a partition, is stamped with the stamp required for an    instrument of partition, and an instrument of partition in pursuance of such    order or award is subsequently executed, the duty on such instrument shall    not exceed ten rupees. <\/span> <\/li>\n<\/ul>\n<li><span dir=\"ltr\">In case of order of partition by a Civil Court    rebate will be given to the extent of the Court Fees paid<\/span><a href=\"#_ftn28\" name=\"_ftnref28\" title=\"\" id=\"_ftnref28\"> (28) <\/a>. <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>47<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Partnership<\/strong><strong>&nbsp;<\/strong>including an LLP,    Joint Venture to run a business, earn profits and to share profits, whether    in cash or in kind <\/p>\n<p>\n      Instrument of Partnership where- <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>1(a)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>No contribution or where cash contribution does not exceed    &#8377; 50,000 <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377; 500 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>1(b)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Cash Contribution exceeds &#8377; 50, 000 <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377; 500 for every &#8377; 50,000 or part thereof. subject to a    maximum of &#8377; 15,000 (w.e.f. 24-4-2015) <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>1(c)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Contribution by way of property (not cash) <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Same as on a conveyance on the market value of property <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>47(2)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Dissolution<\/strong> of    Partnership or Retirement of partner <\/p>\n<p>a) where any property is transferred to a partner other    than the one who brought it <\/p>\n<p>b) in any other case <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Same as on a conveyance on the market value subject to a    minimum of &#8377; 100 <\/p>\n<p>\n        &#8377; 500 (w.e.f. 24-4-2015) <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>48<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Power of Attorney- <\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(a)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>for sole purpose of registration <\/p>\n<\/td>\n<td width=\"41%\" rowspan=\"5\" valign=\"top\">\n<p>&#8377; 100 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(b)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>for suits or proceedings under the Presidency Small Causes    Courts Act, 1882 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(c)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>for acting in a single transaction to one or more person <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(d)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>for acting in more than one transaction or generally to    one person <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(e)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>for acting in one or more transactions or generally to one    or more persons <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(f)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>(i) for or without consideration and authorising to sell    an immovable property <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Same as on a conveyance on the market value <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>(ii) for authorizing to sell immovable property without    consideration and given to parents, siblings, spouse, children,    grandchildren, father-in-law, mother-in-law and siblings of the spouse <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377; 500 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(g)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>for construction, development, sale etc. to a developer or    promoter <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>The same duty as is leviable on a Conveyance under clauses    (b), (c) or (d), as the case may be, of Article 25, on the market value of    the property: <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(h)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>In any other case <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377;100 for each person authorised <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<td width=\"87%\" colspan=\"2\" valign=\"top\">\n<p><strong>Special Points:<\/strong><strong> <\/strong><\/p>\n<p>\n      1. In case of (f), set off of duty paid will be given on    