Answer:

It is the Tax on any Transaction (i.e. any document or Instrument) done under the purview of Bombay Stamp Act, 1958. Similarly the instrument or document may be subject to Stamp Duty under Indian Stamp Act, 1899 also. The Stamp Duty is payable on the Instrument and not on the Transaction. An Instrument is any document by which any right or liability is, or purports to be created, transferred, limited, extended, extinguished or recorded. A document means any matter expressed or described on any substance by letters, figures or mark or by any other means which is intended to be used or may be used for the purpose of which it is so recorded.

Answer:

Only when proper Stamp Duty is paid on an Instrument, it gets evidentiary value. The instruments which are not properly stamped are not admitted in evidence.

Answer:

The following Articles of The Indian Stamp Act, 1899 attract Stamp duty in the state of Maharashtra. The Articles are bill of exchange, Bill of Lading, Debenture, Letter of Credit, Policy of Insurance, Promissory Note, Proxy, Receipt and Transfer

Answer:

Execution means putting signatures on the instruments by the person/ persons executing the instruments.

Answer:

Stamp Duty under different Articles in the Stamp Duty Act is payable at fixed amount or on the value mentioned in the instrument or on the true market value calculated as per ready reckoner as per the provision of the Bombay Stamp (Determination of True market value of the property) Rules, 1995.

Answer:

Generally all the instruments executed in the state shall be stamped before or at the time of execution or immediately thereafter or on the next working day following the day of execution and the instruments which are executed out of the state shall be stamped within three months from its receipt in the state.

Answer:

Stamp Duty can be paid by using Stamp paper, using adhesive stamps or by Franking.

Answer:

In case of some instruments such as bonds, release deed, mortgage deed, settlement etc. he person drawing or making the instrument is liable to pay the Stamp Duty. In the case of conveyance, the grantee and in case of lease the lessee shall pay the stamp duty, in the case of exchange of property, both the parties in equal share shall pay stamp duty, in case of partition, the parties thereto in proportion to their respective shares should pay stamp duty.

Answer:

Adjudication means determining the chargeability of stamps duty on instruments. The Collector of Stamps appointed in each District is the adjudicating authority. Application for adjudication should be accompanied by true copy or an abstract of the instrument and also with such affidavit or other evidence as may be necessary to prove that all facts affecting the chargeability of the instrument have been truly set forth in the instrument along with the proof of payment of Rupees 100/- as adjudication fee. Adjudication can be done both for signed as well as unsigned documents.

Answer:

The Document which is chargeable with Stamp duty can be prepared on the non-judicial Stamp paper of appropriate value. Document can be got franked for the value by tendering required amount in the office of collector of Stamps where ever this facility is available. When documents is lodged for adjudication, on receiving intimation as to the amount of Stamp duty payable the appropriate amount equal to the amount of Stamp duty and penalty if any, can be paid to the Collector of Stamp who will certify that document is stamped for proper Stamp duty.

Answer:

The stamps which are purchased and not used within six months shall be rendered invalid thereafter. 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 Bombay Stamp Act, 1958.

Answer:

The documents if not duly stamped, shall not be admissible in evidence in the court of law. Any person who, with the intention to evade the Stamp duty, executes or signs any instruments chargeable with stamp duty, 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 be extended up to six months and fine up to Rs. Five Thousand. The Act 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.

Answer:

The stamps papers must be in the name of one of the executors of the instrument/ document. If it is paid by franking or electronic payment, it must be paid in the name of one of the executors of the instrument/ document.

Answer:

Such instruments are treated as not properly stamped. These instruments are liable to be impounded and sent to the Collector of Stamps for recovery of proper stamp duty. Such instruments have no evidentiary value.

Answer:

The rates of stamp duty on instruments relating to transfer of immovable property vary from place to place. The rates are specified in Article 25 of Schedule 1 appended to the Bombay Stamp Act, 1958. However, Article 25(d), which deals with the instruments of transfer of residential premises in Co-operative Housing Society. in case where provisions of Maharashtra Co-operative Societies Act, 1960 or Maharashtra Ownership Flats Act 1963 or Maharashtra Apartment Ownership Act, 1970 apply, there is provision of concession in the Stamp Duty payment.