Stamp duty on renewal of loan
PRADIP PATWARDHAN
(Querist) 18 March 2016
This query is : Resolved
Dear Experts
Following are my queries..
if one pvt ltd Company has taken a business loan (packing Credit for export) from bank for 3 years against primary hypothecation of stock and collateral security of Factory building. At that time company had paid stamp duty on value of hypothecated property.
Now the same loan become due for renewal and there is no change in loan amount as well as property mortgaged. in this case 1)whether stamp duty is applicable against renewal of same loan?? AND
2)is stamp required for personal gurantee??
Kindly reply urgently..
kavksatyanarayana
(Expert) 18 March 2016
In which state? however the stamp duty paid for 1st mortgage and in the mortgage deed it might have been mentioned the period of repayment or renewal. so you have to pay SD again. consult local registrar office or a senior lawyer as the stamp duties are vary from state to state.
Rajendra K Goyal
(Expert) 19 March 2016
Stamp duty payable on agreement / guarantee agreement are negligible, if agreement is renewed / executed again, stamp fee has to be paid again.
In equitable mortgage, no stamp fee is payable in most of the states.
PRADIP PATWARDHAN
(Querist) 19 March 2016
Thank you, kavksatyanarayana sir and Goyal sir for your valuable reply..
In our case it is equitable mortgage.
we are from Maharashtra, what is the rate for stamp duty if it is payable.
Thank you
Rajendra K Goyal
(Expert) 19 March 2016
Stamp duty is state subject, confirm from your Bank.
