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Administration Bond, Adoption deed, Affidavit, Divorce, Appointment in execution of power, Apprenticeship deed, Article of clerkship, Award, Cancellation deed, Charter party, Duplicate, Copy of Extracts, Entry of Memorandum of Marriage, Indemnity Bond, Letter of license, Memorandum of Association of a company, Notarial Act, Power of attorney, etc.)Ĭategory ii) Articles where depending upon the value mentioned in the document, the amount of stamp duty is varied. What is meant by execution of instruments ?Įxecution means putting signatures on the instruments by the person/persons executing the instruments.īroadly the 62 articles of Schedule I are grouped in three categories.Ĭategory i) Articles whose amount of Stamp duty is fixed irrespective of the value mentioned in the document / instrument. The following Articles of The Indian Stamp Act, 1899 attract Stamp duty in the state of Maharashtra
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Which provisions/ Articles of Indian Stamp Act, 1899 attracts Stamp duty in the state of Maharashtra ? The instruments which are not properly stamped are not admitted in evidence. Such instruments get evidentiary value and are admitted in evidence in Court of law. The payment of proper Stamp duty on instruments bestows legality on them. Why Stamp Duty has to paid on document/instrument ? Instrument means any document by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished or recorded.Īs defined in Evidence Act, document means only matter expressed or described upon substance by means of letters, figures or marks or by more than any of those means intended to be used or which may used for the purpose of recording that matter. The definition of the term instrument is very wide. It is payable on instruments and not on transactions.
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Whether Stamp duty is payable on transactions or on instruments ? It is a type of tax which is paid for the transaction performed by way of document or instrument under the provisions of Bombay Stamp Act, 1958 and Indian Stamp Act, 1899. The stamp duty is payable on instrument and not on the transactions. The Bombay Stamp Act levies Stamp duty on documents/instruments by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished or recorded. The rates at which stamp duty is levied on these documents are mentioned in Schedule –I. The various instruments/documents are broadly covered under different 62 articles listed in Schedule-I appended to the Act. This Act is intended to levy Stamp duty on certain types of documents executed in the State or brought from outside for acting upon the same in the State. The Bombay Stamp Act, 1958 comes into force on 16th February, 1959 and is applicable in the State of Maharashtra. Home > Taxation System in India > Stamp Duty
URBAN IMMOVABLE PROPERTY TAX ACT 1958 PDF EDITOR FREE
If you have queries regarding property taxes, please feel free to converse with me in the comments section below.SEZ in Maharashtra » Government » Business Resources » Starting a Business » Finance » Land Acquisition » FAQs » Useful Links » Though property rates for the purpose of tax calculation as determined by FBR are greater than the Deputy Commissioner (DC) Rates, the difference is still far less than the initial changes that came with the budget last month. These valuation tables will also add transparency to real estate transactions.įurthermore, amendments in property taxes and property valuations will curb market speculation. The real estate market, which has been on the rocks for the past one month, will now get back on track sooner rather than later. Now that the property valuation rates have been decided, no ambiguity should remain among investors and even genuine buyers. The property rates for the purpose of tax calculation were determined by FBR and real estate stakeholders after several meetings. The Federal Board of Revenue (FBR) has finally released property valuation tables for all the major cities of Pakistan.