Stamp duty

Chintan Shah (Querist) 17 December 2012 This query is : Resolved
Please guide me on Bombay stamp Act.
Facts: LLP is constituted and one of the partner is introducing land as its contribution.

Issue: What is the rate of stamp duty payable on introducing land as contribution in the LLP?

2. Who will be liable to pay stamp duty?

3. Will any set off be available on such stamp duty?

4. At the time of purchase of land by the partner, stamp duty was paid. Whether any credit of such stamp duty is available?

Looking forward for a suitable reply

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Khaleel Ahmed Mohammed (Expert) 17 December 2012
You are advised hereby to consult your Sub Registrar.

Raj Kumar Makkad (Expert) 17 December 2012
1. Rate of stamp duty varies from State to State so better to obtain definite information from local registrar.

2. Firm

3. Yes.

4. Yes.

Firm shall get registered this property in its name at very nominal rate of stamp duty as the same has already been paid.

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