execution of the conveyance (Explanation II to Article 48) <\/p>\n<p>\n      2. Duty payable under (g) will be &#8377; 100 only if duty is    already paid under Article 5 (g-a) on Development Rights&rsquo; Agreement [Second    proviso to Article 5(g-a)(i)] <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" rowspan=\"3\" valign=\"top\">\n<p align=\"center\"><strong>52<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Release<\/strong>&nbsp;whereby a person renounces a claim upon    other person or against any specified property <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<ul>\n<ul>\n<li><span dir=\"ltr\">If the release deed of an ancestral property    or part thereof is executed by or in favour of brother or sister (children of    renouncer&#8217;s parents) or son or daughter or son of predeceased son or daughter    of predeceased son or father or mother or spouse of the renouncer or the legal,    heirs of the above relations.<\/span> <\/li>\n<\/ul>\n<\/ul>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377; 200 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<ul>\n<ul>\n<li><span dir=\"ltr\">Every other Case<\/span> <\/li>\n<\/ul>\n<\/ul>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Same duty as on a conveyance as on the market value of the    share, interest or part renounced <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>54<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Security Bond<\/strong><strong> or    Mortgage Deed<\/strong>&#8211;    &nbsp;where such security bond or mortgage    deed is executed by way of security for the due execution of an office, or to    account for money or other property received by virtue thereof, or by a    surety to secure the due performance of a contract, or in pursuance of an    order of the court or a public officer, not being otherwise provided for by    the Bombay Court-fees Act, 1959, (Bombay LX of 1959),- <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Wherethe amount secured does not exceed &#8377;2500- <\/p>\n<p>\n      The same duty as Bond (Article 13) for the amount secured. <\/p>\n<p>Where the amount secured exceeds &#8377;2500&nbsp; for every&#8377;500 of the amount secured or part    thereof:- <\/p>\n<p>\n          same duty as is leviable under Article 40 (b) (i.e.&#8377;5 for    every &#8377; 1,000\/- or part thereof of the amount secured subject to minimum of &#8377;100\/-    and Maximum of &#8377; 10,00,000\/-) <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<td width=\"87%\" colspan=\"2\" valign=\"top\">\n<p><strong>Exemptions:<\/strong><strong> <\/strong><\/p>\n<p>\n      Bond or other instrument, when    executed,- <\/p>\n<p>\n      (a) by any person for the    purpose of guaranteeing that the local income derived from private    subscription to a charitable dispensary or hospital or any other object of    public utility shall not be less than a specified sum per mensem; <\/p>\n<p>\n      (b) under the rules made by the    State Government under section 114 of the Maharashtra Irrigation Act, 1976    (Maharashtra XXXVIII of 1976); <\/p>\n<p>\n      (c) by a person taking advance    under the Land Improvement Loans Act, 1883 (XIX of 1883) or the    Agriculturists Loans Act, 1884 (XII of 1884) or by their sureties as security    for the repayment of such advances; <\/p>\n<p>\n      (d) by officers of the    Government or their sureties to secure the due execution of an office or the    due accounting for money or other property received by virtue thereof. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>58<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Surrender of Lease<\/strong><strong> <\/strong><\/p>\n<ul>\n<li><span dir=\"ltr\">without consideration<\/span> <\/li>\n<\/ul>\n<ul>\n<li><span dir=\"ltr\">with consideration<\/span> <\/li>\n<\/ul>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<p>&#8377; 200 <\/p>\n<p>Same duty as on a Conveyance on amount of consideration <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>59(a)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Transfer<\/strong><strong>&nbsp;of    marketable debentures<\/strong><a href=\"#_ftn29\" name=\"_ftnref29\" title=\"\" id=\"_ftnref29\"> (29) <\/a><strong> <\/strong><\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Re.0.50 for every &#8377;100\/- of the consideration amount of    the debentures <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" rowspan=\"5\" valign=\"top\">\n<p align=\"center\"><strong>61A<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Trust- <\/strong><strong> <\/strong><\/p>\n<p>\n            <strong>Declaration of <\/strong>&ndash; of, or