stamp duty
prabhat
(Querist) 09 January 2010
This query is : Resolved
Please let me know as to what is 'revalidation of stamp paper or stamp duty' . I understand that if an agreement is on a lesser value of stamp paper than required by law, then it can be revalidated at the time of filing of the suit. How much penalty does it attract? Thanks.
A V Vishal
(Expert) 09 January 2010
When Stamp duty leviable on a document is not paid i.e. cannot be accepted or received in evidence. No transaction is valid if done on the basis instrument no duty stamped. Instruments presented to any public officer (excluding police) will be impounded. Stamp duty an penalty will be levied.
A public officer impounding an instrument will send it to Deputy Commissioner (District Registrar) concerned to determine the stamp duty to be paid. Deputy Commissioner (District Registrar) will determine the stamp duty to be paid after giving opportunity to the party concerned to put forth these arguments on the duty to be paid. He may levy penalty of minimum of Rs.5 or up to ten times of the deficit total duty to be paid depending on the case if he finds the document was not duly stamped. Appeal can be preferred to the chief controlling Revenue Authority (Inspector General & Commissioner of Stamps) in first instance and then to the High Court if the parties are aggrieved.
If the party concerned voluntarily come forward to pay deficit stamp duty within one year from the from the date of execution (signature) Sub Registrar will accept deficit stamp duty and certify accordingly on the document without leaving penalty.
Raj Kumar Makkad
(Expert) 10 January 2010
Nothing to add in the detailed opinion of vishal.
