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Questions and Answers
According to the Act, which factor determines whether an instrument executed outside of the State is subject to duty?
According to the Act, which factor determines whether an instrument executed outside of the State is subject to duty?
- The instrument involves parties who are all residents of the State.
- The instrument is attested by a State resident.
- The instrument relates to property situated, or a matter or thing done or to be done, in the State and is received in the State. (correct)
- The instrument is subsequently notarized in the State.
What is the key requirement concerning facts presented within an instrument regarding duty charges?
What is the key requirement concerning facts presented within an instrument regarding duty charges?
- An estimate of the property's future value must be included.
- A statement from a certified appraiser validating the market value must be included.
- The instrument must fully and truthfully set forth the consideration, market value, and all other facts affecting its chargeability with duty. (correct)
- A detailed list of all prior transactions related to the property must be attached.
In the absence of a specific agreement, who is responsible for bearing the expense of providing the proper stamp for a lease agreement?
In the absence of a specific agreement, who is responsible for bearing the expense of providing the proper stamp for a lease agreement?
- The lessor.
- The lessee. (correct)
- The legal representative overseeing the lease process.
- The expense is equally shared between the lessor and lessee.
In the case of a property partition, how is the expense of providing the proper stamp borne, absent any agreement?
In the case of a property partition, how is the expense of providing the proper stamp borne, absent any agreement?
If a person brings an instrument to the Collector for duty adjudication, what initial action must they take?
If a person brings an instrument to the Collector for duty adjudication, what initial action must they take?
What additional information may the Collector request when an instrument is brought for duty adjudication?
What additional information may the Collector request when an instrument is brought for duty adjudication?
Under what condition will the Collector certify that full duty has been paid on an instrument?
Under what condition will the Collector certify that full duty has been paid on an instrument?
Which of the following must be included in an instrument to comply with duty charge regulations?
Which of the following must be included in an instrument to comply with duty charge regulations?
In the event of a re-conveyance of mortgaged property, who typically bears the expense of providing the proper stamp?
In the event of a re-conveyance of mortgaged property, who typically bears the expense of providing the proper stamp?
What is the purpose of bringing an instrument to the Collector under Section 31?
What is the purpose of bringing an instrument to the Collector under Section 31?
When does an instrument mentioned in Schedule I become chargeable with duty if it is executed in the State?
When does an instrument mentioned in Schedule I become chargeable with duty if it is executed in the State?
What is the consequence if the Collector determines an instrument is already fully stamped?
What is the consequence if the Collector determines an instrument is already fully stamped?
Under what circumstances might the Collector refuse to proceed with an application for duty adjudication?
Under what circumstances might the Collector refuse to proceed with an application for duty adjudication?
Which of the following is NOT a typical factor in determining the chargeability of an instrument with duty?
Which of the following is NOT a typical factor in determining the chargeability of an instrument with duty?
Where would one find the amount of duty chargeable for specific instruments, according to the Act?
Where would one find the amount of duty chargeable for specific instruments, according to the Act?
If an instrument is executed both within and outside the State, how is its duty determined?
If an instrument is executed both within and outside the State, how is its duty determined?
What role does 'market value' play in the context of instrument duty?
What role does 'market value' play in the context of instrument duty?
What happens if an instrument is found to be deficiently stamped after adjudication?
What happens if an instrument is found to be deficiently stamped after adjudication?
In the absence of an agreement, which party is responsible for providing the proper stamp?
In the absence of an agreement, which party is responsible for providing the proper stamp?
How does the Act ensure transparency and accuracy in determining stamp duty?
How does the Act ensure transparency and accuracy in determining stamp duty?
Flashcards
Instruments Chargeable with Duty
Instruments Chargeable with Duty
Instruments mentioned in Schedule I are subject to duty, based on the specified amount in the schedule.
Duty Charge: Executed in State
Duty Charge: Executed in State
The instrument is executed in the State on or after the date of commencement of this Act without previous execution.
Facts Affecting Duty
Facts Affecting Duty
The consideration, market value, and relevant facts affecting an instrument's duty chargeability must be accurately stated within the instrument.
Stamp Duty Payment Responsibility
Stamp Duty Payment Responsibility
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Conveyance and Lease Duty
Conveyance and Lease Duty
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Partition Instrument Duty
Partition Instrument Duty
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Collector's Duty Determination
Collector's Duty Determination
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Collector's Request
Collector's Request
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Collector's Certificate
Collector's Certificate
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Study Notes
- Instruments mentioned in Schedule I are subject to duty.
- This applies if the instrument is executed in the State or relates to property or matters within the State, and hasn't been previously executed.
Duty Determination
- The consideration, market value, and relevant facts affecting an instrument's chargeability must be stated in the instrument.
Stamp Duty Payment Responsibility
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Unless there's a contrary agreement, the expense of providing the proper stamp shall be borne as follows:
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Conveyance: Grantee pays.
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Lease: Lessee pays.
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Partition: Parties pay in proportion to their shares of the partitioned property.
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Other Instruments: Person executing the instrument pays.
Adjudication of Proper Stamps
- The Collector can determine the duty chargeable on an instrument if a party brings it to them and pays a fee of one hundred rupees.
- The Collector may request a copy or abstract of the instrument, along with evidence, to verify the facts affecting chargeability.
- The Collector can refuse the application until the copy/abstract and evidence are provided.
Collector's Certificate
- If the Collector determines that the instrument is already fully stamped, or the required duty has been paid, they will certify it.
- This endorsement confirms the full duty has been paid, stating the Article of Schedule I and the amount.
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