concerning, any property when made by any writing not being a    Will,- <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<p>a) where there is disposition of property <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<p>i) for charitable or religious purpose <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>2% of the sum settled or market value of the property <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<p>&nbsp;&nbsp;&nbsp; ii) in any other    case where there is disposition of property <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Same as on a conveyance on the amount settled or market    value of the property <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<p>b) where there is no disposition of property <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>The same duty as a Bond (Article 13) for a sum equal to    the amount settled or market value of the property settled, but not exceeding    [two hundred rupees]. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>61B<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Revocation of <\/strong>&ndash; of, or concerning,    any property when made by any instrument other than a Will. <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>The same duty as a Bond (Article 13) for a sum equal to    the amount settled or market value of the property settled, but not exceeding    two hundred rupees. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>63<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p><strong>Works Contract,<\/strong>&nbsp;that    is to say, a contract for works and labour or services involving transfer of    property in goods (whether as goods or in some other form) in its execution    and includes a sub-contract,- <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(a)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Where the contract value does not exceed &#8377; 10 lakhs <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377; 100 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(b)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Where the contract value exceeds &#8377; 10 lakhs <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&#8377;100 + &#8377;100 for every rupees 1,00,000 or part thereof,    above rupees ten lakh, subject to the maximum of rupees five lakh <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"100%\" colspan=\"3\" valign=\"top\">\n<p align=\"center\"><strong>SOME    IMPORTANT INSTRUMENTS UNDER INDIAN STAMP ACT<\/strong><strong> <\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"100%\" colspan=\"3\" valign=\"top\">\n<p align=\"center\">Prior    to Finance Act, 2019 i.e. upto 30.06.2020 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>27<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Debentures (whether a mortgage    debenture or not), being a marketable security transferable <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.05% per year of the    face value of the debenture, subject to the maximum of 0.25% or    Rs.25,00,000\/- whichever is lower.<a href=\"#_ftn30\" name=\"_ftnref30\" title=\"\" id=\"_ftnref30\"> (30) <\/a> <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>62(a)<\/strong><a href=\"#_ftn31\" name=\"_ftnref31\" title=\"\" id=\"_ftnref31\"> (31) <\/a><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Transfer of shares <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>Twenty five paise for    every hundred rupees or part thereof of the value of the share. <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"100%\" colspan=\"3\" valign=\"top\">\n<p align=\"center\">Post    Finance Act, 2019 <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>27<\/strong><a href=\"#_ftn32\" name=\"_ftnref32\" title=\"\" id=\"_ftnref32\"> (32) <\/a><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Debentures<a href=\"#_ftn33\" name=\"_ftnref33\" title=\"\" id=\"_ftnref33\"> (33) <\/a> <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(a)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Issuance of Debenture <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.005% <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(b)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Transfer and re-issue of debentures <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.0001% (0 % upto 30.06.2020) <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>56A<\/strong><a href=\"#_ftn34\" name=\"_ftnref34\" title=\"\" id=\"_ftnref34\"> (34) <\/a><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Security other than Debentures <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>&nbsp;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(a)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Issue of security other than debenture <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.005% <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(b)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Transfer of security other than debenture on delivery    basis <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.015% <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(c)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Transfer of security other than debenture on non-delivery    basis <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.003% <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(d)(i)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Futures derivates (equity and commodity) <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.002% <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(d)(ii)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Options derivatives <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.003% <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(d)(iii)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Currency and interest rate derivatives <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.0001% <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(d)(iv)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Other derivatives <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.002% <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(e)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Government Securities <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0% <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"12%\" valign=\"top\">\n<p align=\"center\"><strong>(f)<\/strong><strong> <\/strong><\/p>\n<\/td>\n<td width=\"45%\" valign=\"top\">\n<p>Repo on corporate bonds <\/p>\n<\/td>\n<td width=\"41%\" valign=\"top\">\n<p>0.00001% <\/p>\n<\/td>\n<\/tr>\n<\/table>\n<div class=\"footnotes\">\n<div id=\"ftn1\">\n<p><a href=\"#_ftnref1\" name=\"_ftn1\" title=\"\" id=\"_ftn1\"> (1) <\/a> Hindustan Steel Ltd. Vs. Dalip  Construction Company reported in 1969 AIR 1241 :1969SCC(1) 616<\/p>\n<\/p><\/div>\n<div id=\"ftn2\">\n<p><a href=\"#_ftnref2\" name=\"_ftn2\" title=\"\" id=\"_ftn2\"> (2) <\/a>Supra<\/p>\n<\/p><\/div>\n<div id=\"ftn3\">\n<p><a href=\"#_ftnref3\" name=\"_ftn3\" title=\"\" id=\"_ftn3\"> (3) <\/a> Hindustan Lever &amp;Anr vs State Of Maharashtra &amp;Anr [(2004) 9 SCC 438] <\/p>\n<\/p><\/div>\n<div id=\"ftn4\">\n<p><a href=\"#_ftnref4\" name=\"_ftn4\" title=\"\" id=\"_ftn4\"> (4) <\/a> It is the instrument that is subject to  levy of stamp duty and not the transaction per se. [supra- 3]<\/p>\n<\/p><\/div>\n<div id=\"ftn5\">\n<p><a href=\"#_ftnref5\" name=\"_ftn5\" title=\"\" id=\"_ftn5\"> (5) <\/a>K.  ManavalaNaicker v. K.R. Gopal Krishnaiah, AIR  1969 AP 417<\/p>\n<\/p><\/div>\n<div id=\"ftn6\">\n<p><a href=\"#_ftnref6\" name=\"_ftn6\" title=\"\" id=\"_ftn6\"> (6) <\/a> Amended by Finance Act, 2019<\/p>\n<\/p><\/div>\n<div id=\"ftn7\">\n<p><a href=\"#_ftnref7\" name=\"_ftn7\" title=\"\" id=\"_ftn7\"> (7) <\/a>Yuvraj Developers Vs.  GavtyaDhonduMhatre&nbsp; [2018 SCC OnLineBom 641 : (2018) 3 Mah LJ 95 :  (2018) 2 AIR Bom R 430 : AIR 2018 (NOC 717) 253] as MOU by which only leasehold  rights are agreed to be transferred not covered by the Schedule I of the MSA,  no stamp duty is payable. <\/p>\n<\/p><\/div>\n<div id=\"ftn8\">\n<p><a href=\"#_ftnref8\" name=\"_ftn8\" title=\"\" id=\"_ftn8\"> (8) <\/a>The Member,  Board Of Revenue vs Arthur Paul Benthall on 4 October, 1955 [1956 AIR 35, 1955 SCR (2) 842]<\/p>\n<\/p><\/div>\n<div id=\"ftn9\">\n<p><a href=\"#_ftnref9\" name=\"_ftn9\" title=\"\" id=\"_ftn9\"> (9) <\/a> Hindustan Lever &amp;Anr vs State Of  Maharashtra &amp;Anr [(2004) 9 SCC 438]<\/p>\n<\/p><\/div>\n<div id=\"ftn10\">\n<p><a href=\"#_ftnref10\" name=\"_ftn10\" title=\"\" id=\"_ftn10\"> (10) <\/a> Section 2(h) of the MSA also provides for the same definition.<\/p>\n<\/p><\/div>\n<div id=\"ftn11\">\n<p><a href=\"#_ftnref11\" name=\"_ftn11\" title=\"\" id=\"_ftn11\"> (11) <\/a> M\/s. S.K. Realtors &amp;Anr Vs. The  Inspector General of Stamps &amp; Controller of Stamps, Maharashtra State, Pune &amp;Ors. reported in 2016 SCC  OnLineBom 14536<\/p>\n<\/p><\/div>\n<div id=\"ftn12\">\n<p><a href=\"#_ftnref12\" name=\"_ftn12\" title=\"\" id=\"_ftn12\"> (12) <\/a> Order dated 10th   April, 2019  passed in Civil Appeal No 3631 of 2019<\/p>\n<\/p><\/div>\n<div id=\"ftn13\">\n<p><a href=\"#_ftnref13\" name=\"_ftn13\" title=\"\" id=\"_ftn13\"> (13) <\/a> Babybai Vs.  