Clarification on Revenue stamp
V.V.RAMDAS
(Querist) 30 July 2011
This query is : Resolved
Sir/ Madam,
1)I may kindly be clarified under which act & provision of law use of Revenue stamp is described or mentioned ?
2)Is it compulsory to put signature accross the revenue stamp affixed on a receipt/promisory note or document ?
prabhakar singh
(Expert) 31 July 2011
1)STAMP DUTY ACT
2) NO!BUT IT SHOULD THEN BE SO MARKED/ CROSSED THAT ITS REUSE BECOME IMPOSSIBLE.
Chanchal Nag Chowdhury
(Expert) 31 July 2011
1.Indian Stamp Act.
2.No, but it will have to at least be crossed to prevent re-use.
A V Vishal
(Expert) 31 July 2011
The receipt gets a legal sanctity when it fulfills the provision of law passed to regulate such transactions. As per Indian Stamp Act , certain receipts should have to be affixed with stamp.
Section 2(23) of the Indian Stamp Act 1899 makes it mandatory for affixing of stamp on any receipt as defined therein above Rs 5000 [Previously it was Rs 500]
2(23) “Receipt” includes any note, memorandum or writing-
(a) whereby any money, or any bill of exchange, cheque or promissory note is acknowledged to have been received, or
(b) whereby any other movable property is acknowledged to have been received in satisfaction of a debt, or
(c) whereby any debt or demand, or any part of a debt or demand, is acknowledged to have been satisfied or discharged, or
(d) which signifies or imports any such acknowledgment;
and whether the same is or is not signed with the name of any person “
Therefore, affixing stamp does not depend on month or year , but every time a receipt is given. If every receipt above Rs 5000 is given, stamp has to be affixed there. If only one receipt at the end of year is given , one stamp is required. The basic requirement under the law is RECEIPT.
V.V.RAMDAS
(Querist) 31 July 2011
Thanks to all but special thanks to Mr.Vishal as you have given a specific answer to my question but the same is not found place in section 2 (23) indian stamp act.So perhaps you are mistken. Go through the provision once again and try to ractify your answer.
A V Vishal
(Expert) 01 August 2011
Indian Stamp Act, 1899
2. Definitions
In this Act, unless there is something repugnant in the subject or context,-
(1) "Banker" includes ..............;
(2) "Bill of exchange" .............;
(3) "Bill of exchange payable .......
(4) "Bill of lading" includes .........;
(5) "Bond" includes- ................
(6) "Chargeable" means, .............;
(7) "Cheque" means ..................;
(8) 4[* * *]
(9) "Collector"- .................;
(10) "Conveyance" includes ............;
(11) "Duly stamped", as ...............;
(12) "Executed" and "execution", .......;
7[* * *]
(13) "Impressed stamp" includes-
...................;
8[(13A) "India" means t........;
(14) "Instrument" includes ...........;
(15) "Instrument of partition" means ......;
(16) "Lease" means .........;
9[(16A) "Marketable security" means .........;]
(17) "Mortgage-deed" includes ..........;
(18) "Paper" includes ..................;
(19) "Policy of insurance" includes- ........;
10[* * *]
8[(19A) "Policy of group insurance" means ...........;]
(20) "Policy of sea-insurance" or "sea-policy"- ...........;
(21) "Power-of-attorney" includes .........;
(22) "Promissory note" ...............;
(23) "Receipt" includes any note, memorandum or writing-
(a) whereby any money, or any bill of exchange, cheque or promissory note is acknowledged to have been received, or
(b) whereby any other movable property is acknowledged to have been received in satisfaction of a debt, or
(c) whereby any debt or demand, or any part of a debt or demand, is acknowledged to have been satisfied or discharged, or
(d) which signifies or imports any such acknowledgment;
and whether the same is or is not signed with the name of any person 11[* * *]
hope there is no necessity for rectifying what has been stated by me.
V.V.RAMDAS
(Querist) 02 August 2011
Dear vishal,
Don,t be angree but the statement given below is not found in sec 2 (23) of indian stamp act
"Section 2(23) of the Indian Stamp Act 1899 makes it mandatory for affixing of stamp on any receipt as defined therein above Rs. 5000 [Previously it was Rs. 500]"
A V Vishal
(Expert) 03 August 2011
DEAR RAMDAS,
WHO SAYS I AM ANGRY, PLEASE READ THE FINE PRINT. S.2(23) OF THE STAMPS ACT ENLISTS THE DOCUMENTS THAT NEEDS TO BE STAMPED FOR THE PURPOSE OF THE ACT. 2(23) DEFINES A RECEIPT. THE SAID SECTION & SUB CLAUSE DEFINES WHAT CONSTITUTES A RECEIPT. IN THIS BACKDROP PLEASE REFER Schedule I, to the Indian Stamp Act 1899, the one-rupee stamp is required to be affixed on any receipt, the amount or value of which exceeds Rs. 5,000. PLEASE REFER SCHEDULE I WHICH I AM ENCLOSING HEREWITH (REFER ITEM 53).
V.V.RAMDAS
(Querist) 09 August 2011
Dear Visahal,
I am very thankful that you have tried your level best to make me understand but there is ambiguity. The ambiguity is-Why should we mean the clause "one supee stamp" means one rupee REVENUE STAMP, WHY NOT A SPECEIAL ADHESIVE STAMP.
