Stamp duty and Firms
Anitha Serrao
(Querist) 23 November 2009
This query is : Resolved
Hi,
This is Anitha a CA as well as a law student.
My query is that,
We have a firm which has been registered. Now the firm was reconsituted in the year 1997 and the reconsituted deed was to be prepared on a Rs. 200 stamp paper while we had done it on a Rs. 100 stamp paper. the Registrar of Firms (ROF) people are askin us for gettin some adjudication done. Please let me know what actually should be done and f adjudication is to be done what is the actual procedure?
Please let me know
A V Vishal
(Expert) 23 November 2009
1. The process of valuing the property and arriving at its market value and ascertaining the proper stamp duty is called adjudication.
2. For adjudication, one can apply to the Collector of Stamps along with copy of the agreement containing the details of the property.
3. The adjudication fee payable is Rs.100.
4. In case of a signed document, adjudication must be done within one month otherwise two percent interest per month will be levied as penalty from the date of signature.
5. An adjudicated unsigned document is valid up to six months from the date of adjudication order up to December 31 of that year whichever is earlier.
Raj Kumar Makkad
(Expert) 23 November 2009
Adjudication is must in the given circumstances. You have to apply to the collector of your area annexing therein the document/agreement which shall properly be valued as per collector rates which are fixed/revised after every six months. When the market value of the deed shall be fixed then the required stamp duty at the prevalent rates is to be paid.
