Section number & value of revenue stamp for promissory note
Querist :
Anonymous
(Querist) 29 May 2021
This query is : Resolved
Can any learned expert tell me about the number of the section or clause in stamp act that fixes the value of revenue stamp needed for a Promissory Note?
I could not find it out easily.
Everybody, based on their experience, says that only one rupee revenue stamp is needed for a Promissory Note even if the note is for any amount. Is it right?
Advocate Bhartesh goyal
(Expert) 29 May 2021
Court fees and Stamp Act differs from State to State so check your State Act. In most States one rupee revenue stamp is used for promissory note.
kavksatyanarayana
(Expert) 29 May 2021
Yes. The stamp duties vary from one State to another State under Schedule I or I-A of the Indian Stamp Act, 1899. But certain instruments such as bill of exchange, bond, receipt, debenture, share, insurance policy, proxy, shares, receipts etc., shall be levied under Schedule-I of I.S.Act which are most common in most of the States of India. For a Promissory Note which defined under Sec.2(22) of I.S.Act, stamp duty is Re.1/- under Art.49 of Schedule-I of I.S.Act.
Querist :
Anonymous
(Querist) 29 May 2021
Thank you very much Shri Kavksatyanarayana.
This is exactly what I actually needed to know.
T. Kalaiselvan, Advocate
(Expert) 30 May 2021
The revenue stamp to be affixed on a promissory note is at the value of Rupee one only, invariably across all the states.
Sankaranarayanan
(Expert) 30 May 2021
Well explanation been submitted by learned friend Mr.Satyanarayan . i do stand with his reply
Querist :
Anonymous
(Querist) 30 May 2021
Pan India rate of Rupee one might have come as it is covered by Indian Stamp Act and not by the state Stamp Act. Is it so?
Sankaranarayanan
(Expert) 30 May 2021
can you give more clarity on your last query?
ashok kumar singh
(Expert) 30 May 2021
agreed with views of earlier experts, therefore no further comments, so far.
thanks
