Affixing revenue stamp on receipts
Manoharan
(Querist) 08 June 2012
This query is : Resolved
I am living in a flat which is registered as Flat Owner Association. They have collected maintenance deposit of Rs.30000/- 35000/- etc. depending upon the size of the flat. They have issued receipt without affixing revenue stamp for the amount received through cheque, stating that revenue stamp has to be affixed for the amount received in cash only.
Secondly, for Co-operative Society (i.e. flat owner association), revenue stamp need not be affixed, eventhough the amount is received through cheque or cash.
Kindly clarify.
Anirudh
(Expert) 08 June 2012
IF the payment is made by means of cheque, then no revenue stamp is required to be affixed on the receipt.
Guest
(Expert) 08 June 2012
So far as the statement about receipt of payment by cheque is concerned, that is correct. No revenue stamp is required to be affixed, irrespective of the amount of cheque.
About his second statement, cooperative society not being a part of the Central or State Government, his contention is wrong. If payment of more than Rs.5,000 is received in cash by a society that would need affixing of a revenue stamp on issue of a receipt. Only Government offices do not need affixing of revenue stamp on receipt for payment in cash. However, Government Companies/ Corporations have to affix revenue stamp on receipts.
J K Agrawal
(Expert) 09 June 2012
The provisions of Stamp Act are different in each state and it depends in which state you live.
Manoharan
(Querist) 09 June 2012
I am living in Tamil Nadu. Section 2(23) of Indian Stamp Act 1899 says, receipt includes any note, memorandum or writing (a) whereby any money or any bill of exchange, cheque, promissory note is acknowledged to have been received. Hence, it is clear that revenue stamp is not required for the amount received through cheque. Is it correct or not?
Secondly, for Co-operative Society (i.e. flat owner association), revenue stamp need not be affixed, eventhough the amount is received through cheque or cash. For this also, kindly clarify.
N. Manoharan
Guest
(Expert) 09 June 2012
Did you find anywhere in the Indian Stamp Act or rules thereunder, any exemption for the Cooperative Society from affixing revenue stamp?
Manoharan
(Querist) 10 June 2012
You have stated that "No revenue stamp is required to be affixed, irrespective of the amount of cheque". But, Section 2(23) of Indian Stamp Act 1899 says, receipt includes any note, memorandum or writing (a) whereby any money or any bill of exchange, cheque, promissory note is acknowledged to have been received. Hence, it is clear that revenue stamp is required for the amount received through cheque. Which is correct?
There is no exemption for co-op society in the Indian Stamp Act.
Shonee Kapoor
(Expert) 20 June 2012
I don't think that in Delhi there is any requirement of Revenue stamp for money paid by cheque.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