GhelabhaiNarayanjiSakaria&amp;Ors reported in 2020 SCC OnLineBom 428<\/p>\n<\/p><\/div>\n<div id=\"ftn14\">\n<p><a href=\"#_ftnref14\" name=\"_ftn14\" title=\"\" id=\"_ftn14\"> (14) <\/a> Notification S. O. 226(E) dated 30th   March, 2020 <a href=\"http:\/\/egazette.nic.in\/WriteReadData\/2020\/218957.pdf\">http:\/\/egazette.nic.in\/WriteReadData\/2020\/218957.pdf<\/a><\/p>\n<\/p><\/div>\n<div id=\"ftn15\">\n<p><a href=\"#_ftnref15\" name=\"_ftn15\" title=\"\" id=\"_ftn15\"> (15) <\/a> Notification G.S.R. 1226(E) dated 30th   March, 2020 <a href=\"http:\/\/egazette.nic.in\/WriteReadData\/2020\/218954.pdf\">http:\/\/egazette.nic.in\/WriteReadData\/2020\/218954.pdf<\/a><\/p>\n<\/p><\/div>\n<div id=\"ftn16\">\n<p><a href=\"#_ftnref16\" name=\"_ftn16\" title=\"\" id=\"_ftn16\"> (16) <\/a> As per the Indian Stamp (Collection of  Stamp-Duty through Stock Exchanges, Clearing Corporations and Depositories)  Rules, 2019 &lsquo;buyer&rsquo; means:<\/p>\n<p>\n      i.  The person purchasing the securities;<\/p>\n<p>\n      ii.  The person buying the base currency (the first currency appearing in a currency  pair quotation) in the forward leg; or<\/p>\n<p>\n      iii.  The person paying the fixed rate in a fixed-floating swap instrument; or<\/p>\n<p>\n      iv.  Any one of the contracting persons in a floating-floating swap instrument; or<\/p>\n<p>\n      v.  Borrower of repo on corporate bonds<\/p>\n<\/p><\/div>\n<div id=\"ftn17\">\n<p><a href=\"#_ftnref17\" name=\"_ftn17\" title=\"\" id=\"_ftn17\"> (17) <\/a> As per the said Rules &lsquo;seller&rsquo; means the  counter-party in a transaction with the buyer.<\/p>\n<\/p><\/div>\n<div id=\"ftn18\">\n<p><a href=\"#_ftnref18\" name=\"_ftn18\" title=\"\" id=\"_ftn18\"> (18) <\/a> Proviso to sub-Section (2) to Section 9A  introduced vide <strong>Finance Act, 2020<\/strong><\/p>\n<\/p><\/div>\n<div id=\"ftn19\">\n<p><a href=\"#_ftnref19\" name=\"_ftn19\" title=\"\" id=\"_ftn19\"> (19) <\/a> Section 9A (1) (a) of the amended Indian  Stamp Act, 1899 read with Section 4(3) of the amended Indian Stamp Act, 1899<\/p>\n<\/p><\/div>\n<div id=\"ftn20\">\n<p><a href=\"#_ftnref20\" name=\"_ftn20\" title=\"\" id=\"_ftn20\"> (20) <\/a> http:\/\/timesofindia.indiatimes.com\/articleshow\/75821306.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst<\/p>\n<\/p><\/div>\n<div id=\"ftn21\">\n<p><a href=\"#_ftnref21\" name=\"_ftn21\" title=\"\" id=\"_ftn21\"> (21) <\/a> If the proper stamp duty is paid under  clause (g) of article 48 on a power of attorney executed between the same  parties in respect of the same property then, the stamp duty under this article  shall be one hundred rupees.<\/p>\n<\/p><\/div>\n<div id=\"ftn22\">\n<p><a href=\"#_ftnref22\" name=\"_ftn22\" title=\"\" id=\"_ftn22\"> (22) <\/a> No. Mundrak. 1094\/2229\/CR-450-MI, dated  2nd August, 1994 &ndash; In exercise of the powers conferred by clause (a) of section  9 of the Bombay Stamp Act, 1958 (Bombay LX of 1958), the Government of  Maharashtra, having satisfied that it is necessary to do so in the public  interest, reduced, with effect from the 1st August, 1994, the  maximum duty chargeable on Articles of Association of a Company under Article  10 of Schedule I of the said Act, to Rs.25,00,000\/-<\/p>\n<\/p><\/div>\n<div id=\"ftn23\">\n<p><a href=\"#_ftnref23\" name=\"_ftn23\" title=\"\" id=\"_ftn23\"> (23) <\/a> Constitutional validity of this Article 25(d)  i.e. the legislative competence of the State Legislature to levy stamp duty on  such an order was upheld in the case of Hindustan Lever &amp;Anr.vs State Of  Maharashtra &amp;Anr.[(2004) 9 SCC 438]<\/p>\n<\/p><\/div>\n<div id=\"ftn24\">\n<p><a href=\"#_ftnref24\" name=\"_ftn24\" title=\"\" id=\"_ftn24\"> (24) <\/a> Second proviso to Article 34 introduced  vide Maharashtra Stamp (Amendment) Act, 2015 w.e.f. 24th   April, 2015<\/p>\n<\/p><\/div>\n<div id=\"ftn25\">\n<p><a href=\"#_ftnref25\" name=\"_ftn25\" title=\"\" id=\"_ftn25\"> (25) <\/a> By Notification No.RGN-2016\/511CR-11\/M-1  Dated:- 31st March, 2016 registration fees for such gift deed is also  &#8377; 200.