Indian stamp duty act 1899 pdf

Several instruments used in single transaction of sale, mortgage or settlement. Instruments relating to several distinct matters. Instruments coming within several descriptions in Schedule I. Policies of sea-insurance. Bonds, debentures or other securities issued on loans under Act 11 of Securities not liable to stamp duty.

Power to reduce, remit or compound duties. B-Of stamps and the mode of using them. Duties how to be paid. Use of adhesive stamps. Cancellation of adhesive stamps. Instruments stamped with impressed stamps how to be written. Only one instrument to be on same stamp. Instrument written contrary to section 13 or 14 deemed unstamped. Denoting duty. C-Of the time of stamping instruments.

Instruments executed in India. Instruments other than bills and notes executed out of India. Bills and notes drawn out of India. Conversion of amount expressed in foreign currencies. Stock and marketable securities how to be valued. Effect of statement of rate of exchange or average price. Instruments reserving interest. Certain instruments connected with mortgages of marketable securities to be chargeable as agreements.

How transfer in consideration of debt, or subject to future payment, etc. Valuation in case of annuity, etc. Stamp where value of subject-matter is indeterminate. Facts affecting duty to be set forth in instrument. Direction as to duty in case of certain conveyances. Duties by whom payable. Obligation to give receipt in certain cases. Adjudication as to proper stamp.

Certificate by Collector. Examination and impounding of instruments. Special provision as to unstamped receipts. Instruments not duly stamped inadmissible in evidence, etc. Admission of instrument where not to be questioned. Admission of improperly stamped instruments. Instruments impounded how dealt with. Collector's power to refund penalty paid under section 38, sub-section 1.

Collector's power to stamp instruments impounded. Instruments unduly stamped by accident. Endorsement of instruments in which duty has been paid under sections 35, 40 or Prosecution for offence against stamp law.

Persons paying duty or penalty may recover same in certain cases. Power to Revenue authority to refund penalty or excise duty in certain cases.

Non-liability for loss of instruments sent under section Of Stamps and the mode of using them Duties how to be paid.

Cancellation of adhesive stamps. Instruments stamped with impressed stamps how to be written. Only one instrument to be on same stamp. Instruments written contrary to section 13 or 14 deemed unstamped. Denoting duty. Of the time of stamping instruments Instruments executed in India. Instruments other than bills and notes executed out of India. Bills and notes drawn out of India. Payment of duty on certain instruments liable to increased duty under section 3.

This section was subsequently amended by Madras Act 25 of and 14 of Payment of duty on copies, counter parts or duplicates when that duty has not been paid on the principal or original Instrument. In sub-section , in the proviso, for the expression from the date of registration of such instrument the expression from the date of receipt of ………… Central Act XV of was substituted by Tamil Nadu Act 39 of with effect from 22nd February, Of valuations for duty Conversion of amount expressed in foreign currencies.

The Central Government may, from time to time, by notification in the Official Gazette, prescribe a rate of exchange for the conversion of British or any foreign currency into the currency of India for the purposes of calculating stamp duty, and such rate shall be deemed to be the current rate for purposes of sub-section 1. Stock and marketable securities how to be valued.

Effect of statement of rate of exchange or average price. Instruments reserving interest. Certain instruments connected with mortgages of marketable securities to be chargeable as agreements. How transfer of property subject to mortgage to be charged. Illustration A mortages a house to B for Rs. A afterwards sells the house to B. The market value of the house at the time of sale is Rs.

Stamp duty is payable on Rs. Valuation in case of annuity etc. Stamp where value of subject-matter is indeterminate. Facts affecting duty to be set forth in instrument.

Direction as to duty in case of certain conveyance. Duty by whom payable Duty by whom payable. Obligation to give receipt in certain cases. Any person receiving or taking credit for any premium or consideration for any renewal of any contract of fire-insurance, shall, within one month after receiving or taking credit for such premium or consideration give a duly stamped receipt for the same.

Adjudication as to proper stamp. Certificate by Collector. Examination and impounding of instruments. Provided that nothing contained in this clause shall be deemed to authorise the Collector to impound any instrument which has not been executed but is brought to him under Section 31 for determining the duty with which the instrument is chargeable or any instrument which he is authorised to endorse under Section In sub-section , the expressions every such person and the Collector and coming or brought before him were substituted by Tamilnadu Act 24 of Recovery of deficit stamp duty.

Any such appeal shall be preferred within such time, and shall be heard and disposed of in such manner, as may be prescribed. Special provision as to unstamped receipts. Instrument not duly stamped inadmissible in evidence, etc. Admission of instrument where not to be questioned. Admission of improperly stamped instruments. Instruments impounded how dealt with. Instrument unduly stamped by accident. Endorsement of instruments on which duty has been paid under section 35,40 or Prosecution for offence against Stamp-law.

