Stamp Act

CA. Santosh JAin (Querist) 03 May 2009 This query is : Resolved
A pvt. ltd. comapny has taken a building on lease by lease aggrement two years before in Noida. Now Stamp commissioner issued a notice to paid stamp duty on lease amount. Is it mandatory to pay stamp duty on lease ?

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Y V Vishweshwar Rao (Expert) 03 May 2009
Yes Proper Stamp Duty to be paid and It is to be registered

Swami Sadashiva Brahmendra Sar (Expert) 04 May 2009
Mr Rao is right. There is no option regarding payment of stamp duty, it is always mandatory.

CA. Santosh JAin (Querist) 04 May 2009
Which section said that its mendatory ? If assessee did not paid stamp duty then what will be happen ?

Y V Vishweshwar Rao (Expert) 04 May 2009

adv. rajeev ( rajoo ) (Expert) 05 May 2009
Any property worth of more than rs.100/- transferred it is mandatory to register the deed. IN ur case it is necessary to register the lease deed. U have to pay the stamp duty.

CA. Santosh JAin (Querist) 05 May 2009
But i would like to know that which section said that its mandatory ? if i did not paid stamp duty then what will be result ?

Y V Vishweshwar Rao (Expert) 06 May 2009
Stamp Act Sec 3 & 4 - directing the Payment of Stamp Duty and there are Specific Articles under the Schedule , for each instrument , sale ,Gift, Lease etc , for payment of Stamp Duty , the Schedule Applicable to your State and the Concenred Article - lease -
with regards !

hage nibo (Expert) 09 May 2009
Non compiance with stamp Act invites a fine of Rs 5000 in addition to the fxed denomination for the instrument in question when detected

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Y V Vishweshwar Rao (Expert) 10 May 2009
Mr Hage Nibo Your Suggestion is right !

sanjeev murthy desai (Expert) 10 May 2009

If you did not paid proper stamp duty that documents shall be impounded under stamp act.

Y V Vishweshwar Rao (Expert) 10 May 2009
The Amount due under Stamp Act is Revenue of the Govt , it can be recovered as Revenue Due to Govt.

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