<\/p>\n<\/p><\/div>\n<div id=\"ftn26\">\n<p><a href=\"#_ftnref26\" name=\"_ftn26\" title=\"\" id=\"_ftn26\"> (26) <\/a> Under Section 56(2)(vii) of the Income  Tax Act, the term relative is defined. &quot;Relative&quot; means,&mdash;<\/p>\n<p>\n      (i)&nbsp; in case of an individual&mdash;<\/p>\n<p>\n      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) spouse of the individual;<\/p>\n<p>\n      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B) brother or sister of the  individual;<\/p>\n<p>\n      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C) brother or sister of the  spouse of the individual;<\/p>\n<p>\n      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D) brother or sister of either  of the parents of the individual;<\/p>\n<p>\n      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (E) any lineal ascendant or  descendant of the individual;<\/p>\n<p>\n      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (F) any lineal ascendant or  descendant of the spouse of the individual;<\/p>\n<p>\n      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (G) spouse of the person referred  to in items (B) to (F); and<\/p>\n<\/p><\/div>\n<div id=\"ftn27\">\n<p><a href=\"#_ftnref27\" name=\"_ftn27\" title=\"\" id=\"_ftn27\"> (27) <\/a> Under the Bombay Stamp Act, 1958 as applicable  to the State of Gujarat<\/p>\n<\/p><\/div>\n<div id=\"ftn28\">\n<p><a href=\"#_ftnref28\" name=\"_ftn28\" title=\"\" id=\"_ftn28\"> (28) <\/a> As per Section 51 of the Maharashtra Court Fees Act, 1959<\/p>\n<\/p><\/div>\n<div id=\"ftn29\">\n<p><a href=\"#_ftnref29\" name=\"_ftn29\" title=\"\" id=\"_ftn29\"> (29) <\/a> Considering the intent of the government  to introduce single point collection mechanism for financial securities  transactions (vide Finance Act, 2019), State Governments cannot impose separate  stamp duty on securities even if the same falls exclusively under State List.<\/p>\n<\/p><\/div>\n<div id=\"ftn30\">\n<p><a href=\"#_ftnref30\" name=\"_ftn30\" title=\"\" id=\"_ftn30\"> (30) <\/a> Amended vide S.O. 2189(E) dated September   12, 2008, issued  by the Department of Revenue, Ministry of Finance<\/p>\n<\/p><\/div>\n<div id=\"ftn31\">\n<p><a href=\"#_ftnref31\" name=\"_ftn31\" title=\"\" id=\"_ftn31\"> (31) <\/a> Omitted vide Section 21 of the Finance  Act, 2019<\/p>\n<\/p><\/div>\n<div id=\"ftn32\">\n<p><a href=\"#_ftnref32\" name=\"_ftn32\" title=\"\" id=\"_ftn32\"> (32) <\/a> introduced vide Finance Act, 2019 (Act 7  of 2019) w.e.f. 01.07.2020<\/p>\n<\/p><\/div>\n<div id=\"ftn33\">\n<p><a href=\"#_ftnref33\" name=\"_ftn33\" title=\"\" id=\"_ftn33\"> (33) <\/a> As defined under Section 2(10A) of the  ISA introduced vide Finance Act, 2019 (Act 7 of 2019)<\/p>\n<\/p><\/div>\n<div id=\"ftn34\">\n<p><a href=\"#_ftnref34\" name=\"_ftn34\" title=\"\" id=\"_ftn34\"> (34) <\/a> Introduced vide Finance Act, 2019 (Act 7  of 2019) w.e.f. 01.07.2020<\/p>\n<\/p><\/div>\n<\/div>\n<table width=\"103%\" border=\"1\" cellpadding=\"5\" cellspacing=\"0\" bgcolor=\"#FFFFCC\">\n<tr>\n<td><strong>Disclaimer: <\/strong>The  contents of this document are solely for informational purpose. It does not  constitute professional advice or a formal recommendation. While due care has  been taken in preparing this document, the existence of mistakes and omissions  herein is not ruled out. Neither the author nor itatonline.org and its  affiliates accepts any liabilities for any loss or damage of any kind arising  out of any inaccurate or incomplete information in this document nor for any  actions taken in reliance thereon. No part of this document should be  distributed or copied (except for personal, non-commercial use) without  express written permission of itatonline.org<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Advocates Kirit Hakani &#038; Niyati Mankad (Hakani) have exhaustively discussed the Stamp Law prevailing in the State of Maharashtra.The constitutional scheme and important legal provisions of stamp laws have been explained. The ld. authors have also dealt with the amendments brought in the Central Law by the Finance Acts 2019 &#038; 2020 which have brought a new regime for levying stamp duty on securities and cleared confusions and disputes prevailing for many years. The relaxations given by the State Government on account of the COVID-19 pandemic have also been discussed. The law relating to stamp duty on gifts to relatives, as prevailing in Gujarat, Tamil Nadu and Karnataka, have also been explained<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/itatonline.org\/articles_new\/stamp-laws-in-india-an-overview-with-recent-amendments\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-8024","post","type-post","status-publish","format-standard","hentry","category-articles"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/posts\/8024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/comments?post=8024"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/posts\/8024\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/media?parent=8024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/categories?post=8024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/articles_new\/wp-json\/wp\/v2\/tags?post=8024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}