Provided that no such prosecution shall be instituted in the case of any instrument in respect of which such a penalty has been paid, unless it appears to the Collector that the offence was committed with an intention of evading payment of the proper duty. Persons paying duty or penalty may recover same in certain cases. If the court does not include the amount in such order, no further proceedings for the recovery of the amount shall be maintainable.

Power to Revenue authority to refund penalty or excess duty in certain cases. Non-liability for loss of instruments sent under section Power of payer to stamp bills and promissory notes received by him unstamped.

Provided that nothing herein contained shall relieve any person from any penalty or proceeding to which he may be liable in relation to such bill or note. Instruments of conveyance etc, under valued how to be dealt with. The difference, if any, in the amount of duty, shall be payable by the person liable to pay the duty.

The difference, if any, in the amount of duty, shall be payable by the person liable to pay the duty: Provided that nothing in this sub-section shall apply to any instrument registered before the date of commencement of the Indian Stamp Madras Amendment Act, In default of such payment, such amount of duty outstanding on the date of default shall be a charge on the property affected in such instrument. On any amount remaining unpaid after the date specified for its payment, the person liable to pay the duty shall pay, in addition to the amount due, interest at two percent per month on such amount for the entire period of default.

All such appeals shall be preferred within such time, and shall be heard and disposed of in such manner, as may be prescribed by rules made under this Act. Explanation:- For the purpose of this Act, market value of any property shall be estimated to be the price which, in the opinion of the Collector or the Chief Controlling Revenue Authority or the High Court, as the case may be, such property would have fetched or would fetch, if sold in the open market on the date of execution of the instrument of conveyance, exchange, gift, release of benami right or settlement NOTES Legislative changes- Section A was inserted by Tamilnadu Act 24 of In sub-sections 1 , 2 , 3 and in the Explanation, the expression exchange, gift, release or benami right or settlement was substituted by Tamil Nadu Act 42 of In sub-section , for the expression The Collector may, suo motu, within two years the expression The Collector may……………within five years was substituted by Tamil Nadu Act 1 of with effect from date to be notified.

For the existing sub sections 4 and 5 including the Explanation thereto, sub-section 4 to 10 were substituted by Tamilnadu Act of with effect from date to be notified, Sub- sections 4 and 5 prior to amendment stood as under: Any person aggrieved by an order of the Collector under sub-section 2 or sub-section 3 may appeal to the appellate authority specified in sub-section 5.

All such appeals shall be preferred within such time and shall be heard and disposed of in such manner, as may be prescribed by rules made under this Act. Explanation: For the purpose of this Act, market value of any property shall be estimated to be the price which in the opinion of the Collector or the appellate authority, as the case may be, such property would have fetched or fetch it sold in the open market on the date of execution of the instrument of conveyance, exchange, gift, release of benami right or settlement.

Recovery of duties and penalties. Allowances for spoiled stamps. Explanation: - The certificate of the Collector under section 32 that the full duty with which an instrument is chargeable, has been paid, is an impressed stamp within the meaning of this section. Application for relief under section 49 when to be made.

Allowance in case of printed forms no longer required by Corporations:- The Chief Controlling Revenue authority or the Collector if empowered by the Chief Controlling Revenue authority in this behalf may, without limit of time, make allowance for stamped papers used for printed forms of instrument by any banker or by any incorporated company or other body corporate, if for any sufficient reason such forms have ceased to be required by the said banker, company or body corporate; provided that such authority is satisfied that the duty in respect of such stamped papers has been duly paid.

Allowance for spoiled or misused stamps how to be made. Allowance for stamps not required for use. Allowance for stamps in denominations of annas. Allowance on renewal of certain debentures. Explanation:- A debenture shall be deemed to be renewed in the same terms within the meaning of this section notwithstanding the following changes- a the issue of two or more debentures in place of one original debenture, the total amount secured being the same; b the issue of one debenture in place of two or more original debentures, the total amount secured being the same; c the substitution of name of the holder at the time of renewal for the name of the original holder; and d the alteration of the rate of interest or the dates of payment thereof.

Control of, and statement of case to, Chief Controlling Revenue authority. Power of High Court to call for further particulars as to case stated. Procedure in disposing of case stated.

Statement of case by other Courts to High Court. Revision of certain decisions of Courts regarding the sufficiency of stamps. Provided that- a no such prosecution shall be instituted where the amount including duty and penalty which according to the determination of such Court, was payable in respect of the instrument under section 35, is paid to the Collector, unless he thinks that the offence was committed with an intention of evading payment of the proper duty; b except for the purposes of such prosecution, no declaration made under this section shall affect the validity of any order admitting any instrument in evidence, or of any certificate granted under section Penalty for executing, etc, instrument not duly stamped.

Penalty for failure to cancel adhesive stamp. Penalty for failure to comply with provisions of section B. Penalty for omission to comply with provisions of section Recovery of amount of deficit stamp duty.

Penalty for refusal to give receipt and for devices to evade duty on receipt.