Company law
Aashish
(Querist) 08 August 2012
This query is : Resolved
Dear members,
I have two queries,
1. The Company held its Board meeting in Dubai. Allotment of share was one of the business of the meeting. Place of registered office of the Company is in Mumbai.
Question is: Now whether stamp duty is payable on issue of share certificate. Is place of Board meeting to be considered or place of registered office.
2. If stamp duty is payable, what is the rate of stamp duty in Mumbai as per Bombay stamp Act.
J K Agrawal
(Expert) 09 August 2012
Dear Sir
The shares are being transferred at Mumbai only and at Dubai only an idea was developed. So the stamp duty is payable at Mumbai.
The rate of stamp duty is rs 1/- for each 10,000/- but you should confirm it again.
Guest
(Expert) 09 August 2012
Stamp Duty as applicable at the state where the registered office of the company is located has to be paid.
Aashish
(Querist) 10 August 2012
Dear Sir,
Sorry... but i have refered bombay stamp act. It is Re. 1 for every thousand and part thereof.
Can revenue stamp be affixed on the share certificate. Does bombay stamp act allows for the same.
J K Agrawal
(Expert) 10 August 2012
No Stamp for share transfer are different and you will get it with some share broker or at state treasury.
prabhakar singh
(Expert) 10 August 2012
ANS:place of registered office.
AND READ THE PROVISION:
17 CERTIFICATE OR OTHER DOCUMENT,
evidencing the right or title of the holder thereof, or
any other person either to any shares, scrip or stock
in or of, any incorporated company or other body corporate, or to become proprietor of shares, scrop or stock in or of, any such company or body.
One rupee for every one thousand rupees or a part thereof, of the value of the shares, scrip or stock.
See also Letter of Allotment of Shares (Article 37);
Explanation.- For the purpose of this Article, the
value of shares, scrip or stock includes the amount of
premium, if any.
STAMPS TO BE USED -- Adhesive Stamp (Section
11). In Case Duty Exceeding Re. 1 by Impressed Stamp Fixed by Proper Officer
37. LETTER OF ALLOTMENT OF SHARES in any
company or proposed company, or in respect of any
loan to be raised by any company.
One rupee.
See also Certificate or other Document (Article 17).
LETTER OF GUARANTEE, see Agreement (Article
5).
STAMPS TO BE USED -- Adhesive Stamp Paper
Rule 11
