Applicable stamp duty
CreateGoodwill
(Querist) 01 August 2013
This query is : Resolved
Dear Sirs,
We are enjoying working facilities with banks and a part of legal documentation we need to execute some agreements like hypothecation, personal guarantees, simple mortgage etc. At present we are paying 0.20% on hypothectaion and obtain approval for minimum stamp duty on personal guarantee from adjudication office.
0.50% stamp duty we are paying separately towards mortgage agreement. Our question is being all documents are executed for single facility can we pay stamp duty on only one document which carries highest stamp duty and get exemption from adjudication authority for rest docs.
In our case if we pay stamp duty for simple mortgage document, can stamp office allow us for minimum stamp duty on PG and Hyp. agreement.
pl advise.
Advocate Sastry
(Expert) 01 August 2013
You have not mentioned from which state you are from... Stamp duty is a state subject... Please tell us your place so that necessary guidance can be given..
Advocate Sastry
(Expert) 02 August 2013
When the Bank sanctions facilities they obtain a set of documents and each document is considered separate and attract stamp duty. Fixed stamp duty like Rs.100 are applicable for some agreements and some attract ad valorem subject to a maximum amount. The agreements are like for recovery of money and the agreements creating a charge over certain assets. You discuss your query with your bankers and also legal advisor.
Rajendra K Goyal
(Expert) 04 August 2013
Stamp fee in most of the States on agreements are fixed, hypothecation and Guarantee Agreement are among these. In place of Simple Mortgage Mortgage by deposit of title deed can be done which is without any stamp payment in most of the states. For your State, Consult your lawyer or Stamp Act.
