Perpetual assignment of software
Ritambhara
(Querist) 18 October 2012
This query is : Resolved
Does perpetual assignment of software needs tobe registered? if yes, what are stamp duty implications?
Tajobsindia
(Expert) 19 October 2012
1. The deed of assignment must specify the `rights assigned’, the duration and territorial extent of assignment. When duration of assignment is not specified, it is presumed to be for five years and when territorial extent is not specified, it is presumed to extend within India (this presumption is applicable to assignments made after 1994).
2. An assignment of a Copyright is exempted from Stamp Duty. (Article 25 of
Schedule I of the Bombay Stamp Act, 1958). In the Deed of Assignment,
assigning copyright along with some other property say trade marks, it is advisable to state as to what part of consideration is towards the assignment of copyright.
3. As per the Indian Copyright Act
S. 19(5) - If the period of assignment is not stated, it shall be deemed to be five years from the date of assignment.
S. 19 (6) - If the territorial extent of assignment of the rights is not specified, it shall be presumed to extend within India.
Raj Kumar Makkad
(Expert) 15 November 2012
I have also similar opinion as of tejobsindia
